Recent Solar Portfolio Divestment Provides Substantial Capital Infusion to Execute on BESS Rollout
Nasdaq Uplisting On Track
Newport Beach, CA, Aug. 12, 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 presents an update to our shareholders, offering some insights on our recent accomplishments and outlining our strategic objectives going forward.
As we near the end of a successful summer for Bitech, marked by several significant achievements and ongoing progress, the entire team at Bitech would like to express our sincere gratitude to our valuable shareholders for your unwavering support throughout the remainder of the year and into 2025.
BESS Market Positioning through Strategic Acquisition
The Company has recently strengthened its position within the renewable energy market with a primary focus of developing and operating its combined 3.4GW pipeline of grid-balancing Battery Energy Storage System (“BESS”) and solar energy projects, which are strategically located across key independent system operators in the U.S. As announced on April 24, 2024, Bitech completed its key acquisition to control several BESS projects with an estimated 1.965GW capacity. The BESS can store excess energy generated during peak production periods to be dispatched on off-peak production periods when existing renewable energy sources are not sufficient to meet demand. BESS systems ensure a stable and reliable grid to support critical infrastructure, which provides a consistent revenue opportunity for Bitech. The combined projects have an estimated Net Present Value (“NPV”) of $325 million upon the expected achievement of the initial commercial operation of our flagship 100 MW BESS project in 2025.
The critical need for grid stability amid a broader shift to renewable energy has been exacerbated by the spike in AI data center energy demand. Additionally, economic and policy incentives as a result of bipartisan support has driven a significant surge in growth for the U.S. BESS industry. In 2023, U.S. BESS installations increased 96% in cumulative capacity, bringing the national cumulative installed base to 17GW at year-end. With battery storage capacity expected to nearly double again in 2024, management believes Bitech is strongly positioned for growth by executing on the development & operations of its 1.965GW BESS project portfolio. Following the 2022 Inflation Reduction Act, stand-alone BESS projects are now eligible for investment tax credit of up to 50% of capital expenditure, providing Bitech with substantial incentives upon commercial operation and flexibility for project financing.
Partial Portfolio Divestment for Cash Flow Enhancement
The Company has successfully completed the divestment of a total 2.425GW in early-stage solar projects, resulting in an estimated $19.4 million to be received in installments over the course of the next 18 months. This partial solar portfolio divestment helped enhance the Company’s cash flow while enabling Bitech to focus on its core BESS business.
Advanced Technology Integration
Bitech has an integral role in advancing the clean energy economy as we strive to build out a strong strategic partnership network with reliable renewable energy providers and established technology innovators. Our technology innovation objective is to penetrate the largest US energy grids to create scalable energy solutions with an emphasis on smart grids, smart energy storage, and AI green data centers. Last month, the Company also filed a utility-nonprovisional patent related to Edge Server Integrated Utilities Device (“IUD”) application with the U.S. Patent and Trademark Office. Our invention provides a comprehensive AI-IoT solution for integrating multiple wireless communication RF modules and power utilities devices at an integrated site. A single physical device known as a Bitech Integrated Utilities Device (IUD) connects and combines the broadband internet CPE (Customer Premises Equipment), multiple wireless communication RF technologies, optional 4G/5G back up link while telco wired link is down, and multiple power interfaces, facilitating seamless management and optimization of both power and communications utilities via AI-IoT management system.
We are also in the final stage of selecting and negotiating with technologically advanced battery and equipment suppliers. These procurement partnerships will allow the integration of the next-gen energy storage products into our flagship projects.
BESS Project Financing Update
According to Utility Dive report in July 2024, the Energy Storage industry saw 117% increase in corporate funding in the first half of this year with storage deal volume having reached $15.4 billion in the six month ending June 30 across 64 deals.
The Company has received several project equity investments or debt financing offers toward financing its BESS project portfolio with a goal to achieve its first Commercial Operation Date (COD) in Summer 2025, aiming to achieve up to 250MW BESS installation during the next 12 months. The Company has also received several offers of investment tax credit (“ITC”) from selected tax equity partners. The Company is in the process of reviewing these offers to make informed decisions before moving forward.
In the second half of 2024, we expect to complete financing for our first two 100MW BESS projects located in the renewable communities of Texas while expanding revenue opportunities with the U.S. Department of Energy. In early 2025, we expect to commence construction for our first two projects, finance a third project, and pursue strategic joint venture opportunities. Executing these near-term milestones will support our future growth plans including the expansion of our BESS business from 1.96GW to 5GW over the next three to five years.
Nasdaq Uplisting and Capital Market initiatives
Bitech has recently applied to Nasdaq after filing a registration statement (S-1) with the U.S. Securities and Exchange Commission as it continues to progress through the uplisting process. The Company has also engaged with international investor relation firm MZ Group as a premier source for institutional investors, brokers, analysts, and private investors to develop and implement a comprehensive capital markets strategy designed to increase the Company’s visibility throughout the investment communities while building brand awareness and social media outlets. To schedule a conference call with management, please email your request to BTTC@mzgroup.us.
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
