Bitech Technologies Signs Term Sheet of $80 Million Investment Tax Credit for Its Flagship BESS Project
Bitech Technologies (OTCQB: BTTC) has signed a non-binding term sheet for an $80 million investment tax credit transfer agreement for its 100MW Battery Energy Storage System (BESS) project in Texas. The agreement, with a leading renewable energy investment firm, aims to transfer up to $80 million in federal investment tax credits to potential buyers. Project Redbird is expected to generate approximately $78 million in tax credits by Q3 2025, based on a 50% investment tax credit from the Inflation Reduction Act of 2022.
Bitech anticipates completing financing for its first two 100MW BESS projects in Texas in H2 2024 and aims for initial commercial operation in Q2 2025. The company plans to expand its BESS business from 1.96GW to 5GW over the next 3-5 years, with construction set to begin in early 2025.
Bitech Technologies (OTCQB: BTTC) ha firmato un accordo non vincolante per un trasferimento di crediti d'imposta sugli investimenti del valore di 80 milioni di dollari per il suo progetto di Sistema di Stoccaggio di Energia a Batteria (BESS) da 100MW in Texas. L'accordo, con una rinomata società di investimento in energie rinnovabili, mira a trasferire fino a 80 milioni di dollari in crediti d'imposta federali a potenziali acquirenti. Il Progetto Redbird dovrebbe generare circa 78 milioni di dollari in crediti d'imposta entro il terzo trimestre del 2025, basandosi su un credito d'imposta del 50% derivante dall'Inflation Reduction Act del 2022.
Bitech prevede di completare il finanziamento per i suoi primi due progetti BESS da 100MW in Texas nel secondo semestre del 2024 e punta a iniziare le operazioni commerciali iniziali nel secondo trimestre del 2025. L'azienda intende espandere il suo business BESS da 1,96GW a 5GW nei prossimi 3-5 anni, con l'inizio dei lavori di costruzione previsto per l'inizio del 2025.
Bitech Technologies (OTCQB: BTTC) ha firmado un acuerdo de términos no vinculante para un contrato de transferencia de créditos fiscales por inversión de 80 millones de dólares para su proyecto de Sistema de Almacenamiento de Energía en Baterías (BESS) de 100MW en Texas. El acuerdo, con una empresa líder en inversiones de energía renovable, tiene como objetivo transferir hasta 80 millones de dólares en créditos fiscales federales a posibles compradores. Se espera que el Proyecto Redbird genere aproximadamente 78 millones de dólares en créditos fiscales para el tercer trimestre de 2025, basado en un crédito fiscal del 50% proveniente de la Ley de Reducción de la Inflación de 2022.
Bitech anticipa completar la financiación de sus primeros dos proyectos de BESS de 100MW en Texas en la segunda mitad de 2024 y tiene como objetivo iniciar la operación comercial inicial en el segundo trimestre de 2025. La empresa planea expandir su negocio de BESS de 1.96GW a 5GW en los próximos 3-5 años, con la construcción programada para comenzar a principios de 2025.
Bitech Technologies (OTCQB: BTTC)는 텍사스의 100MW 배터리 에너지 저장 시스템(BESS) 프로젝트를 위한 8천만 달러 투자 세액 공제 양도 계약을 체결했습니다. 이 계약은 선도적인 재생 가능 에너지 투자 회사와 함께 이루어졌으며, 최대 8천만 달러의 연방 투자 세액 공제를 잠재 구매자에게 양도하는 것을 목표로 하고 있습니다. 레드버드 프로젝트는 2025년 3분기까지 2022년 인플레이션 감축 법안에 따른 50% 투자 세액 공제를 바탕으로 약 7천8백만 달러의 세액 공제를 생성할 것으로 예상됩니다.
Bitech는 2024년 하반기까지 텍사스의 첫 두 개의 100MW BESS 프로젝트에 대한 재정을 완료할 것으로 예상하며, 2025년 2분기에 초기 상업 운영을 목표로 하고 있습니다. 이 회사는 향후 3-5년 동안 BESS 사업을 1.96GW에서 5GW로 확장할 계획이며, 2025년 초에 건설을 시작할 예정입니다.
Bitech Technologies (OTCQB: BTTC) a signé une feuille de termes non contraignante pour un accord de transfert de crédits d'impôt sur les investissements de 80 millions de dollars pour son projet de Système de Stockage d'Énergie par Batteries (BESS) de 100MW au Texas. Cet accord, avec une entreprise leader dans l'investissement en énergie renouvelable, vise à transférer jusqu'à 80 millions de dollars en crédits d'impôt fédéraux à de potentiels acheteurs. Le Projet Redbird devrait générer environ 78 millions de dollars en crédits d'impôt d'ici le troisième trimestre 2025, sur la base d'un crédit d'impôt de 50 % issu de la loi de réduction de l'inflation de 2022.
