WALTHAM, Mass., July 12, 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 is now operating a combined heat and power system (CHP) at the landmark Hilton Liverpool owned by The Ability Group. The revenue value of the agreement to the Company is GBP 3.8 million over the 30 year contract.
The clean energy system owned and operated by EuroSite Power is a highly efficient 122 kW CHP system tied into the Hilton Liverpool's heating system and will produce energy in the form of electricity, space heat and domestic hot water for the hotel's guest rooms, public areas and back-of-house. With EuroSite Power's On-Site Utility, the hotel only pays for the energy used and avoids all capital, installation, operating and maintenance costs of the CHP system. In addition, the energy produced is priced lower than existing and future utility costs providing immediate and ongoing cost savings to The Ability Group.
CHP systems are a cleaner energy option, offering considerable environmental benefits when compared with electricity from the grid and conventional boiler systems. Recognized as a low carbon technology the system will reduce the hotel's CO2 emissions by some 143 metric tons which, in turn reduces the impact of taxes such as the Climate Change Levy and CRC Energy Efficiency Scheme. With the operation of an On-Site Utility, the hotel is now also contributing to the quality of the environment with their reduction in carbon emissions.
On-Site UtilityEuroSite 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 PowerEuroSite Power Limited is a subsidiary of American DG Energy Inc. (NYSE MKT: 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 www.eurositepower.co.uk. FORWARD-LOOKING STATEMENTSThis 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. SOURCE EuroSite Power Inc.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV