Current Project Portfolio of 13.4 MW
Definitive agreements in place for an additional 1 MW
16 Projects in active development representing over 60 MW
€151M European grant for Netherlands project in place
Net income of over $4.1 million for first half of 2017
Stockholders’ equity increases to approximately $6.5 million at June 30, 2017
CHARLOTTE, N.C., Oct. 17, 2017 /PRNewswire/ — Blue Sphere Corporation (OTCQB: BLSP) (the “Company”, “Blue Sphere”, “we”, “our” or “us”), an international Independent Power Producer (IPP) in the clean energy and waste-to-energy markets, today provided an update to shareholders.
“We continue to believe that we must work to meet the standards for listing on a national exchange in order to put the Company in the best position to gain access to more efficient markets as well expanding the universe of potential investors. At this time, in order to continue the financing and listing process, we must file another S-1 registration statement. Conversely, we believe that we would likely need to file a further amendment to such registration statement because of the timing of our upcoming 10-Q report. With this most likely being the case, we feel that it is in the best interest of the Company and its shareholders to postpone this process, at least, until our next 10-Q report has been filed.
“We will use this time as an opportunity to further execute on a number of significant development milestones and begin to again, actively communicate our developments and progress through the issuance of press releases on a more regular basis, attending investor conferences and meetings, attending broker or analyst meetings and proactively marketing our story through the mainstream and financial media. We have been very active communicating through our filings. Since we last issued a press release, the Company has filed eight (8) S-1 or S-1/a registrations statements, one (1) 10-K, two (2) 10-K/a reports, two (2) 10-Q reports, thirteen (13) 8-K or 8-k/a reports and one (1) 424B3 Prospectus. Operationally, these filings show that we are making solid progress.
“Blue Sphere has built a foundation of waste-to-energy assets, including two projects in the U.S. and five in Europe, which can generate a combined 13.4 MW of electric power. Our current U.S. assets in North Carolina and Rhode Island, collectively are able to generate 8.4 MW of electric power and are projected to generate over $10 million of combined EBITDA per year; our ownership in these assets are 25% and 22.75%, respectively. Our Italian assets, which we own outright, collectively generate 5 MW of electric power and are projected to generate $5 million of combined EBITDA annually. Our flagship project in Holland, currently the largest anaerobic digester development in Europe for 2017, received a grant of €151 million and continues to make further progress. Once up and running, this project alone is expected to generate over $22 million in annual revenue. In addition to these key assets, the Company is developing sixteen other projects around the world that would be able to generate a combined output of over 60MW of power. We plan to describe these projects further in press releases or other upcoming Company presentations.
“We believe that Blue Sphere has built a highly scalable business model, with predictable, long-term revenue streams and cash flows. We are not pioneering new technologies, but rather deploying proven technologies that are able to achieve high internal rates of return. Our successes are due in large part to our extensive due diligence process, our ability to secure long-term power purchase agreements, our ability to secure project financing and our strong project management expertise. As evidence of our success, we have been able to attract high caliber partners such as Duke Energy, National Grid, GSE, SDE and Helios Capital Management to name a few.
“Looking ahead, we remain laser focused on driving value for shareholders, value that we believe has been expressed in the quality assets that we have assembled to date and the operating results that we are achieving. In the first half of 2017 alone, we achieved approximately $4.1 Million of positive net income, compared to a deficit of approximately $6.7 Million for the same period in 2016. Additionally, we continue to strengthen our balance sheet, our stockholders’ equity increased to approximately $6.5 Million as of June 30, 2017, compared to a deficiency of approximately $2.2 Million at December 31, 2016. Overall, we are extremely excited about the outlook for the business and look forward to keeping our shareholders apprised as developments unfold.”
Source: Blue Sphere Corp.