SOURCE: Blue Sphere Corp.

March 25, 2015 08:00 ET

Blue Sphere Corp. Breaks Ground on Charlotte, NC Project

CHARLOTTE, NC--(Marketwired - Mar 25, 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 on Monday March 23, 2015, it broke ground on both its first waste-to-energy project and new US headquarters in Charlotte, NC.

In attendance for this ground breaking was the Mayor of Charlotte Dan Clodfelter and corporate representatives from Duke Energy, who has contracted to purchase electricity which will be produced from the ongoing conversion generated by this project. "Blue Sphere's presence in Charlotte confirms our commitment to clean, renewable energy and the Smart City concept," Clodfelter said.

The Blue Sphere facility will produce 5.2 megawatts of clean energy from uneaten food that would normally end up in local landfills. That electricity will then be sold to Duke Energy to provide power to local homes and businesses.

The National Resource Defense Council estimates roughly 40 percent of food is wasted in the United States every year, amounting to a $165-billion loss. Blue Sphere said their solution is a win-win for all involved.

"This facility is the ultimate landfill because we take waste in the back end, nothing going out. There's no smell, zero product, just electricity and compost," said CEO Shlomi Palas.

Blue Sphere hopes to be up and operational by the end of the year and to have 11 additional facilities around the world built by 2018.

Blue Sphere 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.

For further information please contact Mark Radom at 972 52 798 0831 or info@bluespherecorporate.com or go to www.blspqb.com

About Blue Sphere Corporation
Blue Sphere Corporation is a company in the cleantech 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

Forward-Looking Statements 

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.

The Company assumes no obligation to update the information in this release.

Contact Information

  • PR Contact:
    Janet Vasquez
    JV Public Relations / NY
    (646) 430-5783 NY office
    (212) 645-5498- Direct
    Karl Schilling
    321-250-1445