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Eurosite Power Inc. Reports 2014 Financial Performance
Total Year Revenue Up 88% Compared To A Year Ago Period

WALTHAM. Mass – March 30, 2015 – EuroSite Power Inc. (OTCQB: EUSP), a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE), is a leading On-Site Utility™ offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and fitness facilities, reported total revenues of $1,577,873 for 2014, compared to $838,879 for 2013, an increase of 88%. GAAP diluted loss per share (EPS) was $0.04 for 2014, compared with a loss per share of $0.03 for 2013.

Major Highlights:

Financial

  • Total revenue increased by 88% to $1,577,873 for 2014, compared to $838,879 for 2013.   
  • Total gross profit margin excluding depreciation and impairment expenses improved to 18.9% in 2014, versus 16.7% for 2013.
  • We finished 2014 with approximately $3.8 million in cash and $4.3 million in working capital.
  • We filed for a $648,917 Enhanced Capital Allowance (ECA) with the UK government. ECA is a cash energy tax incentive for energy-saving plant and machinery, which includes combined heat and power systems. We expect to receive this cash rebate in Q2 2015. 
  • The total revenue value of our On-Site Utility energy agreements since inception is approximately $90,896,600 using various market assumptions and estimates made by the Company. 
  • We raised $3.0 million from John Hatsopoulos, Chairman of our Board of Directors.
  • During October and November 2014 we secured an additional $1.5 million through a commitment and a placement of common stock.
  • On October 3, 2014, we closed an arrangement converting $3.1 million of EuroSite Power convertible debt to shares of common stock saving $3.1 million in future principal payments and $122,000 of annual cash outflows for interest.

Operations

  • During 2014 we reached agreements for:
  1. 7 systems (879kW) with Topland Group to be installed at various Menzies Hotels throughout the UK; and
  2. 2 systems (200kW) with FJB Hotels for 2 luxury hotels in Poole
  •  The total number of system now under contract is 32 totaling 3,215kW
  • During 2014 we brought into operation systems at:
  1. Dunstable Leisure Centre (100kW)
  2. Bury St Edmunds Leisure Centre (100kW)
  3. Clifton Hospital (100kW)
  4. Crow Wood Leisure Club (200kw)
  5. Menzies Aberdeen (81kW)
  6. Menzies Derby (164kW) 
  • In total we currently operate 21 systems totaling 1,981kW of installed capacity with a total contract value of $58 million.
  • Our backlog at the end of 2014 was 11 systems totaling 1,234kW with a total contract value of $38.6 million.
  • Total energy production increased by 64% to 18,156,355 kWh in 2014 compared to 2013.  
  • Since January 2015 we have reached agreement for another 125kW system and brought into operation a further three systems adding 300kW to our operating fleet. 

EuroSite Power Inc. will hold its earnings conference call today, March 30, 2015 at 10:00 a.m. Eastern Time. To listen, call (866) 364 3819 within the U.S., (855) 669-9657 from Canada, or (412) 902-4209 from other international locations.  Participants should reference EuroSite Power to access the call.  Please begin dialing at least 10 minutes before the scheduled starting time.  

The earnings conference call will be recorded and available for playback one hour after the end of the call through 

Friday, April 17, 2015.  To listen to the playback, call (877) 344 7529 within the U.S., (855) 669-9658 from Canada or (412) 317-0088 outside the U.S. and use Conference Number 10062047.

The earnings conference call will also be webcast live.  To register for and listen to the webcast, go to http://investors.americandg.com/webcast. Following the call, the webcast will be archived for 30 days. 

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EUROSITE POWER LIMITED

Company number 07379560

Dr. Elias Samaras

Chief Executive Officer

Dr Elias Samaras is the founder, president and managing director of Digital Security Technologies S.A. He was also the founder and president of Plefsis Information Systems S.A. and City Messengers. Elias holds a Master of Science degree from MIT, a Doctor of Philosophy from Columbia University in New York, where he was also a professor for several years and an OPM from Harvard Business School.

Paul Hamblyn

Chief Operating Officer

Paul Hamblyn is Chief Operating Officer of EuroSite Power Ltd with responsibility for strategic and new business development of the business.Paul is highly experienced in the energy sector having built an enviable track record prior to joining EuroSite Power. This includes strategic level roles with Corona Energy and the ENER-G Group including 3 years as the Managing Director of ENER-G Efficiency.A leading expert on UK carbon regulation Paul is a regular speaker at major conferences including those organised by the Major Energy Users Council, the Local Government Association and the Westminster Energy Forum. He is also a formerCouncil Member of the Energy Services and Technology Association (ESTA). Paul is a CIBSE accredited Low Carbon Consultant and Energy Assessor as well as principal author of the award-winning CRC Toolkit developed for the London Energy Project.

Chris Marsland

UK General Manger

Chris Marsland is UK General Manger of EuroSite Power Ltd. He leads the UK operational company and directs its operational and administrative functions. Prior to joining Eurosite Power, Chris built up years of sector expertise in senior positions including the role of Technical Director at Centrica Business Solutions, formerly ENER-G Combined Power Limited. He also Chaired the Association for Decentralised Energy Commercial Forum and is an Association Board Member. Chris earned a first-class bachelor’s degree in electronic engineering and is both a Chartered Engineer and Fellow of the Institute of Engineering & Technology.

