Blue Sphere Signs Non-Binding Letter of Intent to Develop Large Biogas Project in Brabant Province of the Netherlands
CHARLOTTE, NC / ACCESSWIRE / February 29, 2016 / Blue Sphere Corporation (OTCQB: BLSP) (the “Company” or “Blue Sphere”), a clean-tech waste-to-energy producer that develops, owns and manages waste-to-energy facilities globally, announced today that the Company has entered into a non-binding Letter of Intent with BTPB Holdings BV, a private company incorporated under the laws of the Netherlands (“BTPB”) to develop a waste-to-energy facility in the Brabant province of the Netherlands.
BTPB is establishing an integrated waste solution in Brabant, Holland and intends to work with Blue Sphere to construct and operate a waste-to-energy plant.
As part of the agreement with BTPB, Blue Sphere will enter into a long term lease agreement with BTPB. Blue Sphere will develop, own and operate the Anaerobic Digester plant that will generate at least 2.5MW of electricity and 1,500 m3/h of upgraded biogas.
Prior to the completion of due diligence by Blue Sphere, it is expected that BTPB will have in place all rights necessary to lease the site to the Company, and also will have delivered to Blue Sphere prior to the execution of a definitive agreement, all rights, permits, licenses, approvals and agreements required for the ownership, construction and operation of the facility, including all governmental and regulatory approvals as well as feedstock supply agreements and power purchase agreements for the purchase of the electricity and gas produced by the facility.
Pursuant to the LOI, the contemplated facility would cost approximately $24,250,000 to construct and would take approximately twelve months to build.
Brabant is a region in Holland where innovation, enterprise, partnership and hospitality go hand-in-hand. Global companies such as Abbot, GE Healthcare, Aspen Pharma, Amgen, Janssen and Merck have established operations in the region.
Shlomi Palas, the Company’s CEO, commented, “We are very excited to have signed this Letter of Intent to develop such an important project. This is the first step in the execution process of developing the many projects in our pipeline of waste-to-energy facilities.”
About BTBP Holdings, B.V.
BTBP Holdings is a unit of Maris Group B.V. Maris Group operates companies that trade, supply and manufacture process equipment for the chemical, pharmaceutical, mining, energy, agricultural and food industries. Maris was founded in 1976 and has extensive experience in engineering of multi-conversion technologies and waste management processes. The company has teams of environmental specialists, researchers and engineers.
About Blue Sphere Corporation
Blue Sphere Corporation, is a diversified waste-to-energy producer that develops, owns, and operates clean-tech, renewable energy facilities in the United States and abroad. The company primarily converts organic waste into electricity, but also has the ability to generate heat, natural gas 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.