Tag: Pacific Green Technologies Inc

James Tindal-Robertson Joins Pacific Green as Group Chief Financial Officer

Pacific Green Technologies, Inc. (the Company or Pacific Green, (OTCQB:PGTK)) announces that James Tindal-Robertson has been appointed as Chief Financial Officer, effective September 20th, 2023.

James, who takes over from retiring Richard Fraser-Smith, will oversee all finance and accounting functions for Pacific Green.

James was previously group Finance Director at sustainable energy solutions provider, VivoPower International (NASDAQ: VVPR), prior to which he held senior finance positions at PetroSaudi Oil Services and Chicago Bridge & Iron Corporation.

Scott Poulter, Pacific Green’s Chief Executive, commented: “We want to thank Richard for everything he has done for the Company and we are very pleased that James is joining with his track-record of disciplined financial management and experience in debt and equity financing – this will be an incredible asset to Pacific Green as we continue our growth and expand into new markets around the world.“

James qualified as a chartered accountant with KPMG, following a degree in physics at Imperial College, London.

About Pacific Green Technologies, Inc.:

Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers Battery Energy Storage Solutions (BESS), Concentrated Solar Power (CSP) and Photovoltaic (PV) energy solutions to complement its marine environmental technologies and emissions control divisions.

For more information, visit Pacific Green’s website: www.pacificgreen.com.

Notice Regarding Forward-Looking Statements:

This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, any potential business developments and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:

Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

Pacific Green Completes Transaction to Sell Its 99MW Richborough Energy Park Battery Development for GBP 74 Million (US$93 Million)

Pacific Green Technologies, Inc. (Pacific Green), (OTCQB:PGTK) announces that it has completed the sale of 100% of the shares in Pacific Green Battery Energy Parks 1 Limited (PGBEP1) to Sosteneo Fund 1 HoldCo S.a.r.l, an energy transition focused fund for GBP74 million (US$93 million).

PGBEP1 is the holding company for 100% subsidiary, Richborough Energy Park Limited, Pacific Green’s 99MW battery energy storage system (“BESS”) at Richborough Energy Park (“REP”) which begins operations later this summer.

Scott Poulter, Pacific Green’s CEO, commented: “The sale of Richborough Energy Park creates the platform for Pacific Green to now scale its Battery Park division internationally. This is a very exciting time for the business and we are proud to be part of the drive to net-zero.”

Pacific Green were advised by JLL Energy and Infrastructure and Gowling WLG.

About Pacific Green Technologies, Inc.:
Pacific Green is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers Battery Energy Storage Systems and Concentrated Solar Power (CSP) to complement its marine environmental technologies and emissions control divisions. Pacific Green has offices in the USA, Canada, United Kingdom, Australia, Saudi Arabia and China. For more information, visit Pacific Green’s website: www.pacificgreentechnologies.com

About Sosteneo Energy Transition Fund:
Sosteneo Energy Transition Fund is a Luxembourg Sca Sicav-Raif collective investment vehicle managed by Generali Investments Luxembourg S.A.

Generali Investments Luxembourg S.A, is a Luxembourg based Management Company that sets up and operates a wide range of investment fund structures on behalf of Generali Group asset management companies and third-party clients.

Notice Regarding Forward-Looking Statements:
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the continued development of Richborough Energy Park, any potential business developments and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the continuation of the development of Richborough Energy Park, general economic and political conditions, and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies, Inc.
T: +1 (302) 601-4659

Pacific Green Enters into An Agreement to Sell Its 99MW Richborough Energy Park Battery Development For GBP 74 Million (US$93 million)

Pacific Green Technologies, Inc. (Pacific Green), (OTCQB:PGTK) announces that it has entered into a sale and purchase agreement (Agreement) to sell 100% of the shares in Pacific Green Battery Energy Parks 1 Limited (PGBEP1) to Sosteneo Fund 1 HoldCo S.a.r.l. for GBP 74 million (US$93 million).

