CHARLOTTE, NC--(Marketwired - May 21, 2015) - Blue Sphere Corp. (OTCQB: BLSP) (the "Company" or "Blue Sphere"), a clean energy company that develops, manages and owns waste-to-energy projects, announced today that on Thursday, May 28, 2015, they will ground on their waste to energy project in Johnston, RI.
"We welcome Blue Sphere Corp. to the Town of Johnston, and we are appreciative of the fact that they have put their faith and trust into our community," says Joseph M. Polisena, the Mayor of Johnston, who will be attending and speaking at the ground breaking event.
The Blue Sphere facility will produce 3.2 megawatts of clean energy from uneaten food that would normally end up in local landfills. That electricity will then be sold to NG to provide power to local homes and businesses.
This project is a joint venture (the "Joint Venture") with an affiliate of York Capital Management to develop, construct and operate a 3.2 MW biogas generation facility in Johnston, RI (the "Project") under the management of Entropy Investment Management. The National Resource Defense Council estimates roughly 40 percent of food is wasted in the United States every year, amounting to a $165-billion loss. Blue Sphere said their solution is a win-win for all involved.
"This facility is the ultimate landfill because we take waste in the front end and nothing coming out. There's no smell, just electricity and compost," said CEO Shlomi Palas.
Blue Sphere plans to be up and operational by the end of the Q4 2015
Blue Sphere generates electricity from biogas derived from organic waste, which is mostly food waste, and sells this electricity to leading electric companies through long-term power purchase agreements. Waste-to-energy is one of the fastest growing segments in the renewable energy markets. According to SBI Energy, the thermal and biological segments reached $6 billion in 2012 and will reach $29 billion by 2022.
Orbit Energy, Inc. ("Orbit"), based in Raleigh, NC, co-developed the Project. Blue Sphere has made arrangements for the inclusion of two of Orbit's high solid anaerobic digester units to work in parallel with the digesters of Austep S.p.A., the Project's EPC contractor, subject to the fulfillment of certain conditions.
DiPrete Engineering, a locally based firm with offices in Cranston, RI and Dedham, MA led the state and local permitting for the Johnston project. This project is the first of its kind for Rhode Island and required collaboration with state and local agencies to navigate through regulatory challenges as quickly and efficiently as possible.
"One of the biggest technical challenges to overcome was obtaining a sewer connection permit for the project," said Chris Duhamel, Vice President of DiPrete Engineering. "With instrumental help from the Town of Johnston Mayor Polisena and the Narragansett Bay Commission Executive Raymond Marshall, a solution was achieved for the option to tie Blue Sphere into the Narragansett Bay service district."
Sage Environmental, a locally based firm with offices in Pawtucket, RI and Taunton, MA worked alongside DiPrete to secure air and wastewater permits for the facility.
Blue Sphere has committed to compiling a team of locally based consultants and contractors. The project team includes other local such as A-Z Corp, Pare Corporation, and Douglas Construction.
About Blue Sphere Corporation
Blue Sphere Corporation is a company in the cleantech sector as a waste-to-energy project Integrator. Blue Sphere develops waste-to-energy and other renewable energy projects. The Company aspires to become a key player in the global waste-to-energy and renewable energy markets. For further information please visit the Company's website http://www.bluespherecorporate.com
About York Capital Management
York Capital Management is an investment management firm with primary offices in New York, London and Hong Kong. The firm, founded in 1991 by James G. Dinan, manages approximately $26 billion employing event-driven investment strategies specializing in arbitrage, special situations and credit opportunities.
About Entropy Investment Management
Entropy Investment Management ("Entropy") is a specialty energy investment management firm with its primary office in Charlotte, NC. The firm, founded in 2013 by David March and Lewis Reynolds, manages certain North and South American renewable energy assets of York Capital Management. As of the end of 2014, Entropy has managed the development of over 80MW of renewable energy in the U.S., with plans for significant growth in 2015 and beyond.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Litigation Reform Act of 1995, which are subject to risks and uncertainties and may change at any time. These statements are only predictions and involve known and unknown risks, uncertainties and other factors including, without limitation, (i) uncertainties regarding our ability to obtain adequate financing on a timely basis including financing for specific projects, (ii) the financial and operating performance of our projects after commissioning, (iii) uncertainties regarding the market for and value of carbon credits and other environmental attributes, (iv) political and governmental risks associated with the countries in which we operate, (v) unanticipated delays associated with project implementation including designing, constructing and equipping projects, as well as delays in obtaining required government permits and approvals, (vi) the development stage of our business and (vii) our lack of operating history. As such, there is no assurance that the initiatives described in the press release will be successfully implemented or meet expectations.
The Company assumes no obligation to update the information in this release.