First new build On-Site Utility Solution now Operational
WALTHAM, Massachusetts, May 19, 2016 /PRNewswire/ -- EuroSite Power Inc., (OTCQX: EUSP) an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the United Kingdom (UK) and Europe, is now operating a 100 kW combined heat and power (CHP) system at the recently completed Flitwick Leisure Centre, Bedfordshire, UK.
A first for EuroSite Power, the CHP system was installed as part of a new build project. In delivering a power solution in this way, EuroSite Power helped both its customer and the building's developer, Central Bedfordshire Council, to achieve the Target CO2 Emissions Rate (TER) defined by Part L2A of the Building Regulations 2010 in England and Wales. These regulations specifically require building designers to consider the technical, environmental and economic feasibility of using high-efficiency alternative heating systems including CHP technology as part of their design in order to meet the TER.
Under the terms of a 15 year On-Site Utility agreement between EuroSite Power and Stevenage Leisure Limited, the Flitwick Leisure Centre's manager, the highly efficient TEDOM CHP system will provide power to the leisure center at a guaranteed lower rate than if the facility were to buy directly from the utility grid. Compared to operating the new facility without the benefit of an On-Site Utility CHP solution, the annual energy cost savings are estimated to be over £16,000 (US$25,600), with no capital or maintenance costs for the customer. The 100 kW CHP system will produce up to 1,373,787 kWh of total energy per annum, while saving up to 249 tonnes of CO2 – equivalent to taking 52 cars off the road – each year.
With a value to EuroSite Power of approximately £1.23 (US$1.97) million, the contract brings EuroSite Power's portfolio of operational systems in the UK to 31 with a value to the company of £54.2 (US$86.87) million from units totaling 3,178 kW electrical capacity. A further six systems totaling an additional 920 kW are also under construction, bringing EuroSite Power's current contract value to £66.22 (US$105.95) million.
Stevenage Leisure Limited Corporate Services Director Jonathan Stone said, "Maintaining control of energy costs is of paramount importance for the leisure center industry. With absolutely zero upfront costs, the EuroSite Power solution provides guaranteed savings, risk free. Their experience in the leisure industry meant they were able to swiftly tailor an exact solution to our needs while also helping the developer to comply with Building Regulations."
Paul Hamblyn, Managing Director of EuroSite Power, added, "The system now commissioned at Flitwick is the eleventh TEDOM unit we have brought into operation and increases our operational fleet to 31 units. Importantly, this project is the first solution provided into a new build. As such, our On-Site Utility solution ensured full UK Building Regulation compliance alongside guaranteed savings for the customer now the unit is operating and throughout the 15 year term of the contract."
On-Site Utility
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 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 Inc. 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 On-Site Utility energy solutions. For more information about our unique efficient power solutions please visit www.eurositepower.co.uk and follow us on Twitter and LinkedIn.
FORWARD-LOOKING STATEMENTS
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, including its annual report on Form 10-K for the fiscal year ended December 31, 2015. 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.
