Eurosite Power Inc (EUSP)

[Penny Stocks 2.0]

$EUSP Huge Contract News Out

EuroSite Power announces initial contracts for Blue Grid Gas and Power S.A.
Press Release | 03/25/2021


EuroSite Power Inc. (OTCPK: EUSP, the "Company") an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers, today announces that Blue Grid Gas and Power S.A. ("Blue Grid"), a natural gas retailer in Greece owned by Cyprus based FCN Energy Logistics Limited in which the Company holds a minority interest , has signed two new agreements for the delivery of Liquid Natural Gas ("LNG") to final customers.



The first contract success involves supplying 4,000 tonnes per annum of LNG to a paper mill in Greece. This contract is expected to start delivering c. EUR 1.8M ($2.15M) revenue per annum over its 5 year duration early in 2022. This contract also requires Blue Grid to develop an LNG receiving facility at the paper mill. This new contract is in addition to Blue Grids initial contract win to supply 3,000 tonnes per annum of LNG to a regional steel plant, a contract that will start generating revenue later in 2021 and provide the company with c. EUR 1.8M ($2.15M) of revenue per annum at current natural gas prices.



The second success is a Joint Venture signed to develop LNG road-fuelling stations providing nation-wide coverage of LNG supply for heavy goods vehicles (trucks) and buses, with ELINOIL, one of the leading independent fuels suppliers and traders in Greece. The new Joint Venture will be called BlueFuel and be the first company to develop such facilities in the region.



Commenting on the news Dr. Elias Samaras, Chief Executive Officer of EuroSite Power, said This exciting news shows that we were right to invest in the development of the Blue Grid business in 2018. The team at Blue Grid have worked hard to establish themselves as a key player in the development of the LNG market in Greece. These deals show that there are exciting opportunities in Greece for the roll out of LNG both to industrial and commercial customers.



The signing of these contracts makes us the first company to develop an industrial LNG supply chain in Greece. These contracts require Blue Grid to design and develop state of the art distribution equipment to ensure safe and reliable delivery of the fuel to our end customers as well as supplying the LNG. explained Sofoklis Papanikolaou, Chief Executive of Blue Grid Gas & Power.



Future News Releases

The Company would like to remind investors that in order to simplify and streamline news provided all financial results and news are only published on the Companys website (http://investors.eurositepower.co.uk/news-releases).
Anyone wishing to receive notice of a news release should subscribe to the email alerts service provided within the Companys investors pages (http://investors.eurositepower.co.uk/email-alerts).



About EuroSite Power

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.

https://www.otcmarkets.com/stock/EUSP/news/EuroSite-Power-announces-initial-contracts-for-Blue-Grid-Gas-and-Power-SA?id=294698