NEWPORT BEACH, Calif., June 6, 2024 /PRNewswire/ -- Bitech Technologies Corporation [OTCQB: BTTC], ("the Company" or "Bitech"), a leading technology enabler committed to advancing utility-scale energy storage initiatives and innovative renewable solutions, announced today the execution of a Project Sale Agreement ("Agreement") with Bridgelink Development LLC ("Bridgelink") for certain Greenfield Solar Projects that Bitech had acquired on April 24, 2024 in its business combination with Emergen Energy LLC ("Emergen"). This agreement entails the transfer of an approximate 2.425 GW capacity portion from our total 3.840 GW solar project portfolio of Emergen, a wholly owned subsidiary of Bitech.
Bridgelink has sold these greenfield solar projects from Emergen, along with other solar projects in its own portfolio, to a non-related third-party purchaser and executed that agreement on May 30, 2024. The total amount to be received by Bitech's wholly owned subsidiary, Emergen, for the greenfield solar projects sold to Bridgelink is $19,400,000, if the projects achieve a Point of Interconnection and subsequently obtain all Necessary Land Rights and the option to return certain or all projects is not executed. Emergen has received an initial deposit of $943,500 from Bridgelink for the execution of the Agreement and Emergen will pay development fees to Energy Independent Partners LLC ("EIP") pursuant to the Project Management Services Agreement terms between Bitech, Emergen, and EIP as disclosed in our Form 8-K filed on April 30, 2024.
"In light of our expansive vision for the global energy storage market, the Bitech board of directors has approved management's proposal to divest 2.425 gigawatts from our solar project portfolio. This strategic move will allow us to focus on our core business in Battery Energy Storage Systems (BESS), as we firmly believe that the U.S. BESS market presents one of the most substantial and rapidly expanding opportunities for investment return worldwide," stated Benjamin Tran, Chairman and CEO of Bitech Technologies.
"Our Company's commitment to our BESS global strategy is demonstrated by the recent sale of our non-core greenfield solar projects," stated Cole Johnson, President of Bitech Technologies. "Not only does this transaction generate current and future revenue for Bitech, but it also solidifies a valuable operating partnership with a prominent renewable infrastructure group," Mr. Johnson further explained.
The Company boasts a substantial portfolio of BESS projects, totaling an estimated 1.965 gigawatt capacity. Management believes that investing our internal resources in the project financing and development of the BESS projects is a better strategic decision than our solar projects, and focusing our efforts will help drive sustainable value for our shareholders. We believe these strategic advantages with a wealth of development and operating experience can position Bitech as a new leader in delivering sustainable revenue and profit opportunities from the energy storage business for us and potential project funding global capital partners.
The Battery Energy Storage Systems (BESS) industry has experienced significant growth in the United States, driven by the integration of renewable energy, the urgent need for grid stability, and various economic and policy incentives. BESS installations "surged" with 96% increase in cumulative capacity in 2023.[1] With a well-established regulatory framework and high demand for energy storage solutions, the US offers a stable and secure environment for investors to enter into this rapidly expanding market.[2]
Comprehensive details of the transactions related to the Greenfield Project Sales from Emergen is disclosed in our Form 8-K filed by the Company with the U.S. Securities and Exchange Commission.
Bitech Technologies Corporation (OTCQB: BTTC), is a global technology enabler serving as an independent power provider with a core business in Battery Energy Storage Systems (BESS) to enhance grid stability and produce sustainable revenues. We also offer technological innovations with smart energy solutions including microgrids, advanced Energy Management System (EMS) for homes, buildings, campuses, cities, and renewable infrastructure. For more information, please visit www.bitech.tech.
This press release may include, and oral statements made from time to time by representatives of the Company may include, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filing with the Securities and Exchange Commission ("SEC"). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
