Blue Sphere Corporation (OTCMKTS:BLSP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On December 8, 2016, Itai Haboucha submitted his resignation from
his position as a director on our Board of Directors (the Board),
effective as of December 2, 2016. On December 12, 2016, the Board
approved the appointment of David A. Doctor to the Board to fill
the vacancy created by the resignation of Mr. Haboucha.
There are no arrangements or understandings between Mr. Doctor
and any other persons to which Mr. Doctor was selected as a
director, and there have been no transactions since the beginning
of our last fiscal year, or transactions that are currently
proposed, regarding Mr. Doctor that are required to be disclosed
to Item 404(a) of Regulation S-K. As of the date of this report,
the Board is still determining to which committee of the Board,
if any, Mr. Doctor will be named.
Regulation FD Disclosure.
On December 8, 2016, Blue Sphere Brabant B.V., a wholly owned
subsidiary of the Company in the Netherlands, won a grant (the
Grant) to sell renewable gas on a per MWg basis to Rijksdienst
voor Ondernemend Nederland (RVO) under the Renewable Energy
Production Incentive Scheme. The Grant provides for the sale of
up to 234,466.589 MWh per year, for a maximum total value of the
Grant equal to 151.934.350,00 paid over twelve (12) years, from
the date the facility begins production. The Grant relates to the
Companys new construction waste-to-energy Anaerobic Digester 10.0
MW Plant in Sterksel, Netherlands, which is currently in the
The Grant is conditioned upon the following: (1) the construction
must be assigned to a supplier (EPC) within one (1) year, with
RVO receiving a copy of the assignment; (2) the facility must
begin production within four (4) years; (3) notice of any
material changes (i.e., in location, receiver, power, required
dates, etc.) must be given to RVO; and (4) RVO is entitled to
receive an annual progress report of the realization of the
The foregoing description of the Grant do not purport to be
complete and is qualified in its entirety by reference to the
full text of the Grant filed as Exhibit 99.1 to this Current
Report on Form 8-K, and incorporated herein by reference. The
Grant filed as Exhibit 99.1 hereto has been translated into
English from Dutch, by an independent translator.
On December 13, 2016, the Company issued a press release titled
BLUE SPHERE WINS GRANT: Blue Sphere Receives 151,934,350 SDE
Grant for its Biogas Project in the Brabant Province of the
Netherlands. A copy of the press release, which is incorporated
herein by reference, is filed as Exhibit 99.2 hereto and
incorporated herein by reference.
The information furnished under this Item 7.01 of this Current
Report on Form 8-K, including Exhibit 99.1 and 99.2, shall not be
deemed to be filed for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject
to the liabilities of that section.
Financial Statements and Exhibits.
The following exhibits are furnished as part of this Current
Report on Form 8-K:
Acceptance Letter of Grant Application from Rijksdienst voor
Ondernemend Nederland, dated December 8, 2016 (as translated
from Dutch to English).
Press Release titled BLUE SPHERE WINS GRANT: Blue Sphere
About Blue Sphere Corporation (OTCMKTS:BLSP)
Blue Sphere Corporation is a global clean energy company. The Company develops, manages and owns waste-to-energy and other renewable energy projects. It is an international build, own and operate company (BOO) active around the world in the clean energy production and organics to energy markets. The Company is focused on approximately 10 projects related to the construction, acquisition or development of biogas facilities. It is carrying out a range of waste-to-energy projects around the world with capacities ranging between 1 to 5 megawatts. It has a waste to energy anaerobic digester of approximately 5.2 megawatts plant in Charlotte, North Carolina. The Company operates a waste to energy anaerobic digester of approximately 3.2 megawatts plant in Johnston, Rhode Island. The Company has a waste to energy anaerobic digester of approximately five megawatts plant in Ramat Chovav, Israel. As of September 30, 2015, the Company had not generated any revenues. Blue Sphere Corporation (OTCMKTS:BLSP) Recent Trading Information
Blue Sphere Corporation (OTCMKTS:BLSP) closed its last trading session down -0.0043 at 0.0631 with 499,887 shares trading hands.