PGBEP1 is the holding company for 100% subsidiary, Richborough Energy Park Limited, Pacific Green’s 99MW battery energy storage system (“BESS”) at Richborough Energy Park (“REP”) which begins operations later this summer.

Under the terms of the Agreement entered into, the consideration is payable pursuant to operational milestones related to the battery park as it connects to the grid and becomes operational. Pacific Green will receive an advance of GBP 20m upon signing of the Agreement with an anticipated completion over the following weeks.

About Pacific Green Technologies, Inc.:
Pacific Green is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers Battery Energy Storage Systems and Concentrated Solar Power (CSP) to complement its marine environmental technologies and emissions control divisions. Pacific Green has offices in the USA, Canada, United Kingdom, Australia, Saudi Arabia and China. For more information, visit Pacific Green’s website: www.pacificgreentechnologies.com

Notice Regarding Forward-Looking Statements:
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the continued development of Richborough Energy Park, any potential business developments and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the continuation of the development of Richborough Energy Park, general economic and political conditions, and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies, Inc.
T: +1 (302) 601-4659

Alex Shead Appointed as an Independent Director of Pacific Green Technologies, Inc.

Pacific Green Technologies, Inc. (the Company or Pacific Green, (OTCQB:PGTK) announces that Alexander Shead has been appointed as an Independent Director, effective October 16th, 2022. Alex previously served as Executive Director for the Company from July 2016 to October 2020.

Alex is Chairman of Lockton Pacific (2012-present), a subsidiary of Lockton Companies, Inc., the world’s largest privately held, independent insurance brokerage firm, ranked 8th largest globally. Alex is also the Responsible Manager with the Australian Securities and Investments Commission (ASIC).

In 2008, Alex conceived the award-winning Non-Governmental Organization (NGO), Food Ladder, and remains Chairman today. Food Ladder was one of the first NGOs in the world to use environmentally sustainable technologies to create food and economic security for communities affected by poverty. Alex was also the founder of Fair Repairs, a social enterprise which delivers training and employment opportunities to individuals suffering from long term unemployment and disadvantage.

Alex is a British, Australian and Swiss national, educated at Harrow School in England and La Sorbonne University in Paris, France. In 1993, Alex co-founded Stuart Alexander, leading the company to become one of the UK’s largest insurance and risk management advisory businesses, ultimately selling to AXA, UK.

In 2004, Alex relocated to Australia where he was a shareholder and director of Milne Alexander, a boutique insurance broking and advisory firm. From 2008 to 2014, Alex was the Executive Chairman of the Mecon Winsure Insurance Group, one of Australia’s leading insurance and underwriting agencies, acting as a Coverholder for Lloyd’s of London and local Australian insurers. Mecon Winsure Insurance Group was sold to ASX-listed Steadfast Group Ltd. in 2014.

Alex’s track record of creating shareholder value through Merger and Acquisition (M&A) activity has spanned over three decades. Alex has a wide range of entrepreneurial experience and an in-depth knowledge of large-scale enterprise acquisition and operational integrations, having successfully led over 40 business transactions.

About Pacific Green Technologies, Inc.
Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers BESS, Concentrated Solar Power (CSP) and Photovoltaic (PV) energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit Pacific Green’s website: www.pacificgreentechnologies.com

Notice Regarding Forward-Looking Statements:
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, any potential business developments and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

Pacific Green Successfully Executes Its Transition to Renewable Energy Recurring Income Model and Announces Its Annual Report for Year Ending March 31, 2022

Pacific Green Technologies, Inc. (the “Company” or “Pacific Green”, (OTCQB:PGTK)) announces that it has successfully completed its first milestone in the process of diversifying and regularizing its income streams. Pacific Green is transitioning from a single technology equipment provider in the marine sector to an asset-driven “build-own-operate” renewable energy and battery energy storage system (“BESS”) development company, led by the financial close in June 2022 of its first 99.98 MW project at Richborough Energy Park, as part of Pacific Green’s 1.1 GW pipeline of BESS developments in the UK. In summary:

– Successfully executed transition to renewable energy company with recurring income model from self-developed energy assets
– FY22 results impacted by COVID related slowdown to marine business
– 99.98 MW Richborough Battery Energy Park asset in construction, with projected commercial operations via the National Grid in June 2023
– Financial restatement reflects change in timing of milestone recognition. No impact on cash flows.

