WALTHAM, Mass., 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:
- London Syon Park, a Waldorf Astoria Hotel, the only Waldorf Astoria Hotel currently in the UK
- Hilton Liverpool, a stylish, modern hotel situated in the heart of the Liverpool One leisure development
- DoubleTree by Hilton Cambridge, situated on the banks of the River Cam
- Hampton by Hilton, currently under construction to serve London Luton Airport
The various CHP systems will produce up to 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV