EVEN YEHUDA, Israel, August 4, 2011 /PRNewswire/ --
Blue Sphere Corp. (OTCBB: BLSP) (the "Company" or "Blue Sphere"), announces today that it has signed in July an agreement with Beijing Clinci Energy and Environment Technology Co. Ltd., an experienced Chinese company ("Clinci") with a proven technology to convert biomass to energy, to jointly implement 14 animal waste-to-energy projects in China. These 14 projects have the potential to support over 70 megawatts capacity of power generation, produce organic compost and reduce emissions of greenhouse gases, which, in turn, will make the projects eligible for carbon credits either under the Kyoto Protocol or the nascent, domestic Chinese regime. Clinci has already successfully implemented over 30 similar projects and thus has a demonstrated track record in bringing renewable energy projects to fruition.
The terms of the agreement provide that Blue Sphere is in charge of investment feasibility evaluation and project investment. Clinci is in charge of project data collection, project early stage development, technique solutions and equipment, procurement and construction.
"This agreement opens up for us China in a way that until now was not able to be contemplated. Clinci is one of the biggest names in renewable energy technology in China and teaming up with them makes us a go-to company for renewable energy projects. Aside from the 14 projects in our pipeline, together we have many other opportunities to develop projects in China," said Shlomi Palas, Blue Sphere's CEO. Currently, Blue Sphere and Clinci are opening a new joint venture company and are finalizing plans for project implementation at the first 14 sites. "There is currently a tremendous demand in China for effective and proven technologies to convert waste and biomass to energy. We aim to capitalize on this," added Blue Sphere's CEO, Shlomi Palas.
Beijing Clinci Energy and Environment Technology Co. Ltd, located in Zhongguancun Technology Park, is a high-tech enterprise with sound scientific research and an extensive laboratory. It has strong bio-environmental technology R&D strength and powerful developing ability in technology and products. Clinci focuses on Chinese biomass energy development and water environment treatment with a core of bio-environmental engineer technology, combined with technical expertise in physics and chemistry. Clinci's proprietary technology--high concentration anaerobic biogas generation, also called combined heat, power and fertilizer system, EGSB technology, HABR technology, Lit technology and WTS technology are wildly used in biomass energy development, waste water treatment and water resource regeneration.
About Blue Sphere
Blue Sphere Corp. is a publicly quoted company trading on the OTC Bulletin Board, in the cleantech industry specializing in the sector of Emission Reduction Project Integrator. Blue Sphere develops projects for greenhouse gas emission reduction and renewable energy production. The Company intends 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) there can be no assurance that demand for the company's services will continue at current or greater levels, or that the company will continue to grow revenues, or be profitable as there is 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.
For further information please contact Shlomi Palas or firstname.lastname@example.org +972-9-8917438.
The Company assumes no obligation to update the information in this release.
SOURCE Blue Sphere Corp.