EBRD Signs $25 Million Multi-Project Deal with Honeywell.LONDON--(BUSINESS WIRE)--May 13, 1997-- Projects Will Promote Energy Conservation in Central and Eastern European Countries Honeywell Inc. and the European Bank for Reconstruction and Development European Bank for Reconstruction and Development Bank targeted at Eastern Europe and the former Soviet Union. (EBRD EBRD See: European Bank for Reconstruction and Development ) recently signed a Multi-Project Facility contract, worth up to $70 million, to develop a series of energy service companies (ESCO's) across central and eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. . It is the first such contract with a U.S. based company. This agreement is designed to promote energy efficiency in the region, as well as address the critical need for financing of such projects. "The new companies will be able to provide the essential link between the customer who wants to invest in energy efficiency, but has no access to conventional financing, and equity investors who want to support and participate in the region's growth, but have no way of accessing the returns of the project and ensuring the repayment," said Giannantonio Ferrari, Honeywell president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . The Multi-Project Facility will help Honeywell establish, acquire and operate energy service companies. Those ESCO's will provide energy saving services to both public and private sector clients through retrofitting existing buildings, and working with industrial businesses and district heating District heating (less commonly called teleheating) is a system for distributing heat generated in a centralized location for residential and commercial heating requirements. companies. In a number of pilot and demonstration projects around the region, Honeywell has proven that modern control technology can save up to half of the energy currently consumed con·sume v. con·sumed, con·sum·ing, con·sumes v.tr. 1. To take in as food; eat or drink up. See Synonyms at eat. 2. a. . Honeywell will initially focus its efforts in Poland, the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. , Slovakia and Hungary. Future work in Bulgaria, Romania, Ukraine and Russia is also possible. Honeywell is a global controls company focused on creating value through technology that enhances comfort, improves productivity, saves energy, protects the environment and increases safety. The company serves customers worldwide in the homes and buildings, industrial, and aviation and space markets. Honeywell employs 57,500 people in 95 countries and had 1996 sales of $7.3 billion. CONTACT: Melissa Young Honeywell Inc. (612) 951-0773 |
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