Bitech Technologies Completes a 2.425 GW Solar Project Sale with Expected $19.4 Million Revenues

NEWPORT BEACH, Calif., June 6, 2024 /PRNewswire/ -- Bitech Technologies Corporation [OTCQB: BTTC], ("the Company" or "Bitech"), a leading technology enabler committed to advancing utility-scale energy storage initiatives and innovative renewable solutions, announced today the execution of a Project Sale Agreement ("Agreement") with Bridgelink Development LLC ("Bridgelink") for certain Greenfield Solar Projects that Bitech had acquired on April 24, 2024 in its business combination with Emergen Energy LLC ("Emergen"). This agreement entails the transfer of an approximate 2.425 GW capacity portion from our total 3.840 GW solar project portfolio of Emergen, a wholly owned subsidiary of Bitech.

Bridgelink has sold these greenfield solar projects from Emergen, along with other solar projects in its own portfolio, to a non-related third-party purchaser and executed that agreement on May 30, 2024.  The total amount to be received by Bitech's wholly owned subsidiary, Emergen, for the greenfield solar projects sold to Bridgelink is $19,400,000, if the projects achieve a Point of Interconnection and subsequently obtain all Necessary Land Rights and the option to return certain or all projects is not executed.  Emergen has received an initial deposit of $943,500 from Bridgelink for the execution of the Agreement and Emergen will pay development fees to Energy Independent Partners LLC ("EIP") pursuant to the Project Management Services Agreement terms between Bitech, Emergen, and EIP as disclosed in our Form 8-K filed on April 30, 2024.

"In light of our expansive vision for the global energy storage market, the Bitech board of directors has approved management's proposal to divest 2.425 gigawatts from our solar project portfolio. This strategic move will allow us to focus on our core business in Battery Energy Storage Systems (BESS), as we firmly believe that the U.S. BESS market presents one of the most substantial and rapidly expanding opportunities for investment return worldwide," stated Benjamin Tran, Chairman and CEO of Bitech Technologies.

"Our Company's commitment to our BESS global strategy is demonstrated by the recent sale of our non-core greenfield solar projects," stated Cole Johnson, President of Bitech Technologies. "Not only does this transaction generate current and future revenue for Bitech, but it also solidifies a valuable operating partnership with a prominent renewable infrastructure group," Mr. Johnson further explained.

The Company boasts a substantial portfolio of BESS projects, totaling an estimated 1.965 gigawatt capacity.  Management believes that investing our internal resources in the project financing and development of the BESS projects is a better strategic decision than our solar projects, and focusing our efforts will help drive sustainable value for our shareholders.  We believe these strategic advantages with a wealth of development and operating experience can position Bitech as a new leader in delivering sustainable revenue and profit opportunities from the energy storage business for us and potential project funding global capital partners.

The Battery Energy Storage Systems (BESS) industry has experienced significant growth in the United States, driven by the integration of renewable energy, the urgent need for grid stability, and various economic and policy incentives. BESS installations "surged" with 96% increase in cumulative capacity in 2023.^[1] With a well-established regulatory framework and high demand for energy storage solutions, the US offers a stable and secure environment for investors to enter into this rapidly expanding market.^[2]

Comprehensive details of the transactions related to the Greenfield Project Sales from Emergen is disclosed in our Form 8-K filed  by the Company with the U.S. Securities and Exchange Commission.

About Bitech Technologies Corporation

Bitech Technologies Corporation (OTCQB: BTTC), is a global technology enabler serving as an independent power provider with a core business in Battery Energy Storage Systems (BESS) to enhance grid stability and produce sustainable 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.

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Contact:
Bitech Technologies Corporation
Investor Relations
Tel: 1.855.777.0888
Email: [email protected]

SOURCE Bitech Technologies