AveragePenny
3 weeks ago
$BTTC Bitech Technologies Signs Term Sheet of $80 Million Investment Tax Credit for Its Flagship BESS Project
https://www.globenewswire.com/en/news-release/2024/09/05/2941246/0/en/Bitech-Technologies-Signs-Term-Sheet-of-80-Million-Investment-Tax-Credit-for-Its-Flagship-BESS-Project.html
Advances 100MW Capacity Battery Energy Storage System Project Toward Commercialization in Q2 2025
Newport Beach, CA, Sept. 05, 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 announced that its operating subsidiary Emergen Energy, LLC has signed a non-binding term sheet for a tax credit transfer agreement with a leading renewable energy investment firm for Project Redbird, Bitech’s flagship 100 Megawatt (MW) capacity Battery Energy Storage System (“BESS”) project in Fort Bend County, Texas.
The investment firm offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects, and has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs.
Under the term sheet, the investment firm will attempt to arrange for the transfer of up to $80 million of federal investment tax credits (ITCs) derived from Project Redbird from Bitech to one or more purchasers pursuant to Internal Revenue Code Section 6418. Project Redbird is anticipated to generate approximately $78 million of investment tax credits by the third quarter of 2025 based on a 50% investment tax credit as the result of the Inflation Reduction Act of 2022 (IRA). The transfer will be subject to one or more definitive transfer agreements with a prospective buyer or buyers.
“A tax credit transfer agreement would be an important milestone as we advance our flagship BESS project toward monetization,” said Benjamin Tran, Chairman and CEO of Bitech Technologies. “We are pleased to partner with a leading firm that has a stellar track record in renewable energy investments. In tandem with project equity investment or debt financing, we believe the tax credit transfer agreement will enable an initial Commercial Operation Date in the second quarter of 2025.”
Bitech expects to complete financing for its first two 100MW BESS projects in Texas in the second half of 2024 while expanding revenue opportunities with the U.S. Department of Energy. In early 2025, the Company expects to commence construction for its first two projects, finance a third project, and pursue strategic, joint venture opportunities. We believe that executing these near-term milestones will support Bitech’s future growth plans including the expansion of its BESS business from 1.96GW to 5GW over the next three to five years.
AveragePenny
3 weeks ago
Bitech Technologies (OTCQB: $BTTC ) Revolutionizes Grid Stability with Advanced Energy Storage and Smart Energy Solutions
https://thestreetreports.com/bitech-technologies-otcqb-bttc-revolutionizes-grid-stability-with-advanced-energy-storage-and-smart-energy-solutions/
Bitech Technologies Corporation (OTCQB: BTTC) is a leading independent power provider and renewable technology enabler, specializing in Battery Energy Storage Systems (BESS) to enhance grid stability and generate consistent, sustainable revenues. The company also offers advanced smart energy solutions such as microgrids, Energy Management Systems (EMS), and energy-efficient infrastructure for homes, buildings, campuses, and cities.
Expert Team and Industry Impact
Bitech’s diverse and experienced team excels in cleantech and renewable energy, with extensive expertise in solar and storage project development, financing, and EMS integration. Strong partnerships with regulatory bodies and utility operators nationwide ensure access to essential financing and tax credits, propelling the success of our utility-scale projects.
Strategic Portfolio, Financial Projections, and Market Focus
Bitech’s portfolio includes 1.965 GW of BESS projects and 1.4 GW of solar projects. A recent solar project sale, expected to generate $19.4 million, allows us to focus on expanding our BESS business. These systems store excess energy and release it during demand peaks, stabilizing the grid and ensuring reliable revenue. Our flagship 100 MW BESS project, set to be operational by mid-2025, is projected to have an NPV of $325 million. With the growing need for grid stability due to aging infrastructure and rising energy demand, Bitech is poised for significant growth as the U.S. BESS market rapidly expands.
Technological Innovation and Future Growth
Bitech leads the clean energy revolution by developing scalable solutions for smart grids, intelligent energy storage, and AI-powered data centers. Our recent patent application and strategic partnerships are designed to integrate next-generation energy storage into major U.S. energy grids. Bitech’s strong financial performance, including a 435% increase in cash reserves and a 9,656% surge in total assets, highlights our growth trajectory. With keen interest from investors and tax equity partners, we are on track to install up to 260 MW of BESS by 2025 and expand our portfolio to 5 GW in the coming years.
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$on_myMind
9 months ago
news out now " We, Bitech and Bridgelink, together, plan to continue to progress development of the projects by utilizing a Share Subscription Agreement we are finalizing for up to $250 Million , committed Letter of Intent for one of our late-stage BESS projects near Houston, TX for up to $100 Million , as well as securing the sale of the Incentive Tax Credits (ITC)."
trade4
2 years ago
Partial settlement of pending litigation, cancellation of 51,507,749 common shares, reduced dilution to shareholders, 8-k filing...
