Bitech Technologies and Bridgelink Merge to Conquer US Battery Energy Storage and Solar Markets, Prepare to Uplist on NASDAQ.
Bitech Technologies Corporation [OTCQB: BTTC], (“the Company” or “Bitech”), a technology solution provider dedicated to green energy solutions, is pleased to announce that it has completed the previously announced acquisition of Emergen Energy LLC (“Emergen”) on April 24, 2024. Emergen was a wholly owned subsidiary of Texas-based Bridgelink Development, LLC (“Bridgelink”), a tier 1 solar and energy storage project development company, to control a pipeline of approximately 5.8 GW (gigawatts) of power in several battery energy storage system (BESS) and solar projects. This acquisition is expected to enable the Company to march toward sustainable growth.
Benjamin Tran, Chairman and CEO of Bitech Technologies, said:
The acquisition of Emergen is expected to strengthen Bitech’s position as new player in the green energy sector with projected sustainable operating assets.
“This partnership marks an exciting new chapter in our pursuit of sustainable and impactful solutions for a greener tomorrow while aiming to uplist to NASDAQ.”
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Cole Johnson, former CEO of Bridgelink Development and new Board Member and President of Bitech Technologies, said:
We are thrilled to join forces with Bitech to advance our next phase of expansion together.
“Our mutual objective is to invest in and advance clean and adaptable renewable energy technologies, paving the way for a sustainable future,”
This historic milestone showcases our unwavering commitment to transparency, corporate governance, and value creation for our shareholders. It also serves as a testament to our preparedness for the next phase of expansion, as we strive towards sustainable operations and accelerated growth. We are confident that this strategic merger will not only enhance our position in the energy market but also deliver tangible benefits for all shareholders.
With this large asset play in business combination, our new management team believes Bitech is now positioned for significant growth with a pipeline of projects that, once funded and completed, have a potential valuation in the coming years of up to approximately $325 million in net present values (NPV) using discount cash flow (DCF) model based on our 2025 projected financials using industry standard multiples and discount rates. This strategic acquisition will not only strengthen Bitech’s financial position, but also provide access to new technologies and global markets. As a result, Bitech is ready to begin planning for a NASDAQ uplisting, which will further enhance its credibility and visibility among investors, setting a solid foundation for Bitech’s future success and expansion in the renewable energy industry.
With 1.965 GW of BESS power capacity in Emergen’s project pipeline, we believe we have the ability to control almost 10% of the U.S. BESS market share assuming we obtain financing for all planned BESS projects and are able to develop them. According to Energy Storage News in November 2023, the BESS development pipeline in the U.S. has grown by 50% year-over-year to around 21.5 GW, comprised of 262 projects.[1] Thanks to the rapid expansion of the solar industry, the U.S. now has about 161 gigawatts of solar installed.[2] With 3.8GW of solar power in its pipeline, we believe we have the potential to secure about 2.5% of the U.S. solar market share assuming we obtain financing for all planned solar projects and are able to develop them.
This news closely follows behind the $7 billion in the U.S. federal solar power grants on Earth Day as solar is gaining traction as a key renewable energy source that could reduce the nation’s reliance on fossil fuels, which emit planet-warming greenhouse gases.[3]
Comprehensive details of the transactions related to the acquisition of Emergen, as well as its audited financial statements, will be disclosed in the upcoming Form 8-Ks and other filings with the Securities and Exchange Commission.
1 See: US large-scale BESS installations in 2023 already exceed whole of 2022
2 See: The US installed more solar in 2023 than ever before
3 See: $7 Billion in federal solar power grants on Earth Day
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Bitech Technologies and Bridgelink Merge to Conquer US Battery Energy Storage and Solar Markets, Prepare to Uplist on NASDAQ. source
