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TheStreet Open House

Leisure Connection And EuroSite Power Team Up

Stocks in this article: ADGE

WALTHAM, Mass., July 30, 2013 /PRNewswire/ -- EuroSite Power Inc., (OTCQB: EUSP) 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, announced that it has signed a new contract with Leisure Connection to supply a combined heat and power (CHP) system to Dunstable Leisure Centre in Dunstable.  The contract will provide a revenue value of approximately 1.75 million GBP ( $2.7 million USD) over the term of the 15 year agreement. 

Leisure Connection is one of the market leaders of leisure management, facilities management, cultural fitness and local authority client services in the UK. They operate over 70 health clubs nationwide; customers include many local authorities such as Central Bedfordshire Council who owns the facility at Dunstable as well as private health clubs and landmark facilities such as The National Centre for Disability Sport at Stoke Mandeville Stadium. The company also operates nine leisure clubs for the Radisson Hotel Chain.

Under the terms of the agreement signed with Leisure Connection, EuroSite Power will install and operate a CHP system at the Dunstable Leisure Centre. The new 100kW CHP system will generate approximately 1.62GWh of total energy per annum while saving up to 194 tonnes of CO2 each year. The addition of this agreement brings the total electrical capacity of systems currently on contract to 1,928kW with a combined contract value now exceeding 36.1 million GBP.  

Richard Still, Finance Director of Leisure Connection said: "With EuroSite Power's On-Site Utility, the club 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 on-going cost savings to the operation. With the operation of an On-Site Utility, the club is now also contributing to the quality of the environment with their reduction in carbon emissions."

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 club's CO2 emissions which, in turn reduces the impact of taxes such as the Climate Change Levy and CRC Energy Efficiency Scheme.

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