UK’s first Green CHP offering: a vital ‘transition’ technology for companies on their Net Zero journey
An alternative to traditional CHP systems has been developed by EuroSite Power. The company’s Green CHP offering, which is powered by certified biomethane injection to provide a 100% zero carbon solution, is believed to be the first of its kind available in the UK
DERBY, UK, June 23, 2021 -- EuroSite Power Inc. (OTCPK: EUSP): An alternative to traditional CHP systems has been developed by EuroSite Power. The company’s Green CHP offering, which is powered by certified biomethane injection to provide a 100% zero carbon solution, is believed to be the first of its kind available in the UK.
Green CHP works exactly like a conventional CHP system; however, EuroSite Power ensures that the gas used to fuel the boiler is certified green. The company, which is well-known for its On-Site Utility fully-funded energy as a service approach say its Green CHP offer has been designed for organisations needing an immediate transitional solution as part of their zero carbon goals.
EuroSite Power’s Green CHP solution uses similar reciprocating gas engine technology to a conventional CHP but takes advantage of certified biomethane injection to provide a 100% zero carbon solution. All the gas burned by EuroSite Power’s Green CHP system is certified as renewable, using a widely accepted standard called Renewable Gas Guarantees of Origin (RGGOs)*. The company can also use the same approach to include gas used elsewhere in a customer’s building. This means users are able to legitimately state that they are using 100% green gas and have decarbonised their operational emissions from the use of heating in their buildings or process.
First of its kind
EuroSite Power sees the launch of its Green CHP offer as both necessary and timely.
“Nearly half of the UK’s greenhouse gas emissions are generated by the energy use of buildings, so it is highly likely that heating/cooling and powering sites is a significant source of emissions for most organisations,” says EuroSite Power’s Managing Director Paul Hamblyn. “Decarbonising these processes will be a huge step forwards in a customer’s Net Zero journey, and Green CHP makes this possible.
“We are extremely excited to be able to bring a Green CHP offering to the market before anyone else in the energy arena. We’ve been scanning the landscape for some time and are aware that many companies are considering heat pumps or are thinking ahead to hydrogen-based solutions for decarbonisation. Heat pumps certainly have their limitations and hydrogen may be green in theory, but at present over 95% of it is so-called “grey hydrogen”. This means it is produced using fossil fuels through a process which creates between 7 to 12 tonnes of emissions for every tonne of hydrogen. Added to this, there is only one blue hydrogen** site in the world.
“What all this means is a transitional technology is needed. Our Green CHP systems works with this reality to cut your emissions today. In addition, a Green CHP can also be considered ‘hydrogen ready’ to the extent that it too can operate on a blend of hydrogen and natural gas,” concludes Paul Hamblyn.
Low risk, fully-funded model
To accelerate uptake of Green CHP, EuroSite Power will deploy its On-Site Utility (OSU) model to fully-fund its on-site energy generation solutions. The company takes care of the upfront costs of installing the Green CHP solution, so that end customers do not have to make any significant financial outlay. The OSU model means that EuroSite Power installs, maintains and operates the whole system over the course of its lifetime.
Under its OSU model, EuroSite Power agrees to pay for the RGGO certificates which will make the gas green. This means that if the price of these certificates rises dramatically during the life of the contract, it will shoulder the cost. Since EuroSite Power is also paying the upfront costs of purchasing and installing the Green CHP system, there is minimal financial risk to the customer’s business.
The company expects its customers to have many questions about how a Green CHP technology can deliver solutions for Net Zero emissions ambitions. It has therefore published a guide entitled GREEN CHP: How to meet Net Zero Ambitions with a powerful alternative to conventional gas CHP which is available for download via its website.
About EuroSite Power
The Company provides institutional, commercial and 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.
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 financial statements held by OTC markets for the fiscal year ended December 31, 2020. 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.
Notes for editors
* For greater understanding of Renewable Gas Guarantees of Origin (RGGOs) please view our downloadable guide. Or, view https://www.greengas.org.uk
**Blue hydrogen: The emissions from the fossil fuels are captured rather than going into the atmosphere. This is a promising development, but so far there is only one blue hydrogen site in the world.
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.
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.
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.
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.
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).
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 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 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 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.