Dive Brief:

• Blue Sphere Corp. announced a joint venture with York Capital Management for its Charlotte, NC,-based waste-to-energy (WTE) plant.
• The deal grants Blue Sphere a quarter of the ownership of the project.
• The WTE firm’s first installment of funds was a $1.25 million cash payment. A second payment totaling $1.175 million will be paid out at a later time.

Dive Insight:

Blue Sphere, based in Even Yehuda, Israel, has been developing the site since 2012. The company anticipates the project will go online by the fourth quarter of 2015. Once in operation, the facility will produce 5.2 megawatts of energy using food waste. The power generated will be sold for profit.