On-Site Utility™ Solution Providing Instant Savings Guaranteed for Next 15 Years
WALTHAM, Massachusetts, Jan. 19, 2016 /PRNewswire/ -- EuroSite Power Inc., (OTCQB: EUSP) an On-Site Utility™ solutions provider, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centers in the United Kingdom (UK) and Europe, is now operating a 200 kW combined heat and power (CHP) system at Littledown Centre, Bournemouth, UK.
Littledown Centre is one of 43 sites operated by BH Live, a social enterprise and leading operator of leisure and event venues in the south of England.
Under the terms of the On-Site Utility™ agreement, the highly efficient CHP system now installed and commissioned will be owned and operated by EuroSite Power at the leisure facility for the next 15 years. BH Live is now buying the energy produced by the system from EuroSite Power at a rate guaranteed to be lower than available directly from the grid. Estimated savings for the customer are in excess of £40,000 (US$64,000) per year, with no capital outlay or maintenance costs.
The 200 kW CHP system installed will produce up to 1,209,975 kW of electricity and 1,433,820 kW therms of heat per annum, while saving up to 375 metric tonnes of CO2 – equivalent to taking 176 cars off the road each year.
Mike Lyons, BH Live's Director of Leisure Facilities, said, "Maintaining control of energy consumption and managing cost is very important for the efficient running of Littledown Centre which has more than 1.5 million visits a year. As a social enterprise, surplus revenues are reinvested into improving and increasing our services, so we were looking to reduce our utility expenditure to protect our revenues and improve our green credentials. With zero upfront costs, the EuroSite Power solution provides immediate, guaranteed, risk-free savings, with costs guaranteed to be lower than if we were to buy our electricity directly from the national grid."
Including the Littledown Centre site, EuroSite Power now operates 30 systems totalling 3,078 kW of installed capacity with a total contract value of $84.9 million.
"We are very pleased to announce the CHP system at Littledown Centre is now live. With a total of 14 systems now operating at 12 leisure centers in the UK, we are making significant progress ensuring sports and leisure facility customers around the country can enjoy guaranteed, on-going, risk-free, cheaper energy with zero capital outlay," Paul Hamblyn, Managing Director of EuroSite Power, commented.
EuroSite Power sells the energy produced from an on-site energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility™ solution 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). American DG Energy owns 48% of EuroSite Power and consolidates their financial results and P&L. The Company provides 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. More information can be found at www.eurositepower.co.uk.
About Littledown Centre
Littledown Centre is managed and operated by BH Live in partnership with Bournemouth Borough Council. Set in 47 acres of parkland, it is one of the finest leisure, swimming, football and gym facilities in the country and is accredited by quality scheme QUEST. Sport England ranks the Littledown Centre as one of the top performing leisure centers in the UK. For more visit littledowncentre.co.uk
About BH Live
BH Live is the leading operator of leisure and event venues in the south of England – a social enterprise that designs and builds engaging experiences to inspire people and enrich lives. For more visit bhlive.org.uk
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.