NEWPORT BEACH, CA - Bitech Technologies Corporation [OTCQB: BTTC], a provider of green energy solutions, has announced a binding Letter of Agreement for a business combination with Texas-based solar and energy storage developer Bridgelink Development, LLC. This move, coupled with a successful pre-negotiated financing, aims to bolster a significant pipeline of utility power projects totaling 5.8 gigawatts (GW).
The agreement outlines a $50 million capital infusion into the new entity upon closing, intended for business operations and the advancement of development projects, including solar and Battery Energy Storage Systems (BESS). The combined company will feature two divisions: one focusing on the development of BESS and solar projects, and the other on technology solutions and acquisitions.
Bitech and Bridgelink plan to utilize a Share Subscription Agreement for up to $250 million and have secured a Letter of Intent for a late-stage BESS project near Houston, Texas, for up to $100 million. They also aim to secure the sale of Incentive Tax Credits (ITC).
The business combination is expected to create new opportunities for employees by combining the expertise of both companies to accelerate project development. The transaction will result in Bridgelink becoming a wholly owned subsidiary of Bitech, with the latter issuing approximately 31.8% of its capital stock to Bridgelink’s owners.
Cole W. Johnson, Chairman & CEO of Bridgelink, emphasized the significance of the pre-negotiated financing, procurement efforts, and joint venture as milestones for the company, positioning it for continued success in the energy sector.
Benjamin Tran, Chairman and CEO of Bitech Technologies, expressed excitement about the partnership, highlighting the potential impact on accelerating sustainable energy solutions.
The collaboration aims to expedite the development and deployment of solar and BESS projects in the U.S., leveraging the strengths of both organizations to complete these projects efficiently.
The information in this article is based on a press release statement from Bitech Technologies Corporation.
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