Bluesphere Signs Memorandum of Understanding to Build its 3rd Waste-to-Energy Project in Massachusetts
5.2 MW facility to convert organic waste into clean electricity to power Massachusetts
EVEN YEHUDA, Israel, June 13, 2014 /PRNewswire/ --Bluesphere Corp. (BLSP) (the "Company" or "Bluesphere"), a clean energy company that develops, manages and owns waste-to-energy projects, announced today it has signed a Memorandum of Understanding ("MoU") with a local developer operating in the recycling and compost business to co-develop a waste-to-energy project in the Boston metropolitan area.
This marks the third waste-to-energy facility in development for Bluesphere. The Company is developing a 5.2 MW facility in Charlotte, North Carolina, which is currently in its design and engineering phase and is expected to break ground on construction this year and be fully operational in 2015. The Charlotte, North Carolina facility has received over $22 million in project financing commitments from a Fortune 50 company and a leading environmental investment fund, as well as having signed a long-term contract with one of the largest power holding companies in the U.S. to purchase electricity generated at the plant. Bluesphere is also developing a 3.2 MW waste-to-energy facility in Johnston, Rhode Island.
Per the terms of the MoU, Bluesphere will take advantage of the site's existing operations to build and operate a 5.2 MW waste-to-energy plant on the same premises in the Boston metropolitan area. The advantage of such an approach is that the joint project will benefit from the site's existing permits and feedstock supply arrangements.
"Our partner has already developed much of the critical infrastructure for a waste-to-energy project and this is not only expected to shorten our timeline to develop the project from start to finish, it is also expected to reduce costs and increase profitability for the project," stated Bluesphere CEO Shomi Palas.
Bluesphere 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.
About Bluesphere Corporation
Bluesphere Corporation is a company in the cleantech sector as a waste-to-energy project Integrator. Bluesphere 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
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.