PRN: EuroSite Power to Provide Clean Energy from Combined Heat and Power Systems at The Ability Group's Hotel Portfolio in the United Kingdom
EuroSite Power to Provide Clean Energy from Combined Heat and Power Systems at The Ability Group's Hotel Portfolio in the United Kingdom
WALTHAM, Massachusetts, April 5, 2012 /PRNewswire/ --
EuroSite Power Inc., an On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centers in the United Kingdom (UK) and Europe, today announced that it has reached an agreement to supply clean energy to four landmark hotels owned by The Ability Group and managed by Hilton Worldwide.
Under the terms of the thirty-year agreement, the Company will install and operate combined heat and power (CHP) systems at the following properties:
The various CHP systems will produce up toÂ 336 kW of energy or approximately 4.8 MW of total energy per year. The Ability Group will receive a discount on the energy produced by the CHP systems and reduce its carbon emissions from each property. The value of the agreement to the Company is pounds Sterling 11 million.
"Being able to welcome The Ability Group as a customer is very significant for EuroSite Power," said Paul Hamblyn, Managing Director of EuroSite Power. "Our On-Site Utility solution is ideal for owners of multiple buildings and correctly sized CHP works so well in hotels. The Company continues to pursue other large property holders to accelerate our growth within the United Kingdom and European markets."
Lionel Benjamin, Head of Hotel and Leisure Division for The Ability Group said "We liked EuroSite Power's approach because it required no capital investment and guaranteed us a saving, whatever happens to energy prices in the future."
EuroSite Power will produce clean energy in the form of electricity, heating and domestic hot water for each hotel at a price lower than The Ability Group's current and future energy suppliers. Because The Ability Group opted for the Company's On-Site Utility solution, each hotel will pay only for the energy used and will avoid all capital, installation and operating costs. The Company will also handle all service, maintenance and repair; therefore, neither The Ability Group nor Hilton Worldwide will need to provide manpower to support the energy equipment.
The specific CHP systems planned for these properties are expected to reduce the emissions of the four hotels by 502 tons of carbon dioxide each year and because good quality CHP is supported by the UK government, the impact of the Climate Change Levy and CRC energy efficiency scheme will be greatly reduced. The CRC is a mandatory scheme aimed at improving energy efficiency and cutting emissions in large public and private sector organizations in the UK.
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 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 Amex: ADGE). Both companies supply low-cost energy to their customers through distributed power generating systems. The Company 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 its On-Site Utility energy solutions. EuroSite Power is based in Ealing, West London. More information can be found at http://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 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.
Company Codes: AMEX:ADGE, Bloomberg:ADGE@US, RICS:ADGE.A