Bitech Technologies Receives Initial Purchase Order for its Innovative Energy-Saving VPP Solution to Enter the Building Energy Management System (BEMS) Market
Newport Beach, CA, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Bitech Technologies Corporation [OTCQB: BTTC], (“the Company” or “Bitech”) a global technology solution provider dedicated to green energy solutions, is pleased to announce the launch of its previously announced initiative to enter into the Building Energy Management System (BEMS) business. In a strategic advancement to further enhance its technology offerings, the Company has developed innovative technology solutions specifically designed for MDU (Multi Dwelling Unit) buildings. The Company has received an initial purchase order constituting a BEMS master contract of Virtual Power Plant (VPP) Program designed to save electricity for approximately 4,000 MDU units from a strategic customer who is working with PJM, a Regional Transmission Organization (RTO) that coordinates the movement of wholesale electricity in the District of Columbia in the U.S. and all or parts of 13 states including Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia.
According to Statista, the number of U.S. housing units is growing year-over-year, and in 2022 there were approximately 144 million homes.1 From young families just starting out to empty nesters looking to downsize, multifamily homes are an increasingly popular option for U.S. households. These spaces include apartment buildings, condominiums, townhouses, and mixed-use developments. In 2018, there were 56.15 million multifamily homes in the United States, and this number was set to reach 155.25 million in 2023.2 Parks Associates' new research, Smart Home Opportunities in Multifamily Properties, finds 27% of multi-dwelling unit (MDU) residents have a smart device provided by their landlord or property owners.3
The Company recognizes that opportunities with RTOs and owners of MDUs are the key to achieving the fastest growth for our energy-saving integrated solutions. With the rising demand for sustainable and cost-effective energy solutions, we see immense potential in partnering with them to implement our innovative ADR4 (Automated Demand Response) technology. This will not only benefit the MDU owners and residents by providing them with significant energy savings but also contributes towards a greener future for all. Bitech Technologies is committed to continuously improving and expanding our services to cater to the increasing demand for energy efficiency in the MDU market, making it one of the newest focus areas for our forward-looking revenue growth strategy.
After months of research and development, the Company is proud to unveil its latest technology solution specifically designed for MDU buildings. This new development marks a significant milestone for Bitech Technologies, as it not only strengthens its position in the market but also opens a new revenue stream. The Company's dedication to pioneering cutting-edge solutions has proven to be fruitful with an initial purchase order for this initiative, where its management believes this high margin business lays the foundation for an expectedly profitable 2024 fiscal year.
Our leadership team is convinced that our state-of-the-art solution will not only enhance the efficiency of BEMS but also provide a much-needed convenience to residents of MDU buildings. With our cutting-edge technology solution, building managers can now remotely monitor and control energy usage in individual units, resulting in significant cost savings for both the building owner and tenants. The initial response from our customer to our energy saving BEMS solution for buildings has been overwhelmingly positive, as our unique selling point of this solution lies in its ability to integrate seamlessly into existing systems, making adoption hassle-free for MDU building owners.
Bitech Technologies' latest offering doesn't just benefit building owners who get paid by RTOs for energy saving bonuses, which is in alignment with federal reward programs initiated by the U.S. Department of Energy. Tenants living in these multi-dweller units may also see a noticeable improvement in their living experience with our solutions. With real-time data on their energy consumption and personalized temperature control options, they can now have more control over their utility bills and comfort levels via our technologically advanced ADR solution.
Our Virtual Power Plant Program offers a comprehensive set of integrated ADR solutions that ensure the smooth and efficient installation of various components, including Smart Thermostat (ST), Heavy Duty Smart Switches (HDSS), Gateways, and Repeaters in Apartment/MDU buildings. The installation process includes the deployment of ST and HDSS units in each apartment unit, with coordination and supervision from the apartment building managers. This ensures all units are equipped with the necessary devices to support advanced demand response functions. The Gateway is typically installed in the apartment equipment room while the Repeater is placed in public areas for optimal coverage. Our configuration services aim to maximize efficiency by pre-pairing devices and only requiring minimal verification during the installation process, which can also be done through a user-friendly mobile app. Our technical team also conducts a thorough study of the apartment infrastructure to determine the best networking options for installing Gateways, such as wired LAN cables from floor-to-floor or using wireless broadband customer premises equipment. With our cost-effective VPP program, we strive to provide a seamless experience for both apartment residents and managers while ensuring maximum functionality and efficiency for advanced demand response systems.
Not only does this new technology solution offer added convenience and cost savings, but it also promotes sustainable practices by reducing overall building energy consumption. This aligns perfectly with Bitech Technologies' core values of innovation and environmental responsibility.
In light of this exciting milestone, Bitech Chairman and CEO Benjamin Tran said, "We are thrilled to introduce our latest technology solution in the BEMS arena, which not only has the potential to attract new clients but also supports our commitment towards creating a greener future. We are confident that our plans to partner with large MDU building owners and power transmission organizations will bring about positive change in the energy industry and contribute to a more sustainable tomorrow."
Our leadership team believes Bitech’s new technology solution for MDU buildings with potentially profitable revenue projection that we expect will have a compelling positive impact across the BEMS industry due to its potential to digitally transform building operations, reduce costs, and promote sustainability. The Company’s vision for energy smarter and greener future is expected to take a significant leap forward with this innovative initiative, as Bitech continues to seek to establish itself as a leader in cutting-edge, energy-saving technology solutions.
According to Research and Markets, the global market for Building Energy Management Systems (BEMS) was estimated at $4.3 billion in 2022 and is projected to reach $12.3 billion by 2030, growing at a CAGR of 14.2% over the analysis period 2022-2030.5
Bitech Technologies Corporation (OTCQB: BTTC), is a technology solutions enabler dedicated to providing a suite of green energy solutions to renewable energy initiatives including knowledge-based online content business in the green energy sector. We pursue these innovative energy technologies through system integration solutions while participating in grid-balancing Battery Energy Storage System (BESS) projects, aiming to apply latest Energy Management System (EMS) technologies in the green energy sector. While participating in the clean energy economy, we are seeking business partnerships with defensible technology innovators and renewable energy providers to facilitate investments, provide new market entries toward emerging-growth regions and implement or manufacture these innovative, scalable energy system solutions with technological focuses on smart grids, Home Energy Management System (HEMS), Building Energy Management System (BEMS), City Energy Management System (CEMS), energy storage, and EV related infrastructure. For more information, please visit www.bitech.tech.
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements because of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
