Charlotte, NC – February 9, 2015 – Blue Sphere Corporation (OTCQB: BLSP) (the “Company” or “Blue Sphere”), a clean energy company that develops, manages and owns waste-to-energy projects. For it announced today the closing of a joint venture (the “Closing”) to develop, construct and operate a 5.2 MW biogas generation facility. For it’s located in Charlotte, NC (the “Project”) with affiliates of York Capital Management.
Under the terms of the joint venture, Blue Sphere owns 25% of the Project and received an initial payment of $1,250,000 in cash. So at the closing with a second payment of $1,175,000 to be paid in two equal installments of $587,500 later in 2015. All upon the Project’s achievement of each of mechanical completion and commercial operation.
Blue Sphere CEO Shlomi Palas stated that, “We closed on a joint venture to develop a significant food waste to energy facility in the United States, which, under the current construction timeline for the Project, is anticipated to commence production and sale of electricity during the fourth quarter of 2015. We booked our first revenue in the history of the Company from the cash payment received at the Closing, and, upon successful completion of the Project, expect to earn regular revenue from the sale of electricity and compost and feedstock tipping fees.”
Conclusion
On May 12, 2009 the City of Charlotte, NC approved a 5-year contract with Blue Sphere Corporation, a subsidiary of BSR Inc., to provide renewable energy products and services to its municipal customers. With the closing of this agreement, we anticipate that the City will generate 2.8 million kWh of renewable energy per year, which will support the development of the local green economy and the creation of new green jobs. What’s more, this project is a perfect example of how a partnership between government, businesses and citizens can promote environmental sustainability, economic growth and job creation.
If successful, this project will create approximately 95 jobs and $5.5 million in investment in the Charlotte region over the next 5 years.
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Construction on the Charlotte Biogas project is scheduled to begin in the fall of 2013. We will keep you updated on progress as we progress through the development process and construction timeline.
Source: Blue Sphere Corporation
http://www.bluespherecorporate.com
Big number it is, 5.2MW. Hartek Power Pvt. Ltd. also has completed UNIVERSAL BIOMASS, the Asia Largest Biomass Plant in Punjab recently. 132/11KV SubStation.