Bitech prévoit de finaliser le financement de ses deux premiers projets BESS de 100MW au Texas au second semestre 2024 et vise à un démarrage des opérations commerciales initiales au deuxième trimestre 2025. L'entreprise prévoit d'élargir son activité BESS de 1,96GW à 5GW au cours des 3 à 5 prochaines années, la construction devant commencer début 2025.
Bitech Technologies (OTCQB: BTTC) hat ein nicht verbindliches Term Sheet für eine Vereinbarung über den Transfer von Investitionssteuergutschriften in Höhe von 80 Millionen US-Dollar für sein 100MW Battery Energy Storage System (BESS)-Projekt in Texas unterzeichnet. Die Vereinbarung mit einer führenden Investitionsfirma im Bereich erneuerbare Energien zielt darauf ab, bis zu 80 Millionen US-Dollar in federalen Investitionssteuergutschriften an potenzielle Käufer zu übertragen. Das Projekt Redbird wird voraussichtlich bis zum dritten Quartal 2025 etwa 78 Millionen US-Dollar an Steuergutschriften generieren, basierend auf einer Investitionssteuergutschrift von 50% aus dem Inflation Reduction Act von 2022.
Bitech erwartet, die Finanzierung für seine ersten beiden 100MW BESS-Projekte in Texas in der zweiten Hälfte von 2024 abzuschließen und strebt den Beginn des kommerziellen Betriebs im zweiten Quartal 2025 an. Das Unternehmen plant, sein BESS-Geschäft in den nächsten 3-5 Jahren von 1,96GW auf 5GW auszubauen, wobei der Bau Anfang 2025 beginnen soll.
- Signed term sheet for $80 million investment tax credit transfer agreement
- Project Redbird expected to generate $78 million in tax credits by Q3 2025
- Anticipated commercial operation date in Q2 2025
- Plans to expand BESS business from 1.96GW to 5GW in 3-5 years
- Financing for first two 100MW BESS projects expected to complete in H2 2024
- Term sheet is non-binding
- Tax credit transfer subject to definitive agreements with prospective buyers
- Project financing not yet secured
Advances 100MW Capacity Battery Energy Storage System Project Toward Commercialization in Q2 2025
Newport Beach, CA, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Bitech Technologies Corporation (OTCQB: BTTC), (the “Company” or “Bitech”), an independent power provider developing utility-scale battery energy storage initiatives and innovative renewable solutions, today announced that its operating subsidiary Emergen Energy, LLC has signed a non-binding term sheet for a tax credit transfer agreement with a leading renewable energy investment firm for Project Redbird, Bitech’s flagship 100 Megawatt (MW) capacity Battery Energy Storage System (“BESS”) project in Fort Bend County, Texas.
The investment firm offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects, and has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs.
Under the term sheet, the investment firm will attempt to arrange for the transfer of up to
“A tax credit transfer agreement would be an important milestone as we advance our flagship BESS project toward monetization,” said Benjamin Tran, Chairman and CEO of Bitech Technologies. “We are pleased to partner with a leading firm that has a stellar track record in renewable energy investments. In tandem with project equity investment or debt financing, we believe the tax credit transfer agreement will enable an initial Commercial Operation Date in the second quarter of 2025.”
Bitech expects to complete financing for its first two 100MW BESS projects in Texas in the second half of 2024 while expanding revenue opportunities with the U.S. Department of Energy. In early 2025, the Company expects to commence construction for its first two projects, finance a third project, and pursue strategic, joint venture opportunities. We believe that executing these near-term milestones will support Bitech’s future growth plans including the expansion of its BESS business from 1.96GW to 5GW over the next three to five years.
About Bitech Technologies Corporation
Bitech Technologies Corporation (OTCQB: BTTC), is an independent power provider with a core business in developing and operating Battery Energy Storage Systems (BESS) to enhance grid stability and produce consistent 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.
Cautionary Note Regarding Forward-Looking Statements
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.
Company Contact:
Bitech Technologies Corporation
Tel: 1.855.777.0888
Email: info@bitech.tech
External Investor Relations:
Chris Tyson, Executive Vice President & Partner
MZ Group – MZ North America
949-491-8235
BTTC@mzgroup.us
www.mzgroup.us
FAQ
What is the capacity of Bitech Technologies' Project Redbird BESS project?
Where is Bitech Technologies' (BTTC) Project Redbird located?
When does Bitech Technologies (BTTC) expect to start commercial operations for Project Redbird?
How much in investment tax credits is Project Redbird expected to generate for Bitech Technologies (BTTC)?
