WALTHAM, Mass. – February 12, 2015 – EuroSite Power Inc., (OTCQB: EUSP) an On-Site Utility™ solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centres in the United Kingdom (UK) and Europe, is now operating a 100 kW combined heat and power (CHP) system at Sandbanks Hotel, Poole, UK.
The CHP system now operating at Sandbanks Hotel is the first of two systems being installed for FJB Hotels under two agreements worth approximately £3.78 (US$6.26) million that EuroSite Power announced last year. Under the terms of the 15 year agreements, highly efficient CHP systems are installed, owned and operated by EuroSite Power at FJB Hotel’s Sandbanks property and also at The Haven Hotel, Poole. The hotels then buy the efficient energy produced by the systems from EuroSite Power at a rate guaranteed to be lower than if the hotels were to buy directly from the grid.
The CHP system at Sandbanks Hotel will produce up to 1,593,051 kWh of total energy per annum, while saving up to 226 tonnes of CO2 – equivalent to taking 47 cars off the road each year. EuroSite’s portfolio of 33 contracted UK systems now has a value to the company of £57.28 (US$94.6) million from units totalling 3,288 kW electrical capacity.
FJB Hotels is part of the FJB Collection which owns and operates a number of hotels with associated bars, restaurants, spas and leisure complexes. Sandbanks Hotel offers views of Old Harry Rocks, Poole and Bournemouth Bay, Hengisbury Head and the Isle of Wight and is famous as a resort hotel with full spa and leisure clubs.
Paul Hamblyn, Managing Director of EuroSite Power, said: “With the system at Sandbanks Hotel now commissioned, our operational fleet now totals 22 systems. Because we fund the installation and operation of our On-Site Utility™ solutions, the customer starts saving from the very first day of operation.”
FJB Hotels Managing Director John Butterworth said: “We are pleased to have the first of our two systems operating. Control of operating costs is essential to ensuring we can provide the very best value to our customers. The fact that there were zero upfront, capital costs means we are already saving on our energy bills. EuroSite Power is busy installing the unit at The Haven Hotel and I look forward to further savings when that unit is also switched on.”
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 Limited is a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE). 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.