Blue Sphere Corp. has formed a joint venture with York Capital Management affiliates for its plan for a waste-to-energy facility in Charlotte, N.C.
Blue Sphere, a waste-to-energy company based in Even Yehuda, Israel, said in a news release the closing of the joint venture gives the company a 25-percent ownership of the project. Blue Sphere received an initial payment of $1.25 million in cash with a second payment coming this year of $1.175 million following project milestones.
The venture will develop, construct and operate the 5.2-megawatt biogas generation facility, which will convert food waste to energy. Blue Sphere expects the operation to begin production in fourth quarter of this year.
Blue Sphere has been working on the project since 2012.