As part of this transition, along with tighter fuel spreads and COVID-19 pandemic logistical issues for the Company’s clients and suppliers in the marine sector, revenues have been reduced for the year ending March 31, 2022 to $15.44 million (FY21 revenue: $52.62 million) with a net loss for the year of US$10.75 million (FY21 net loss: US$1.81 million).

Within the stated losses includes a one-off, non-cash write-down of combined goodwill and intangible assets, totaling US$7.06 million against Chinese subsidiary Pacific Green Technologies (Shanghai) Co. Ltd. (formally Shanghai Engin Digital Technology Co. Ltd.) and Pacific Green Innoergy Technologies Ltd., acquired in 2019 and 2020, respectively.

The restatement of past financials noted in the Company’s year end filing reflects a change in the accounting treatment of the timing of revenue and expense recognition only, with no impact to cash flows, balances or the Company’s ability to undertake business development in the energy storage sector.

Over the past six months, the spread between high-sulphur and low-sulphur fuel oils has rebounded to exceed US$200 per ton. Pacific Green has witnessed a significant increase in new enquiries for its emissions control systems, commonly known as “scrubbers”, leading to further sales of the Company’s technology in the past months.

The Company has built out its BESS division, recruiting a world-class team of experts to create an industry leading platform to deliver its 1.1 GW pipeline in the UK and is now looking to expand the platform geographically.

Pacific Green has invested in its first 99.98 MW BESS project at Richborough Energy Park in the UK, supported by the Company’s 50% project equity partner, Green Power Reserves Limited, senior debt provided by Close Leasing Limited and energy optimization by Shell Energy Europe Limited. The development, Richborough Energy Park Limited, is currently in construction, with projected commercial operations commencing in June 2023.

During this period, the Company has funded the deposit to secure its second BESS development of 249 MW in the UK as part of the 1.1 GW pipeline.

About Pacific Green Technologies, Inc.

Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers Battery Energy Storage Systems and Concentrated Solar Power energy solutions to compliment its marine environmental technologies division. For more information, visit Pacific Green’s website: www.pacificgreentechnologies.com

Notice Regarding Forward-Looking Statements:

This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the construction of the 99.98 MW BESS the Company is to develop in Kent; and any potential business developments in the UK and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the construction of the 99.98 MW BESS, the sales of retrofit emissions control technologies and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

Pacific Green Reaches Financial Close for GBP28.25 Million (US$34.90 Million) of Funding for its 99.98 MW Richborough Energy Park Battery Development

Pacific Green Technologies, Inc. (the Company or Pacific Green, (OTCQB:PGTK)) announces that it has reached financial close (Financial Close) for GBP28.25 million (US$34.90 million) of senior debt for the Company’s 99.98 MW battery energy storage system (BESS) at Richborough Energy Park.

The senior debt, in conjunction with the equity investment by Green Power Reserves Limited, will provide the Company with the funding to bring the battery park to commercial operations in June 2023.

The senior debt facility agreement is entered into with Close Leasing Limited (“CLL”), pursuant to which CLL will provide a development loan to fund the construction, which will be utilized in stages following the expenditure of the equity investment. The development loan will then be refinanced into a 10 year amortized term loan upon the start of commercial operations.

