Even Yehuda, Israel -- (ReleaseWire) -- 03/04/2014 -- Bluesphere Corp., an energy company that develops, manages and owns waste-to-energy projects, announced today its wholly-owned subsidiary has signed a Joint Venture Agreement with Alfa Eco Corporation. New York-based Alfa Eco is a leading private business group that consists of direct investment funds owning and managing assets in a range of industries, including energy in the United States and abroad. Alfa Eco has strategic partnerships in Bulgaria, Brazil, China, Kazakhstan, Mongolia, Russia, Sierra Leone, Switzerland, Ukraine and other countries.
Per the terms of the Joint Venture Agreement, Bluesphere and Alfa Eco will form a joint venture corporation jointly owned by the companies on a 50/50% basis. Through the joint venture, the companies will develop turn-key and build-own-operate ("BOO") waste-to-energy projects. Alfa Eco will provide turnkey and BOO projects with all required components in place (e.g., power purchase agreements, feedstock, etc.), while Bluesphere will arrange full financing and be the project integrator on the waste-to-energy projects.
"We are very pleased to form this joint venture corporation with Alfa Eco, a company which has resources and relationships that can support the development of numerous joint waste-to-energy projects in partnership with Bluesphere," stated Bluesphere CEO Shlomi Palas. "Our ability to establish joint ventures, project financing, and long-term revenue contracts with energy industry leaders such as Alfa Eco is a testament to Bluesphere's capabilities and reputation in the waste-to-energy market."
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 Alfa Eco Corporation
Alfa Eco was originally founded in 1989 as cooperative between Alfa Photo and ADP (Mikhail Fridman & Anatoly Potik). Since then, Mr. Potik re-developed the Alfa Eco Corporation. Alfa Eco is a leading private business group that consists of direct investment funds owning and managing assets in life science/healthcare, energy, metals & mining, construction development, agriculture, and education sectors in the United States and abroad. Alfa Eco has strategic partnerships in Bulgaria, Brazil, China, Kazakhstan, Mongolia, Russia, Sierra Leone, Switzerland, Ukraine and other countries. The strategy of Alfa Eco is targeted at the acquisition of assets in industries with a significant growth and consolidation potential. The company is also dedicated to providing corporate finance, strategic advisory, and related services to public and private companies across multiple sectors and regions.
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.