DOVER, DE, Mar 18, 2021 - (ACN Newswire) - Pacific Green Technologies, Inc. (the "Company" or "PGTK", (OTCQB:PGTK)) announces that it has entered into an exclusive agreement to develop up to 1,100MW of battery energy storage systems ("BESS") in the United Kingdom ("UK") sourced by TUPA Energy Limited ("TUPA"). As part of the TUPA agreement, the Company has also today acquired the rights to 100MW of BESS in Kent, UK, and plans to conclude the remaining 1,000MW by 2023.
The acquisition follows PGTK's acquisition of Innoergy Limited and the framework agreement with Shanghai Electric Gotion New Energy Technology Co., Ltd. ("SEG"). The Company is now well placed to become a leader in the UK BESS market and plans to scale up its BESS projects across the world.
TUPA's team have considerable expertise around renewables, land and grid solutions in the UK. The team also has unrivalled knowledge of interconnector systems between the UK and Europe. Such a broad spectrum of knowledge enables the TUPA team to originate projects that are development-ready across the UK and beyond.
Scott Poulter, PGTK's Chief Executive commented: "We are witnessing tremendous growth in the energy storage sector as renewable energy continues to gain momentum. The agreement with TUPA complements and enhances our expertise to build our energy storage platform in conjunction with PowerChina and Shanghai Electric. Together we have the technical expertise and manufacturing capacity to rival the global leaders in the market as designers, developers and manufacturers while being very entrepreneurial in our approach."
Chris Atherton, Chairman of TUPA, commented: "We are excited to be part of Pacific Green's ambitious entry into the UK battery energy storage market. As Pacific Green has demonstrated its ability to scale up in the marine sector building and delivering an order book of USD$250m, dynamism and scalability were key to our decision to go exclusive with Pacific Green. We are delighted to be part of Pacific Green's growth."
PGTK has continued to expand its technologies through its acquisition of ENGIN in 2019 and Innoergy in 2020, so that its portfolio now includes Concentrated Solar Power, Flue Gas Emission Control Systems, Water Desalination and Battery Energy Storage Systems. PGTK continues to actively seek complementary technologies to add to its Cleantech portfolio.
Scott added: "Pacific Green has identified and is now targeting specific industries and sectors where its technology enhances the growing industry of Cleantech solutions. As well as having the capability and resources to carry out large scale projects, Pacific Green will continue to develop and produce new cutting edge products as we expand into new sectors and begin to develop renewable assets."
PGTK's joint venture with PowerChina SPEM, one of the world's largest engineering, procurement and construction companies with annual revenues of around $50 billion, combines elite technical expertise with unrivalled production capabilities in China, ensuring PGTK can scale efficiently in each industry sector.
PGTK's framework agreement with Shanghai Electric further enhances PGTK's position in the Cleantech space. SEG is a joint-venture between Shanghai Electric Group Co., Ltd. ("Shanghai Electric") and Guoxuan High-tech Co., Ltd., and operates among the largest and most advanced production and supply-chain management centers in the world. Shanghai Electric (SHA: 601727), which has 70,000 employees and over US$20billion in operating revenue, provides a strong industrial backing and decades of experience in power equipment manufacturing and integration.
PGTK will continue to adhere to a high-quality development strategy, implement improved processes in all disciplines, and provide state of the art professional and efficient products and services for its customers.
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focused on addressing the world's need for cleaner and more sustainable energy. The Company offers Battery Energy Storage System (BESS), CSP and PV energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit PGTK's website: www.pacificgreentechnologies.com
About POWERCHINA SPEM Co. Ltd
POWERCHINA SPEM is a subsidiary of POWERCHINA, the largest power equipment manufacturer in the PRC. With abundant resources, expertise, strong manufacturing capacity, domestic sales channels and rich experience, POWERCHINA SPEM is in a strong position to deploy PGTK technology throughout the PRC.
SEG is a joint-venture between Shanghai Electric Group Co., Ltd. ("Shanghai Electric") and Guoxuan High-tech Co., Ltd., and operates among the largest and most advanced production and supply-chain management centers in the world. Shanghai Electric (SHA: 601727), which has 70,000 employees and over US$20billion in operating revenue, provides a strong industrial backing and decades of experience in power equipment manufacturing and integration.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding Pacific Green's emission control system, potential business developments in India and future interest in our solar and desalination technologies.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the JV with POWERCHINA SPEM, the framework agreement with SEG, delivering the projects with TUPA and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659
SOURCE: Pacific Green Technologies, Inc.
Topic: Press release summary
Source: Pacific Green Technologies Inc.
Sectors: Environment, Alternative Energy, Marine & Offshore
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