Scott Poulter, Pacific Green’s Chief Executive, commented: “Reaching Financial Close is a big milestone in Pacific Green’s transition into the world’s leading vertical energy developer. This development has proven itself through the rigorous due diligence process and requirements of project finance, providing a template for Pacific Green to scale rapidly.”

James Sutcliffe, Managing Director of Close Brothers Leasing’s Energy team remarked: “We are thrilled to participate in this groundbreaking project finance scheme on one of the UK’s largest battery energy storage systems, we look forward to working with Pacific Green on this project and the rest of their 1.1 GW UK pipeline.”

Scott added: “Bankable projects such as Richborough Energy Park are the cornerstone of Pacific Green’s “ODCO2 Energy Development Platform”, which specializes in developing and operating optimized, turnkey renewable energy and storage parks across their entire lifecycle.”

CLL is a market leader in providing specialist, structured finance solutions ranging in value from GBP250,000 to GBP50 million, particularly working with select, strategic partners to offer finance solutions in the renewable energy sector. CLL is part of Close Brothers Group plc.

About Pacific Green Technologies, Inc.
Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers BESS, Concentrated Solar Power (CSP) and Photovoltaic (PV) energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit Pacific Green’s website: www.pacificgreentechnologies.com

About Close Brothers Group plc.
Close Brothers Group plc. is a leading UK merchant banking group, providing lending, deposit taking, wealth management services and securities trading. CBG employs over 3,700 people, principally in the UK. CBG is listed on the London Stock Exchange (LON: CBG) and is a member of the FTSE 250.

Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the continuation of the facility agreement and the construction of the 99.98 MW BESS the Company is to develop in Kent; and any potential business developments in the UK and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the facility agreement and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

Pacific Green and Shell Enter Into Energy Optimisation Agreement for Pacific Green’s 99.98 MW Richborough Energy Park Battery Development

Pacific Green Technologies, Inc. (the Company or Pacific Green, (OTCQB:PGTK) announces that it has entered into an agreement with Shell Energy Europe Limited (Shell) wherein Shell will provide dispatch trading and optimisation services for the 99.98 MW Richborough Energy Park battery energy storage system (BESS) the Company is developing in Kent, England (the Agreement).

Under the terms of the Agreement, Pacific Green will be responsible for the construction, operation and maintenance of the BESS, while Shell will purchase the capacity and have the exclusive right to provide optimisation services for the next ten years.

Scott Poulter, Pacific Green’s Chief Executive, commented: “As one of the world’s most prominent energy providers, Shell has proven itself to be a leader in the power trading and optimisation sectors. With this BESS development set to become one of the UK’s largest batteries, finding an experienced and reputable optimizer is essential to the success of this project, and we are confident we have found that in Shell.”

Tom Summers, Vice President, Shell Energy Europe and Africa, remarked: “We are pleased to have signed this agreement with Pacific Green on a project which will assist the UK’s transition to a flexible and low carbon energy system. We see battery systems like Pacific Green’s as a key contributor to Shell becoming a net-zero emissions business by 2050.”

About Pacific Green Technologies, Inc.
Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers BESS, Concentrated Solar Power (CSP) and Photovoltaic (PV) energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit Pacific Green’s website: www.pacificgreentechnologies.com

About Shell Energy Europe Limited
Shell Energy Europe Limited provides advanced and high-value solutions for energy assets and commodities, including natural gas, power and environmental products, across 14 European power markets. It provides business customers with innovative, reliable and cleaner energy solutions and helps them navigate through the energy transition. Shell Energy Europe Limited acts through its agent, Shell Trading and Shipping Company Limited.

Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the construction of the 99.98 MW BESS the Company is to develop in Kent and the continuation of the Agreement; and any potential business developments in the UK and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the Agreement and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

Pacific Green Appoints the Principal Contractor and Operations & Maintenance Provider for its Richborough Energy Park Battery Storage System in the UK

Pacific Green Technologies, Inc. (the Company or Pacific Green, (OTCQB:PGTK)) announces that it has entered into an agreement with Instalcom Limited (Instalcom) to be the principal contractor (the Principal Contractor Agreement) for its 99.98 MW battery energy storage system (BESS) in development at Richborough Energy Park in Kent, England.

