EuroSite Power books first revenue from United Kingdom operations
Wednesday June 27th 2012
WALTHAM, Mass. – Jun 27, 2012 – 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 booked its first revenue of approximately GBP 17,500. The revenue follows completion of the initial installation of the high efficiency gas engine heat pump system for Abbeycroft Leisure at the Haverhill Leisure Centre in Suffolk.
“Booking our first revenue is a significant milestone for EuroSite Power” said Barry Sanders, Chief Executive Officer of EuroSite Power. “As we continue to install our existing orders and sell to new customers we look forward to growing our revenue base.”
Under the terms of the 15 year agreement with Abbeycroft Leisure the Company will install and operate both the gas engine heat pump used to provide air-conditioning to the leisure center’s fitness suites and cafe plus a Combined Heat and Power solution delivering clean electricity and hot water to the facility. The revenue value of the agreement to the Company is GBP 1.75 million over the fifteen-year term.
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.