- United Kingdom On-Site Utility Economics Are
Attractive
WALTHAM, Massachusetts,
May 12, 2015 /PRNewswire/
-- EuroSite Power Inc., (OTCQB: EUSP) an On-Site Utility™
solutions provider, offering clean electricity, heat, hot water and
cooling solutions to hospitality, healthcare, housing and leisure
centres in the United Kingdom (UK)
and Europe, has received ECA funds
in the amount of GBP411,333 or
approximately $625,223.
These funds are for the years 2012 and 2013. We expect to
further benefit based upon our On-Site Utility™ spending for 2014,
2015 and every year until the plan expires in 2018, or we could
benefit longer if the plan is extended beyond 2018. These funds
should enable us to move to positive, non-GAAP, cash flow from
operations positive position, as defined in our earning release,
for the second quarter 2015.
Gabriel Parmese, CFO said, "We
are encouraged about On-Site Utility™ economics in the UK,
which continues to be very attractive to us due to the existing
carbon revenues, ECA tax incentives and lower construction costs
relative to the United
States".
On-Site Utility™
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™ solution 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 MKT: ADGE). The Company
provides 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. More information can
be found at www.eurositepower.co.uk.
FORWARD-LOOKING STATEMENTS
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.