EuroSite Power signs Second Contract with Wentworth Club worth 1.23 Million Pounds Sterling
WALTHAM, Mass., Nov. 7, 2012 /PRNewswire/ – EuroSite Power Inc., (OTCQB: EUSP) an On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centers in the United Kingdom (UK) and Europe, today announced that it has signed a second contract with the world famous Wentworth Club in the United Kingdom. The contract to install a combined heat and power (CHP) system for the main Clubhouse is worth 1.23 (US$1.96) million Pounds Sterling to EuroSite Power over the fifteen-year term and follows a 1.75 million Pounds Sterling contract for Wentworth’s Tennis & Health Club announced in September.
Under the terms of the agreement, EuroSite Power will install and operate a CHP system at the club’s Clubhouse, which will produce up to 100 kWe of power or approximately 1.34 GWh of total energy per annum, while saving up to 277 tonnes of CO2, each year. Wentworth Club will receive a discount on the energy produced by the CHP system and reduce its carbon emissions from the property.
Paul Hamblyn, Managing Director of EuroSite Power said: “We are very pleased that Wentworth Club has decided to expand its relationship with EuroSite Power. The contract brings this year’s totals to bookings of an estimated 21.34 GWh of energy per year for an approximate total revenue value of 30.7 million Pounds Sterling over the term of the contracts.”
EuroSite Power will produce clean energy in the form of electricity, heating and domestic hot water for Wentworth Club’s Clubhouse at a price lower than the club’s current and future energy suppliers. Because Wentworth Club opted for the Company’s On-Site Utility solution, the club will pay only for the energy used and will avoid all capital, installation and operating costs. EuroSite Power will also handle all service, maintenance and repair, meaning the club will not need to provide manpower to support the energy equipment.
The specific CHP system planned for the property is expected to reduce its emissions by up to 277 tons of carbon dioxide each year and because good quality CHP is supported by the UK government, the impact of the Climate Change Levy will be greatly reduced.
EuroSite Power sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation, operating expenses and support are paid by EuroSite Power.
About EuroSite Power
EuroSite Power Limited is a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE). Both companies supply low-cost energy to their customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by conventional energy suppliers – without any capital or start-up costs to the energy user – through its On-Site Utility energy solutions. EuroSite Power is based in Ealing, West London. More information can be found at www.eurositepower.co.uk.
About Wentworth Club
Wentworth is one of the world’s finest golf and country clubs renowned for its tournament history and the excellent quality of the sports facilities and clubhouse. It hosted the World Match Play Championship from 1964 to 2007 and was home to the Ryder Cup in 1953. The West Course, currently home to the European Tour’s flagship BMW PGA Championship, recently underwent a £6.5million modernization program. The Club is an oasis less than an hour from central London, boasting the famous castellated clubhouse, three championship courses, a Tennis & Health Club, an active social calendar and west-end style dining in The Grill inspired by The Ivy and Le Caprice. Wentworth is a members club for the family, where everyone will benefit from the excellent quality of the wide ranging facilities, coaching, exceptional dining and social life. More information can be found at www.wentworthclub.com.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company’s website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE EuroSite Power Inc.