Pacific Green Technologies Inc - PGTK STOCK NEWS

Pacific Green Technologies (OTCQB: PGTK) has signed an agreement to sell its Limestone Coast North Energy Park to Intera Renewables for A$460 million (US$293 million). The project, a 250MW / 500MWh battery energy storage development in South Australia, will begin operations in early 2027.

Pacific Green will manage the construction through completion, after which Palisade Integrated Management Services will handle asset management. This project is part of Pacific Green's broader 10GWh development pipeline in Australia, which includes additional projects: Limestone Coast West (250MW / 1,000MWh), Portland Energy Park (1,000MW / 2,500MWh), and a new development in Wagga Wagga, NSW.

The company has also secured a long-term tolling Power Purchase Agreement with Zen Energy. The project aims to strengthen the region's grid stability and support Australia's net-zero transition.

Pacific Green Technologies (OTCQB: PGTK) has announced significant changes to its accounting policies, which will be applied retrospectively from December 2023. The key changes involve the recognition of the $76 million consideration from the sale of Sheaf Energy to Sosteneo Energy Transition Fund as a gain on disposal rather than revenue. Additionally, the company has modified its policy for capitalized project development assets, reclassifying them from current inventory to non-current assets.

These accounting adjustments, made following consultation with the SEC's Office of Chief Accountant and Grant Thornton UK LLP, will not impact Pacific Green's reported net income, cash balance, or net assets. The changes reflect a more appropriate alignment with US GAAP standards and will be implemented in future 10-K and 10-Q filings.

Pacific Green has acquired land in Wagga Wagga, New South Wales, near TransGrid's 330 kV substation, for developing a new battery energy park. The strategic location, 16 km from Wagga Wagga town, will support the region's renewable energy portfolio by storing excess energy and stabilizing the grid. This marks Pacific Green's entry into New South Wales, advancing their goal of building a 10GWh development pipeline across Australia. The company's existing projects include the Limestone Coast energy parks in South Australia (250MW/500MWh and 250MW/1,000MWh) and proposed 1GW/2.5GWh Portland energy parks in Victoria.

Pacific Green Technologies (OTCQB: PGTK) has appointed Azure Capital as the sell-side adviser for its Limestone Coast Battery Energy Park in South Australia. The project, developed by Pacific Green's wholly owned subsidiary, Pacific Green Energy Parks Australia Pty , is a 250 MW / 500 MWh battery energy storage system located near Mount Gambier. This strategic move signals Pacific Green's intent to potentially divest or seek partners for this significant energy infrastructure project, which could have implications for the company's future revenue streams and market position in the renewable energy sector.

Pacific Green has secured planning consent from the South Australian Government for its first two grid-scale battery energy parks in the Limestone Coast region. The project, named Limestone Coast Energy Park, will consist of a 0.5GW / 1.5 GWh battery energy storage system developed in two phases over 36 months. Construction is set to begin in late 2024, with the first phase operational by the second half of 2026.

This marks the beginning of Pacific Green's 8.5GWh development pipeline of battery energy parks across Australia. The company aims to be a leading developer in the country's transition to renewables. Pacific Green is committed to engaging local suppliers and workforce, and has launched a supplier portal for interested parties.

The South Australian Government has welcomed the investment, noting its potential to strengthen energy security and reliability in the region. Pacific Green's management expressed excitement about the project and its future plans in Australia's rapidly growing renewable energy market.

Pacific Green Technologies (PGTK) announced plans to acquire majority stakes in two Polish battery energy storage projects, marking its entry into the Polish market. These projects offer a combined 400MWh storage capacity and align with the company's goal of reaching 1GWh in the country.

Pacific Green aims to deliver over 12GWh of battery energy storage across four global markets. Grid applications for both projects, located in Warsaw and the South-West, have been submitted, with anticipation to participate in the Polish Capacity Market Auction in Q4 2024. Both projects are expected to achieve 'ready to build' status by late 2024.

The company is leveraging its development and construction expertise, as well as global supply chain connections, in collaboration with local partners. This move supports Poland's transition from thermal power to renewable energy, aligning with EU climate commitments.

This strategic entry is seen as a significant milestone for Pacific Green's ongoing global expansion in the energy storage sector.

Pacific Green Technologies, Inc. is targeting more than 12GWh of battery energy storage capacity across four global markets, with a focus on utility-scale battery energy storage systems (BESS) in Australia, Italy, the UK, and Poland. The company is aiming to achieve rapid pipeline growth and expand its origination portfolio in these markets, with specific targets for each region. Scott Poulter, Pacific Green’s Chief Executive, emphasized the importance of battery storage in advancing the energy transition and highlighted the company's focus on building international relationships to make a real difference in the sector.

Pacific Green (PGTK) battery storage project at Richborough Energy Park in Kent is now connected and energized on the electricity transmission network, boosting capacity and flexibility, with a capability to power 250,000 homes for an hour. The facility will provide grid stability services and help manage voltage and frequency imbalances. National Grid upgraded its Richborough substation to accommodate the project, marking key progress on Britain’s clean energy journey.

Pacific Green Technologies, Inc. (PGTK) has made significant progress in its mission to build a global pipeline of grid-scale Battery Energy Storage Systems (BESS). The company has reached key strategic milestones, securing agreements for international BESS sites approaching 6 GWh of energy storage capacity. The UK pipeline projects, Richborough and Sheaf, have been sold for enterprise values of £74 million and £210 million, respectively. The company has also expanded its BESS interests into Italy and Australia, acquiring shares in battery energy parks with a total capacity of up to 2.8 GWh in Italy and securing land for projects in Australia with a combined capacity of 1.5 GW / 3.0 GWh. Pacific Green's CEO, Scott Poulter, expressed optimism about the company's future as a major global player in the battery energy storage market.