Blue Sphere's Waste to Energy Plants in North Carolina and Rhode Island Sign a Letter of Intent for Sales of Compost!
EVEN YEHUDA, Israel, November 21, 2012 /PRNewswire/ --
Blue Sphere Corp. (OTCBB: BLSP) (the "Company" or "Blue Sphere"), a company in the Cleantech and Waste to Energy sectors as a project integrator, is pleased to announce that each of its two waste to energy projects - a 5.2 MW plant in North Carolina and a 3.2 MW plant in Rhode Island - has signed a letter of intent with an international compost manufacturing and marketing company at prices of up to $20 per ton of compost. With a combined daily output of 100 tons, that amounts to $730,000 in annual revenue or $438,000 in annual revenue from the North Carolina plant and $292,000 in annual revenue from the Rhode Island plant.
Each project site already has a signed, 15-year power purchase agreement with two of the largest utilities in the United States and an organic feedstock supply agreement pursuant to which the Company will receive $35 per ton of organic waste it receives into each plant.
"This is another break-through for the Company. Thanks to this letter of intent, we have added a third and substantial revenue stream to our first two projects. We are working hard to commence implementation of the first two sites as soon as possible and are continuing to secure more waste to energy sites in the US and around the world." said Shlomi Palas, CEO of Blue Sphere Corp.
About Blue Sphere Corp.
Blue Sphere Corp. is a company in the cleantech sector as an Emission Reduction Project Integrator. Blue Sphere develops projects for greenhouse gas emission reduction and renewable energy production. The Company aspires to become a key player in the global carbon reduction market, helping enterprises with high pollution emissions achieve their green goals. 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. Among these are: (i) uncertainties regarding our ability to obtain adequate financing on a timely basis including financing for the projects described in this release and other specific projects, (ii) uncertainties regarding the future of the Kyoto Protocol and binding greenhouse gas warming commitments of industrialised countries, (iii) uncertainties regarding the market for and value of carbon credits including carbon credits associated with industrial gases, as well as the duration and amount of estimated emissions from specific projects, (iv) political and governmental risks associated with the foreign 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 host country and United Nations 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.
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SOURCE Blue Sphere Corp.