CHARLOTTE, NC / ACCESSWIRE / December 13, 2017 / Blue Sphere Corporation (OTCQB: BLSP) (the "Company" or "Blue Sphere"), a clean-tech independent power producer that develops, owns and manages waste-to-energy facilities and other clean energy technologies globally, provided an update today on activities for its projects in Udine, Italy and Sterksel, Netherlands.
Previously, the Company reported that when it completed the acquisition of the Udine cogeneration plant in September 2017, the plant was operating at approximately 20% of capacity. The Company subsequently reported that it had improved the output of the facility to 90% of capacity in October 2017 and expected to be operating at approximately 95% of capacity by the end of November. Blue Sphere has now achieved this goal and the facility is operating at 95% of capacity as of November 5, 2017.
Sterksel, Netherlands Advancements
Blue Sphere further announced that it has met key milestones in the development of its landmark project in Holland. On December 4th, 2017, Blue Sphere entered into a definitive EPC agreement with Anergia B.V. This agreement includes a Turnkey Agreement for the Design, Construction and Delivery of a Biogas Plant, a Service, Maintenance and Operation Agreement and a Performance Guarantee.
Anaergia entered, into a turnkey agreement with Blue Sphere to design, construct and deliver a biogas plant with a capacity of 2,923 Nm3/h or respectively 24,000,000 Nm3/year of upgraded bio-methane including all machinery, processes and equipment necessary for the plant's complete functionality and full operation. Anaergia and Blue Sphere also have entered into a Service, Maintenance and Operation Agreement relating to Anaergia's obligations to provide certain operation, service and maintenance functions on the plant once constructed. More information about these agreements can be found in the Blue Sphere 8K that was filed on December 11, 2017.
Anaergia Inc. is a global leader in offering sustainable solutions for the generation of renewable energy and the conversion of waste to resources. Through a proven portfolio of proprietary technological solutions, Anaergia maximizes the generation of renewable energy, diversion of waste from landfill and reduction of greenhouse gases for customers across the municipal, industrial, commercial and agricultural sectors. Through its subsidiaries, including Anaergia, B.V., Anaergia Services and UTS Biogastechnick GmbH. Anaergia is trusted at more than 1,600 operational renewable energy projects around the world.
The signing of these agreements is an important milestone in the development process, as it was a requirement of the Company's grant award to sell renewable gas on a per MWh basis to Rijksdienst voor Ondernemend Nederland ("RVO") under the Renewable Energy Production Incentive Scheme, or "SDE". As previously reported, the grant provides for the sale of up to 234,466.589 MWh per year, for a maximum total value of the grant equal to €151,934,350 (approximately USD $178,781,149) paid over twelve (12) years, from the date the facility begins production.
Shlomi Palas, CEO of Blue Sphere, commented, "We are very excited to be achieving these important milestones in the development and operations of our facilities. I am very proud of the advancements that the Blue Sphere team has achieved for these key projects."
About Blue Sphere Corporation
Blue Sphere Corporation, is a diversified independent power producer that develops, owns, and operates clean-tech, waste-to-energy facilities in the United States and abroad. The company primarily converts organic waste into electricity, but also has the ability to generate heat, natural gas and organic byproducts through various technologies.
Blue Sphere facilities; eliminate waste that would normally be disposed in landfills, reduce greenhouse gas emissions and protect water quality, helping to solve important global environmental issues.
Blue Sphere is headquartered in Charlotte, North Carolina and has operations in the United States and Europe.
For further information about Blue Sphere, please visit the Company's website: www.bluespherecorporate.com.
This press release contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties and may change at any time. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors including, without limitation, (i) uncertainties regarding general economic and market conditions, (ii) uncertainties regarding changes in the Clean tech sector, (iii) uncertainties regarding implementation of the Company's business strategy, and (iv) other risk factors as outlined in the Company's periodic reports, as filed with the U.S. Securities and Exchange Commission. As such, there is no assurance that the initiatives described in this press release will be successfully implemented or meet expectations. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.
SOURCE: Blue Sphere Corporation