Bluesphere Corp., a clean energy company that develops, manages and owns waste-to-energy projects, has a signed a Letter of Intent with Organic Waste Management LLC.
Per the terms of the Letter of Intent, Organic Waste Management will supply between 100 and 200 tons of organic waste per day to Bluesphere's 3.2 MW biogas plant to be constructed later this year in Johnston, R.I. The biogas plant will create electricity from organic waste and renewable resources.
"We are delighted to have met with and started what we hope will be a long-term relationship with Organic Waste Management," said Bluesphere CEO Shomi Palas. "Our ability to connect and do business with companies such as Organic Waste Management is crucial to our Rhode Island plant and future growth in New England."
Bluesphere generates electricity from biogas derived from organic waste, which is mostly food waste, and sells this electricity to leading electric companies through long-term power purchase agreements. Waste-to-energy is one of the fastest growing segments in the renewable energy markets. According to SBI Energy, the thermal and biological segments reached $6 billion in 2012 and will reach $29 billion by 2022.