Shlomo Palas, CEO of Blue Sphere Corp. (BLSP), is going all he can after signing another agreement to convert waste-to-energy expansion projects into revenues. Today’s 8-K filing which details the Company’s 100% acquisition of Orbit Energy Inc.’s right, title and interest in, to and under two waste-to-energy projects in the U.S. sent BLSP stock rising off the opening bell. With the joint venture agreement the Company signed with Biogas Nord AG in August, its a clear sign they are looking to make a presence which shareholders could benefit from if Fidelity Venture Capital Limited doesn’t dump their shares.
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BLSP Stock Chart
Market Cap: 1.80M
Last: 0.0099, up 0.0062 (167.57%)
Volume: 11,516,433
Dollar Volume: $66,478
High: 0.0099
Low: 0.0038
Trades: 122
Average Trade Size: 94,396
Authorized: 1,750,000,000
Issued and Outstanding: 182,195,507
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Today’s announcement involves Blue Sphere acquiring a 5.2 MW waste-to-energy project in North Carolina and a 3.2 MW waste to energy project in Rhode Island. At each site, the Company plans to construct and operate a facility to accept organic food waste, anaerobically digest it to make biogas and compost and then use such biogas to produce heat and electricity which will be sold to local off-takers. (see here)
In August, the Company signed a joint venture agreement with Biogas Nord AG, a German public company listed on the Frankfurt Stock Exchange with 16 years experience in designing, planning, developing, manufacturing, erecting, commissioning, servicing and operating more than 350 biogas plants around the world. The deal calls for Blue Sphere and Biogas Nord to jointly develop Plants in the U.S., jointly invest in such Plants and establish a jointly-held venture for the development and operation of biogas Projects in the U.S. (see here)
About BLSP Stock
Blue Sphere Corp. , since the second quarter of 2010, is focused on the business of Greenhouse Gas emission reduction. The Company seeks to generate revenue through sales of carbon credits, energy generation, project development and sale of byproducts.
Click here to view he SEC filings for BLSP.
Bottom Line: BLSP is one of the hot penny stocks today and could soon see a boost from its agreement signings when they can be converted into top-line revenue numbers. BLSP stock is likely to be a flipper today, however the activity could be the beginnings of a new base as the one-cent level approaches.
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