Laura Chambers

Financial Controller & Company Secretary

Laura Chambers is EuroSite Power Ltd’s Financial Controller and Company Secretary. An experienced finance professional, Laura has undertaken financial planning and analysis roles at number of blue-chip businesses including Astra Zeneca. She also spent 7 years at Kellogg’s European Finance Services Centre (EFSC). Qualified as a Chartered Accountant at KPMG’s Manchester office, Laura brings strong organisational skills and broad finance experience to the team.

Stephen Butler

Head of Operations

Stephen Butler is EuroSite Power Ltd’s Head of Operations. Having joined the company in 2012 as Chief Engineer, Stephen has moved through the business into his current role. With an impressive resume that includes senior mechanical engineering roles at Thames Water and ENER-G Combined Heat and Power Ltd, Stephen brings strong operational, project management and technical experience to the team. He is a Technician Member of the Institution of Engineering and Technology (TMIET).

Martin Evans

UK Sales Manager

Martin Evans is our UK Sales Manager. A well-known and seasoned energy sector specialist, he brings a wealth of commercial experience - from start-ups to corporate level engagement – to our team. With a career spanning over 30 years, he has spent much of his career in technology led businesses and manufacturing including aviation and automotive. Martin’s previous roles at cutting-edge low carbon businesses including Grid Beyond, WEMS International and EnergyQuote JHA have given him a unique insight into the challenges faced by many of the UK’s most intensive energy users. He has also amassed over 15 years direct experience in commercial asset finance. Martin studied Applied Chemistry at the University of Manchester.

MARK BROWN

Account Manager

Mark Brown is our Account Manager. An experienced energy sector professional - particularly in the fields of CHP and renewable technologies - Mark has worked in engineering and technical roles for over 20 years. This includes 11 years at Cogenco UK (now fully integrated into Veolia’s CHP business). A great communicator with a positive approach to creative problem solving and troubleshooting, Mark is a key member of our customer-facing team. He holds qualifications from the Institute of Leadership and Management.

Jacques de Saussure

Non-Executive Chairman of the Board

Jacques de Saussure was Senior Managing Partner of the Pictet Group from 2010 until June 2016 after being elected partner of Pictet in 1987. Founded in Geneva in 1805, Pictet Group is one of Europe’s leading independent wealth and asset managers with EUR 437 billion of assets under management and custody as of 31 December 2015. Jacques is a member of the board of the Swiss Bankers Association and has also served as Vice Chairman of the Swiss Stock Exchange, which merged into SIX group in 2008, where he remained member of the board until 2010. Jacques holds a Master’s degree from MIT’s Sloan School of Management.

Dr Ahmed F. Ghoniem

Dr. Ahmed F. Ghoniem has been a member of our Board of Directors since January 2011. He is the Ronald C. Crane Professor of Mechanical Engineering at the Massachusetts Institute of Technology (MIT). He is also the director of the Center for 21st Century Energy and the head of Energy Science and Engineering at MIT, where he plays a leadership role in many energy-related activities, initiatives and programs. Ahmed holds a Ph.D. in Mechanical Engineering from the University of California, Berkeley, and an M.S. and B.S. in Mechanical Engineering from Cairo University.

Joan Giacinti

Joan Giacinti is the founder and Chief Executive Officer of Sofratesa Group with headquarters in Santo Domingo, Dominican Republic. Joan is also a founder of Aerodom, a concessionaire chosen by the Dominican government to develop, operate and manage airports in the Dominican Republic, which in 2008 was acquired by Advent International. He is the President of the Caribbean region of the French Trade Councils, “Conseillers du Commerce Exterieur” and the President for the Americas of the Forum Francophone des Affaires (FFA). He is also decorated with the Ordre national du Mérite by the President of the French Republic. Joan is a graduate from the École des Hautes Études Commerciales de Paris (HEC).

Marcel Cassard

Marcel Cassard joined Deutsche Bank in 1997 where he is now a member of the Global Markets Executive Committee and Global Head of Fixed Income and Economics Research. Marcel also heads the Bank’s Global Macro Strategy Group, which advises the Board and clients on broad market risks and global economic and financial developments. Previously, Marcel spent five years at the International Monetary Fund. Previous to that, he was an Economist at the Council of Economics Advisers in the Executive Office of the U.S. President. Marcel holds a PhD in Economics from Columbia University.

Mr. Stelios Zavvos

Stelios Zavvos is the Founder and CEO of Zeus Capital Management, a private equity group. With over 35 years of corporate, finance and real estate experience, Stelios is also the Founder and CEO of Continental American Capital, an investment group that focused on real estate investment and financing in the USA. He has served as a Member of the Board of Directors of the NASDAQ listed Star Bulk Carriers Corp, serving on the Board’s Audit Committee. He has also held executive positions in blue-chip companies such as Citibank, Johnson & Johnson and Procter & Gamble. SteliosZavvos holds an MBA from Harvard Business School and an MSc in Civil Engineering.