Bluesphere Signs Letter of Intent with Organic Waste Management for its 3.2 MW Johnston, Rhode Island Biogas Plant Organic Waste Management to supply 100 - 200 tons of organic waste per day for generation of clean electricity
Bluesphere Corp. (OTCBB: BLSP) (the "Company" or "Bluesphere"), a clean energy company that develops, manages and owns waste-to-energy projects, announced it has a signed a Letter of Intent with Organic Waste Management, LLC, a Massachusetts-based company with over 35 years in the recycling and waste industries ("Organic Waste Management"). Per the terms of the Letter of Intent, Organic Waste Management will supply between 100-200 tons of organic waste per day to Bluesphere's 3.2 MW biogas plant to be constructed later this year in Johnston, Rhode Island. The biogas plant will create electricity from organic waste and renewable resources.
"We are delighted to have met with and started what we hope will be a long-term relationship with Organic Waste Management. Not only is Organic Waste Management interested in supplying our Rhode Island biogas plant with waste, but we are also discussing other business opportunities, including additional anaerobic digester plants in Massachusetts, where, effective in October 2014, there will be a ban on dumping organic waste in landfills for certain, larger producers of waste," stated Bluesphere CEO Shomi Palas. "Our ability to connect and do business with companies such as Organic Waste Management is crucial to our Rhode Island plant and future growth in New England."
Bluesphere 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.
About Organic Waste Management, LLC
Organic Waste Management, LLC is a company with over 35 years in the recycling and waste industries. Organic Waste Management is involved in the recycling solutions of up to 90% of today's waste stream in both technologically advanced ways and environmentally-friendly solutions. Robert Heffernan Jr., President and CEO, is a licensed operator of solid waste transfer stations and created the vision for the company while operating an organic composting facility in New Hampshire. Organic Waste Management's website is www.owaste.com.
About Bluesphere Corporation
Bluesphere Corporation is a company in the cleantech sector as a waste-to-energy project Integrator. Bluesphere 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.
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.