Business
Blue Sphere Reports Results for the Third Quarter and Provides Business Update
Blue Sphere Reports Results for the Third Quarter and Provides Business Update.
About this update from Blue Sphere Corp
[{"type":"text","content":"CHARLOTTE, NC / ACCESSWIRE / November 22, 2017 / Blue Sphere Corporation (OTCQB: BLSP) (the \"Company\", \"Blue Sphere\", \"we\", \"our\" or \"us\"), an international Independent Power Producer (IPP) in the clean energy and waste-to-energy markets, today reported financial results for the third quarter and nine months ended September 30, 2017.Recent highlights: Current project portfolio of 13.4 MW with definitive agreements in place for an additional 1 MW and a total of 16 projects under development representing over 60 MW Signed offtake agreement for the flagship project in Holland valued at approximately €55 million (approximately USD $65.7 million) during the initial twelve-year term Revenues for the nine-month period ended September 30, 2017 were $1.3 million, as compared to $0 for the nine-month period ended September 30, 2016. Equity Earnings in Nonconsolidated Affiliates were approximately $6.3 million for the nine months ended September 30, 2017 Net loss was $0.1 million for the nine months ended September 30, 2017, compared to a net loss of $7.4 million for the nine-month period ended September 30, 2016 Cash and cash equivalents of approximately $1.9 million as of September 30, 2017 Stockholders' equity of approximately $2.2 million as of September 30, 2017Shlomi Palas, Chief Executive Officer of Blue Sphere, commented, \"We are very encouraged with the progress that Blue Sphere is making and going forward we will continue to focus on acquisitions and development of assets that we will own outright, which is best illustrated by the current portfolio of assets that we own in Italy. Collectively these facilities can generate approximately 5 MW of electric power. Included in this asset portfolio is our recently acquired cogeneration plant it Udine, Italy.\"\"Operationally, we continue to make steady progress proving out the scalability of our business model and accretive nature of our acquisitions. Just recently, we announced that we increased capacity at the Udine, Italy facility from just 20% of capacity in September 2017 at the time of acquisition, to approximately 90% of capacity in less than a month, which we continue to expect will increase to 95% of capacity by the end of this month.\"\"We are looking forward to completing another acquisition in Italy. As previously announced, on June 29, 2017, the Company ent...