Bitech Technologies Completes Due Diligence on BESS Projects to Prepare for a Business Combination
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Newport Beach, CA, Feb. 15, 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 it has completed due diligence on the planned 23 Battery Energy Storage Systems (BESS) development projects (collectively, the “BESS Development Projects”) identified in the January 8, 2024 Letter of Agreement (the “LOA”) it entered into with Bridgelink Development LLC, a solar and energy storage development company based in Fort Worth, Texas (“Bridgelink” or “BLD”). The BESS Development Projects and the LOA are disclosed in a Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on January 12, 2024 (the “Form 8-K”). As previously disclosed in the Company’s January 12, 2024 press release and the Form 8-K, the LOA provides for a business combination between the Company and Bridgelink, whereby the Company plans to complete development of a total 5.8 gigawatt (GW) pipeline of combined BESS and solar utility power and procurement of key resources.
Following completion of its core due diligence and its investigation and analysis of Bridgelink's BESS Development Projects, Bitech has developed a solid, basic understanding of the BESS Development Projects and Bridgelink's plans and strategies as to those projects, as well as how they are expected to affect the Company’s future prospects, following the completion of the proposed transactions.
Further, we continue to believe that the 1.965 gigawatt (GW) pipeline of BESS Development Projects hold significant potential value and that the Bridgelink management team driving them possess a solid understanding and experience in developing these types of projects. Furthermore, they have also engaged competent vendors and consultants who bring their expertise to assist in the pursuit and execution of these projects. Additionally, a closer examination reveals that these projects are being executed in a proficient manner, reflecting the team's capabilities and diligence. Overall, based on our findings and assessment, it can be concluded that these projects are progressing effectively under the guidance of experienced professionals.
Based on the information posted on the Electric Reliability Council of Texas (“ERCOT”) website, as of June 2023, there were approximately 3,300 megawatts (MW) of battery storage integrated into the ERCOT system. These batteries play a crucial role in providing backup power and maintaining grid stability during periods of high demand. However, with the increasing adoption of renewable energy sources such as solar and wind, it is estimated that by October 2024, the total capacity of batteries on the ERCOT system will reach 9,500 MW.
“This significant growth in battery storage capabilities highlights the importance of incorporating these sustainable energy solutions into our power infrastructure to meet growing electricity demands while also reducing our carbon footprint. Bitech recognizes the advancements being made in battery technology and is committed to supporting this positive shift towards a greener and more reliable energy future for Texas and many other energy thriving states,” stated Benjamin Tran, CEO of Bitech Technologies.
In sum, the Company believes that the BESS Development Projects appear legitimate and viable, the Bridgelink management team appears competent and have been moving the projects forward and there appears to be a need for more battery energy storage capacity on the ERCOT grid and those of other regional Independent System Operators (ISOs).
Through its thorough evaluation and analysis, Bitech believes Bridgelink is able to identify potential risks and challenges associated with any greenfield project, allowing them to provide strategic solutions and mitigate any obstacles that may arise. Their high standards for due diligence project development serve as a testament to their reliability and proficiency in delivering successful outcomes for all parties involved. With this approach, Bitech’s management team believes that Bridgelink will continue to establish itself as a trusted partner for Bitech and organizations looking to embark on greenfield projects with confidence and expert guidance.
“With all of these important factors considered, Bridgelink is well-equipped to move forward quickly with the business combination with Bitech and begin implementing our combo plans with confidence and commitment to success and sets a solid foundation for future growth and development in the renewable industry,” added Cole Johnson, CEO of Bridgelink Development.
Completion of the BESS Development Projects is subject to obtaining adequate financing, regulatory and environmental approvals, entering into definitive agreements to secure the sites where we plan to locate each project and entering into interconnection agreements, among other things. Further, completion of the Business Combination is subject to certain closing conditions disclosed in the Form 8-K that are customary for a transaction of this nature, including a commitment for no less than
For more information on our binding Letter of Agreement, please review the Form 8-K at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001066764/000149315224002139/form8-k.htm
About Bitech Technologies Corporation
Bitech Technologies Corporation (OTCQB: BTTC), is a technology solutions enabler dedicated to providing a suite of green energy solutions to renewable energy initiatives. 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.
About Bridgelink Development LLC
Bridgelink Development, LLC is a leading solar and energy storage development company headquartered in Fort Worth, Texas. With a commitment to advancing sustainable energy solutions, Bridgelink focuses on the development of utility-size solar and BESS projects throughout the U.S. For more information, please visit www.bridgelinkinvestments.com
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking statements". Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company’s actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to our ability to obtain a commitment for financing, our ability to complete the Business Combination, our ability to secure funding for the BESS Development Projects and complete construction of the BESS Development Projects and obtain all required regulatory approvals, future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission from time to time, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K, which are available on the Securities and Exchange Commission’s website at sec.gov. We assume no obligation to update any forward-looking statements contained in this press release.
Contact:
Bitech Technologies Corporation
Investor Relations
Tel: 1.855.777.0888
Email: info@bitech.tech
FAQ
What is the purpose of the LOA between Bitech Technologies Corporation and Bridgelink Development LLC?
What is the total capacity of batteries on the ERCOT system as of June 2023?
What is the estimated total capacity of batteries on the ERCOT system by October 2024?
What are the key factors driving the need for more battery energy storage capacity on the ERCOT grid?
What are the closing conditions for the completion of the Business Combination between Bitech Technologies Corporation and Bridgelink Development LLC?
