EVEN YEHUDA, Israel--(BUSINESS WIRE)--Blue Sphere Corp. (OTCBB: BLSP) (the "Company" or “Blue Sphere”), Announces today that it has signed an agreement with B Pure, an experienced project management Israeli company specializing in green development projects, to finance the entire capital and manage the equipment, procurement and construction work required to implement two (2) landfill projects in Ghana, Africa. Under the terms of the understanding, B Pure and Blue Sphere shall both be equal owners of the joint venture subsidiary responsible for those projects.
“This is an enormous business achievement and a major stepping stone for Blue Sphere rewarding all of our team efforts after months of perseverance and complex negotiations, as well as our expert assessment of the sites in Ghana.” Said Shlomi Palas, Blue Sphere’s CEO. As of now, Blue Sphere and B Pure are preparing the operational plan for the various stages of the projects' implementation. "There are a large number of landfills and commercial properties in Ghana that represent excellent projects for emission reduction and energy production and Blue Sphere intends to implement many of those projects. New sources of energy are always welcome in Ghana, especially clean energy sources” said Eli Weinberg, Blue Sphere's Chairman. “Blue Sphere’s projects could have the option of power generation at the two existing sites and at additional sites in the future.”
The first project in Kumasi, comprises of the installation of a gas collection system and flare at the open landfill site and/or a compost production facility, with the option of power generation, subject to certain economic factors. The initial investment to commence the gas collection and flare component of the project is expected to be of approximately $1.8 million. The second project consists of the installation of a gas collection system and flare at the non-operational landfill sites Oblogo and Mallam, located one mile within each other in Accra, Ghana. The landfill gas extraction component consists of installing a flare to capture and destroy methane gas contained in both landfills. The initial investment to commence the project is expected to be $1.6 MM. “It is our assessment that the Kumasi site could generate up to $27 MM in revenue over 21 years. And the Oblogo and Mallam project is expected to generate up to $13 MM in revenue over 20 – 21 years.” Said Eli Weinberg Blue Sphere’s Chairman.
B Pure’s management stated that it is interested in continuing as a strategic investor with Blue Sphere for future joint projects in Ghana and other countries. Shlomi Palas concluded by saying that “we believe that we have identified a right potential long-term strategic partner allowing us to move forward to the next level. In addition, and thanks to the expertise of our consultants Green Star, Ltd (www.greenstar.co.il), we now feel confident that experienced groups such as B Pure can partner with us and bring Blue Sphere to be a major project developer and integrator. We feel confident that we will successfully finance the Company and demonstrate our ability to grow rapidly as a leader in the industry. Blue Sphere is working on signing five other sites in Ghana and several sites in Nigeria.
ABOUT B Pure, Ltd
B Pure is a Tel-Aviv, Israel, based group improving the quality of the environment and promoting green-based projects. B Pure has nine companies and hundreds of employees throughout Israel and they focus on waste collection and treatment, recycling, fuel transportation, energy development in Israel and abroad, metals, equipment leasing and production, and supply of environmentally conscious wastewater treatment products. For further information on B Pure, please see www.bpure.co.il.
For further information please contact Shlomi Palas or shlomi@bluespherecorporate.com
About Blue Sphere Corp.
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 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. 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.
The Company assumes no obligation to update the information in this release.