Blue Sphere Corp. Reports Earnings Results for the Third Quarter and Nine Months of 2016; to Build Plant in Rhode Island
For nine months, the company reported it lost $7.4 million, or 33 cents per share. That compares with a loss of $6.1 million, or 63 cents per share, in the first nine months of 2015.
The 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. The company is building a similar plant in Rhode Island, which is expected to go into operation next year.