On-site solutions provider EuroSite Power Inc (OTCMKTS:EUSP) which is involved in providing heat, electricity, cooling solutions, and hot water to leisure centers, hospitals, housing, and hospitality establishments in the United Kingdom and Europe, was in the news yesterday following an announcement.
EuroSite Power Forms New Renewable Energy Division
The company announced yesterday that it had established a new division that is going to be involved in the development of on-site as well as grid-scale renewable energy generation solutions. The division that the company established will collaborate with the cogeneration business that EuroSite Power already has in place. The establishment of a green energy division could well prove to be a step in the right direction as more and more institutions are now looking into ways to switch to renewable energy.
The Chie Executive Officer of EuroSite Power Dr Elias Samaras said the same with regards to this development. He noted that there was an ongoing acceleration at the transition to renewable energy from fossil fuels and especially so in the European market. He added that one of the major reasons behind the acceleration was the Russian invasion of Ukraine which led to spiraling high gas prices in the continent.
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