In the pending federal court litigation, BTTC announces (see 8-k just filed) settlement with Calvin Cao and SuperGreen, two (2) of the defendants in the recent filing in federal court, resulting in cancellation of said defendants' 51,507,749 shares of the company's stock being returned to BTTC's treasury, and effectively removing significant dilution of the current shareholders. Litigation continues against the remaining defendants, Michael Cao, B&B Investment Holding, LLC, and Linh Dao. Awaiting further developments as respects the remaining defendants (pending claims against them include embezzlement of company funds, IP conflict of interest, breach of fiduciary duties, and conspiracy with the other defendants who just settled).
Effective February 20, 2023, Bitech Technologies Corporation together with its wholly owned subsidiary Bitech Mining Corporation (collectively, the “Company”) entered into a Confidential Settlement, Mutual Release, and Share Transfer Agreement (the “C. Cao Settlement Agreement”) with Calvin Cao (“C. Cao”) and SuperGreen Energy Corporation (“SuperGreen,” together with C. Cao, the “C. Cao Parties”). The C. Cao Settlement Agreement settles as to the C. Cao Parties, the Company’s lawsuit as disclosed in its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 3, 2023 (the “Cao Lawsuit”). Pursuant to the C. Cao Settlement Agreement, the C. Cao Parties terminated the Patent & Technology Exclusive and Non-Exclusive License Agreement between Bitech Mining Corporation and SuperGreen dated January 15, 2021 as amended on January 15, 2021 and on March 26, 2022 (the “License Agreement”) and SuperGreen canceled 51,507,749 shares of the Company’s common stock, par value $0.001 per share issued by the Company to SuperGreen pursuant to the License Agreement. In addition, the parties to the Settlement Agreement agreed to a mutual general release of liabilities against each other, refrain from making any disparaging remarks about each other and the Company’s filing a dismissal with prejudice of the Cao Lawsuit as to the C. Cao Parties. The Settlement Agreement also contains additional covenants, representations and warranties that are customary of litigation settlement agreements. The Company intends to continue to pursue the Cao Lawsuit as to the remaining defendants in that case, namely Michael Cao, B&B Investment Holding, LLC and Linh Dao.
Link: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001066764/000149315223006013/form8-k.htm
trade4
2 years ago
News release...
NEW YORK, Oct. 11, 2022 (GLOBE NEWSWIRE) -- FMW Media Works' New to The Street will feature Bitech Technologies Corporation (OTCQB: BTTC) ("Bitech") on its national and international syndicated and sponsored television program. The series will span three months with discussion and interviews about BTTC, a global technology solution provider dedicated to providing a suite of green energy solutions.
BTTC's management will introduce themselves to New to The Street's viewers and provide updates about Bitech's green energy solutions and its proprietary Evirontek™ Integrated Platform designed to resolve high electricity costs in cryptocurrency mining and related industries.
Benjamin Tran, CEO of Bitech Technology Corporation states, "We are very excited about our upcoming interviews on New to The Street. We look forward to updating our shareholders with our latest developments and introducing our Company to a new broader audience on our technologically advanced green energy solutions."
FMW Media will produce and broadcast the show and commercial ads across all New to The Street syndicated televised platforms on Newsmax, FOX Business Network, and Bloomberg TV. New to The Street TV will create and design Bitech's televised segues to keep its viewers informed and updated accordingly, bringing attention to BTTC's business fundamentals and ongoing successes. All broadcasted shows will stream for 6-months on the New to The Street website, www.newtothestreet.com.
Vince Caruso, Founder and CEO of FMW Media and Producer at New to The Street TV, states, "During the next three months, we expect fantastic TV interviews with BTTC's management, giving our viewers exciting business updates and developments. And we at New to The Street expect to maximize viewership interest on Bitech's green energy storage and solutions business strategies."
The New to The Street's broadcasted interviews with the management at Bitech Technologies Corp. (OTCQB: BTTC) can be seen on Newsmax TV, Fox Business Network, and Bloomberg TV, dates and times on upcoming airings "To be Announced."
LINK
trade4
2 years ago
Soco... If you are solely waiting (or expecting) Bitech to announce new business with a crypto miner (which certainly came off as the business focus when the merger was first announced), I'd guess that is certainly possible, but you would be myopic in that expectation, based on the company's recent press release (see link, below) earlier this month, which targets four (4) areas--it goes well beyond "simply" doing business with crypto miners. From doing my due diligence, it appears the credentials and relevant experience of the management, at least provides a reasonable basis to believe they can professionally execute, something which the previous management, eg Donovan, clearly was incapable of, as he de facto intertwined his own medical practice and SPIN. So we'll see, but based on the PR, my expectations for some significant Bitech news, include, but also go beyond, a "mere" business contract with a crypto miner. We'll see, I guess!
Bitech-Technologies-Announces-Shareholder-Update-on-Its-New-Business-Strategy