Facilities to Connect to Grid in 2015
CHARLOTTE, NC--(Nov 2, 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 two waste-to-energy plants under construction in the United States with its joint venture partner are nearing completion.
The Company entered into a joint venture (the "Joint Venture") with an affiliate of York Capital Management ("York") to develop, construct and operate biogas generation facilities in Charlotte, NC, and Johnston, RI under the management of Entropy Investment Management, LLC ("Entropy"). As of the date of this press release, the erection of the anaerobic digesters, biopulper and wastewater treatment tanks has been completed at the Charlotte facility. All major equipment including the 1.2 MW CHPs has been delivered to the site, the reception building is nearing completion and the commercial operations date is scheduled in 2015.
The Company expects construction and delivery of all major equipment to the Rhode Island facility (including CHPs) to progress on schedule. The reception building construction for the Rhode Island facility began on October 19, 2015, and its commercial operations date is also scheduled in 2015.
About Blue Sphere Corporation
Blue Sphere Corporation operates in the fast growing clean-tech 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: 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 $25 billion employing event-driven investment strategies specializing in arbitrage, special situations and credit opportunities.
About Entropy Investment Management
Entropy Investment Management, LLC, 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 this year, Entropy expects to have managed the development of approximately 450MW of renewable energy in the U.S. and abroad.