- Increases output to 90% of capacity from 20% in one month following acquisition
- Power purchase agreements in place through December 2027
CHARLOTTE, NC / ACCESSWIRE / November 6, 2017 / Blue Sphere Corporation (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, announced today that the Company's recently acquired cogeneration plant in Udine, Italy has met important and key milestones.
When the Company completed the acquisition in September 2017, the Udine facility was operating at approximately 20% of capacity. The Company has been working to improve the output of the facility and is pleased to announce that as of October 2017, the plant was operating at approximately 90% of capacity and by the end of November 2017 the plant is expected to be operating at approximately 95% of capacity.
The Company is also reporting that it has hired ED&F Man as its commodities broker to assure the feedstock needs for the Udine facility are managed at the highest level. Established in 1783, ED&F Man is an employee-owned agricultural commodities merchant with 7,000 employees operating in 60 countries. ED&F Man trades sugar, coffee, molasses, animal feed, grains, fats, oils and pulses. ED&F Man helps its clients manage price risk through hedging and providing access to commodity and capital markets through its financial brokerage business.
The Udine facility has a power purchase agreement (PPA) in place with Gestore del Servizi Energetici, S.p.A (GSE) through December 2027. GSE is a state-owned company that promotes and supports renewable energy sources in Italy, through power purchase agreements. The Company expects the annual EBITDA for the Udine plant to be approximately €1,090,000 or approximately $1,169,461.
Shlomi Palas, CEO of Blue Sphere, commented, "We are very excited to have brought our Udine cogeneration facility to nearly full capacity. This is an excellent example of our acquisition strategy of purchasing distressed assets. We identify operating deficiencies, address the deficient issues and manage the assets to achieve their true potential. This has always been a key strategy within our plans and we are working to add many new projects to our portfolio of waste-to-energy and clean-technology facilities."
About Blue Sphere Corporation
Blue Sphere Corporation, is a diversified independent power producer that develops, owns, and operates clean-tech and waste-to-energy facilities in the United States and abroad. The company primarily converts organic materials into electricity or natural biogas, but also has the ability to generate heat, 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.
Crescendo Communication, LLC
SOURCE: Blue Sphere Corporation