Bitech Technologies Provides Quarterly Shareholder Update with Growth Plan

Rhea-AI Summary

Bitech Technologies Corporation (OTCQB: SPIN) announced a shareholder update following its recent 10-Q filing, showcasing improved current assets and cash flow for Q1 2022. The company aims to capitalize on the growing U.S. bitcoin mining market, leveraging its patented Tesdison technology for sustainable energy solutions. The commercialization plan includes deploying 100KW Tesdison systems for crypto miners. Additionally, Bitech plans to enter the solar market, enhancing energy efficiency through battery energy storage systems. The firm is also targeting new projects across the U.S. to expand its renewable energy initiatives.

Positive

• Improved current assets and cash flow reported for Q1 2022.
• Commercialization plan for Tesdison technology aims to provide cost-saving energy solutions for bitcoin miners.
• Plans to penetrate the solar market with innovative battery energy storage systems.

Negative

• None.

Costa Mesa, CA, May 16, 2022 (GLOBE NEWSWIRE) -- Bitech Technologies Corporation (formerly, Spine Injury Solutions, Inc) [OTCQB: SPIN] (the “Company”), a global technology solution provider dedicated to providing a suite of green energy solutions with a focus in cryptocurrency mining and data centers today announces a shareholder update after filing our Quarterly Report (Form 10-Q) with the U.S. Securities and Exchange Commission.

On May 6, the Company filed its quarterly report for the period ended March 31, 2022 where it showed a significant improvement in its current assets, shareholder’s equity and cash flow. This report can be seen at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1066764/000149315222012341/form10-q.htm

According to the University of Cambridge Center for Alternative Finance, the United States has become the second largest bitcoin mining hub where its bitcoin production has grown from just 4% two years ago to a surprising 17% of all new bitcoins after China having banned bitcoin production due to its energy crisis caused by massive bitcoin production. As bitcoin production continues with more scarcity over the years until 2040, our core business strategy is to provide a super cost-saving solution to all bitcoin miners in the U.S. and abroad via the commercialization of our industry disruptive Tesdison technology which provides off-grid sustainable energy production, implementable at any scale.

The Company’s Board of Directors has approved a product commercialization plan with specific milestones to commercialize its Tesdison technology with a primary focus in cryptocurrency mining and data centers. The Tesdison commercialization plan includes engineering sample development for large-scale crypto miners starting with our Alpha production of 100KW Tesdison systems to be produced by a U.S.-based electrical system engineering manufacturer, followed by the deployment of these Alpha units at the test sites of our initial prospective customers. We plan to follow our Alpha unit production with the Beta unit production after the incorporation of additional learning and system update for final Beta testing at our customer sites. The Company plans to engage with a selected global manufacturer which specializes in power generation to ensure highest quality mass production of our future Tesdison systems.

According to the February 2022 report from Markets and Markets¹, “the global battery energy storage system market size is expected to grow from $4.4 billion in 2022 to $15.1 billion by 2027, at a CAGR of 27.9%”. The U.S. battery energy storage market was set to grow from 1.2GW in 2020 to nearly 7.5GW in 2025, driven primarily by large-scale utility procurements. Solar-paired storage will account for a large majority of these installations, and potentially the vast majority, as developers aim to capture value from the U.S. Investment Tax Credit and Carbon Credit.

To respond to this increasing demand while expanding our potential revenue options, the Company also plans to penetrate into the solar power plant market and partner with or acquire outdated, mid-field solar power plants in the U.S., especially in California and Texas, and implement state-of-the-art Battery Energy Storage Systems (BESS) to increase energy efficiency and monetize time peak shifting implementation with targeted customers ranging from 20MW to 500MW power capacity. Our planned containerized BESS solutions are expected to provide a high level of user-friendly and seamless integration, intelligent monitoring ability with multimode authorization for dynamic connection, ultimate safety features, and flexible application via modular design, while enhancing robustness for interference from external factors in the field.

“As we have an immediate plan to execute this new revenue-sharing strategy, Bitech Technologies is aiming to start negotiating with existing and inefficient solar power plant operators in California and Texas first to add on our planned low-cost BESS solutions in order to re-optimize the power capacity and balance the grid with intelligent time peak shifting control. We expect that our planned high efficient power saving implementation will be a win-win solution for all parties involved”, stated Dr. Benjamin Tran, Bitech Technologies CEO.

The Company is also looking into multiple new projects with EPC (Engineering, Procurement and Construction) partners in California, Arizona and Texas for the commercial and residential storage installations where we can be both technology and financial partners who can also provide project financing for selected projects.

We believe that the move to a lower-emission future requires multiple solutions with advanced technologies. As such, the Company also plans to allocate research and development funding in the third quarter of 2022 to further enhance our intellectual property portfolio with additional utility outside of cryptocurrency mining including, but not limited to, residential, electric vehicles (EV) and EV charging grid applications.

As the Company actively pursues a new customer base, it is also looking to identify additional high-qualified independent board members and business development executives in our field to greatly enhance our management team, working toward building a world-class enterprise in the green energy sector with an executable global expansion plan focusing on cryptocurrency mining, data centers and renewable energy initiatives.

As our name change to Bitech Technologies Corporation has been effectuated earlier this month, the Company is in the process of completing its official name change and ticker change procedure with The Financial Industry Regulatory Authority, Inc. (FINRA) to be reflected in the OTC Markets in the near future.

About Bitech Technologies Corporation

Bitech Technologies Corporation (OTCQB: SPIN), formerly known as Spine Injury Solutions, Inc., is a global technology solution provider dedicated to providing a suite of green energy solutions with a focus on cryptocurrency mining and data centers. Aiming to resolve the exorbitant high cost of electricity in cryptocurrency mining, Bitech plans to offer its Evirontek integrated platform including its core technology Tesdison, a revolutionary U.S. patented self-charging dual-battery system technology providing high efficiency in power generation. Bitech seeks business partnerships with global crypto miners in bitcoin and Ethereum as well as data centers and power plant operators while engaging with value-added resellers to facilitate and implement a scalable and modular system solution. Our business model includes revenue-sharing and royalty via technology licensing to achieve carbon credits via scalable Tesdison technology for many extended applications. For more information, please visit www.bitech.tech.

Cautionary Note Regarding Forward-Looking Statements

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 as a result 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.

Contact:
Bitech Technologies Corporation
Investor Relations
Tel: 1.855.777.0888
Email: info@bitech.tech

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¹ See: https://www.marketsandmarkets.com/Market-Reports/battery-energy-storage-system-market-112809494.html

FAQ

What improvements were reported by Bitech Technologies Corporation in its recent Q1 2022 filing?

Bitech reported significant improvements in current assets and cash flow for Q1 2022 according to its 10-Q filing.

What is the focus of Bitech Technologies Corporation's commercialization plan?

The commercialization plan focuses on deploying Tesdison technology to provide cost-effective energy solutions for cryptocurrency miners.

How is Bitech Technologies Corporation planning to expand into the solar market?

Bitech plans to partner with or acquire outdated solar power plants and implement battery energy storage systems to enhance efficiency.

What technology does Bitech Technologies Corporation offer for sustainable energy production?

Bitech offers the Tesdison technology, a patented self-charging dual-battery system designed for efficient power generation.

What is the stock symbol for Bitech Technologies Corporation?

The stock symbol for Bitech Technologies Corporation is SPIN.