here's the article.....plant developer reports third-quarter loss
Nov 22, 2016, 4:17pm EST
INDUSTRIES & TAGS Energy, Renewable Energy
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John Downey
Senior Staff Writer
Charlotte Business Journal
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Blue Sphere Corp. reports it lost $729,000, or 3 cents per share, in the third quarter.
That is an improvement on the same quarter last year when the company lost $1.2 million, or ten cents a share.
Blue Sphere CEO Shlomi Palas at the Orbit Energy site in Charlotte.
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Blue Sphere CEO Shlomi Palas at the Orbit Energy site in Charlotte.
JOHN DOWNEY
The company reports it lost $7.4 million, or 33 cents per share, in the first nine months of the year. That compares with a loss of $6.1 million, or 63 cents per share, in the first nine months of 2015.
The Charlotte-based company developed the 5.2 megawatt Orbit Energy waste-to-power plant off North Graham Street. The plant began commercial operation Nov. 18, producing power for Duke Energy under a long-term power purchase agreement.
The plant, designed to convert food waste into gas to power its turbines, will continue ramping up until it reaches full operations by the end of March, Blue Sphere says in its financial filing with the Securities and Exchange Commission.
The company is building a similar plant in Rhode Island, which is expected to go into operation next year. Blue Sphere is a minority owner in both plants, with Charlotte-based Entropy Investment Management the majority owner.
Blue Sphere (OTCBB-BLSP) is working to get itself listed on a major stock exchange. In an October SEC filing, the company says it intends to apply to the NASDAQ and New York Stock Exchange small-cap markets for listing.
The company is also considering a public stock offering a reverse stock split in the near future.The company says no final decision has been yet made on when either event will occur. It also says it has yet to settle the financial details for the offering, including the proceeds sought, or the ratio for any possible reverse split.
But last month Blue Sphere made an SEC filing about a private placement investment agreement for up to $1 million made with JMJ Financial, a Miami firm that invests in small-cap companies. The copy of the securities purchase agreement attached as an exhibit in that filing says the company “intends to file an S-1 registration statement with the SEC by December 15, 2016 ... pursuant to which the Issuer intends to conduct a public offering of its securities to raise gross proceeds ... of at least $15,000,000.”
John Downey covers the energy industry and public companies for the Charlotte Business Journal.
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