Blue Sphere Corporation (OTCMKTS: BLSP) has been on the move in recent days off its base at $0.012. After a pop to over a dime last week BLSP came back to where it started before moving up again fast.
BLSP has come down a long way since the highs it commanded several years ago. At current levels BLSP looks real cheap and the stock has quickly established a significant shareholder base who is bidding this one higher and transforming BLSP into a volume leader.
Blue Sphere Corporation (OTCMKTS: BLSP) bills itself as a diversified independent power producer that develops, owns, and operates clean-tech, biogas cogeneration and waste-to-energy facilities in the globally. 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, Israel and Europe. Operating out of Charlotte, North Caroline, the Company has a facility in Johnstone Rhode Island, and 5 projects in Italy.
In April the Company reported revenues for the twelve-month period ending December 31, 2017 increased to $17.4 million, as compared to $12.8 million for the twelve-month period ending December 31, 2016. The increase is attributable to the consolidation of the four operating facilities in Italy (SPVs) by our wholly-owned subsidiary, Bluesphere Pavia as well as the increase in revenue from these four facilities, the revenues generated by our Futuris Papia S.p.A. facility in Udine, Italy which was acquired in September of 2017, the development fee in the amount of $563 thousand which was received during the third quarter of 2017 due to the commercial completion of the biogas facility Blue Sphere developed in Johnston, Rhode Island and the Equity Income from Nonconsolidated Affiliates.
Shlomi Palas, Chief Executive Officer of Blue Sphere, commented “In the short term, we are also looking forward to beginning construction on our flagship project in Holland, currently the largest anaerobic digester under development in Europe. As previously disclosed, we signed an offtake agreement with GasTerra B.V., a major gas wholesaler based in the Netherlands, to purchase the biogas from this facility once completed. We anticipate the value of the off-take to be approximately €55 million (approximately USD $65.7 million) during the initial twelve-year term. This follows the award of a grant for the sale of up to 234,466.589 MWh per year, for a maximum total value equal to €151,934,350 (approximately USD $178.8 million) paid over twelve years from the date the Netherlands Facility begins production. We anticipate that the financial close for this project will take place sometime in May 2018 and the first phase of construction will begin at this site shortly thereafter. The Company also anticipates entering into definitive terms to acquire another facility in Cantu, Italy in early 2018.”
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In 2015 the Company acquired four operating biogas facilities in Italy. According to the Company each fully operational facility generates one megawatt of electricity per hour which is sold to Gestore del Servizi Energetici GSE, S.p.A., a state owned company that promotes and supports renewable energy sources in Italy.
Shlomi Palas commented at the time “This acquisition represents the initial execution of a long term business strategy geared toward rapidly increasing revenues and adding exceptional assets and cash flow to the Company’s balance sheet.”
BLSP operates in an exciting market; 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.
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Currently trading at a $323k market valuation according to otcmarkets BLSP has $2.4 million in the treasury, $25 million in current liabilities and revenues of $17.4 million for the twelve-month period ending December 31, 2017. BLSP has been dropping for over well over a year and recently hit an incredible $0.012. At current levels this BLSP is an exciting story developing in small caps that is quickly developing a loyal shareholder base that swears this one goes higher. We will be updating on BLSP when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with BLSP.
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Disclosure: we hold no position in BLSP either long or short and we have not been compensated for this article.