EuroSite Power Receives Enhanced Capital Allowance (ECA) Funds
United Kingdom On-Site Utility Economics Are Attractive
Tuesday May 12th 2015
WALTHAM, Mass. – May 12, 2015 – 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”.