Waste-to-energy (WTE) firm Blue Sphere Corp. has secured financing of $3 million for future projects and acquisitions, including in the United States.

The Israeli company said the funding will allow it to pursue further development opportunities in the United States, as well as what it calls a “large pipeline” of acquisition targets in Italy, according to a news release. More broadly, Blue Sphere said the funding will be used for general business activities.

The notes have a face value of $3 million; after expenses Blue Sphere netted $2.672 million. The company worked with the New York-based investment banking firm Maxim Group to market and close the private placement of notes. Blue Sphere filed a 8-K report with the Securities and Exchange Commission Dec. 24.

"We are very pleased to complete this financing round,” said Shlomi Palas of the Even Yehuda, Israel-based Blue Sphere. “It allows us to focus on additional acquisition and development opportunities. We are also very happy with the commitment that these investors have made to our company.”

In 2015 Blue Sphere broke ground on a $19-million 3.2-megawatt WTE facility in Johnston, R.I., and on a $27-million, 5.2-megawatt facility in Charlotte, where it maintains its U.S. headquarters.

What’s different about Blue Sphere’s facilities, unlike others, is that the facilities are fueled by organics waste and generate smaller amounts of electricity than most of the large incinerators that are burning bulk quantities of municipal solid waste (MSW). Blue Sphere’s WTE facilities generate power in the form of methane, which is captured in Blue Sphere’s digesters and then burned to produce electricity that is sold to local utilities companies through long-term power purchase agreements.

Blue Sphere has hoped to have both facilities in operation by the end of 2015.

In N.C., the electricity will be sold to Duke Energy and in Rhode Island it will be sold to NG to provide power to local homes and businesses.

By 2018 Blue Sphere plans to have built 11 facilities, with six more under development.

From its Rhode Island and North Carolina facilities, Blue Sphere expects revenue to total $150 million in the next 15 years.

Among other recent WTE projects, in August Sevier Solid Waste Inc. announced it is building a WTE plant in Pigeon Forge, Tenn., at a cost of $2.25 million. The facility will convert composted material into thermal energy while also producing a high-carbon biochar. The new biomass gasification plant will be capable of converting more than 30 tons of organics daily.