The award of this Principal Contractor Agreement, in conjunction with the battery supply agreement previously signed with Shanghai Election Gotion New Energy Technology Co., Ltd., paves the way for construction to begin in early July 2022.

Scott Poulter, Pacific Green’s Chief Executive, commented: “Instalcom has a 30 year track-record of delivering complex, large-scale energy infrastructure projects throughout the UK. We’re very pleased to have found such a partner with their capabilities, dedication and the resources to support Pacific Green as we rapidly scale up our battery energy park developments in the UK to 1.1 GW and beyond.”

As well as the Principal Contractor Agreement, Pacific Green has also awarded Instalcom with an operations and maintenance contract (the “Operations & Maintenance Agreement”) to provide comprehensive operations and maintenance services for Pacific Green’s Richborough Energy Park. The Operations & Maintenance Agreement will begin at the start of Richborough Energy Park’s commercial operations via the UK’s National Grid in June 2023.

Vince Bowler, Instalcom’s Managing Director, remarked: “Instalcom is very excited to be supporting Pacific Green in the development and delivery of this low carbon technology project that will make a positive contribution to the UK’s Build Back Greener Net Zero Strategy.”

Scott added: “This is another huge milestone in Pacific Green’s corporate growth into one of the world’s leading vertical energy developers. Our UK pipeline utilizes Pacific Green’s proprietary “ODCO2 Energy Development Platform” to deliver end to end capital efficient renewable energy and storage parks to the market.”

About Pacific Green Technologies, Inc.
Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers BESS, Concentrated Solar Power (CSP) and Photovoltaic (PV) energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit Pacific Green’s website: www.pacificgreentechnologies.com

About Instalcom Limited
Instalcom is a Utility Contractor operating in the power, water, telecoms, rail and oil & gas sectors. Instalcom is owned by OCU Group Limited, who operate with a work force in excess of 2,000 personnel and annual revenues exceeding EUR210 million (US$264 million).

Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the construction of the 99.98 MW BESS the Company is to develop in Kent, the continuation of the Principal Contractor Agreement and the continuation of the Operations & Maintenance Agreement; and any potential business developments in the UK and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the Principal Contractor Agreement and the continuation of the Operations & Maintenance Agreement, and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

Pacific Green Signs Purchase Agreement for 99.98 MW Battery Energy Storage System for Its First Battery Energy Park in the UK

Pacific Green Technologies, Inc. (the Company or PGTK, (OTCQB:PGTK)) announces the signing of an agreement with Shanghai Electric Gotion New Energy Technology Co., Ltd. (Shanghai Electric Gotion) to supply the battery energy storage system (BESS) for its 99.98 MW battery energy park the Company is developing at Richborough Energy Park in Kent, England (the Agreement).

The Agreement, which is part of the strategic manufacturing framework agreement signed by the parties last year, is a key milestone in the Company’s development of its 1.1 GW BESS pipeline in the United Kingdom. Production and delivery of the BESS will begin later this year, with a unique just-in-time approach used to minimize the duration between production and energization of the batteries.

Scott Poulter, PGTK’s Chief Executive, commented: “We have worked very closely with Shanghai Electric Gotion to develop a battery system specifically optimized for the UK market and we are pleased to place the first order for our 1.1 GW UK pipeline. The Richborough Energy Park will be operational by mid-2023.”

Shanghai Electric Gotion, which was formed in 2017 in an unprecedented partnership between parent companies, Shanghai Electric Group Co., Ltd. and Guoxuan High-tech Co., Ltd., integrates research & development, production and testing across 10 GWh of planned capacity, ensuring the company will remain one of the largest energy storage producers in the world.

Scott added: “Now that we have started production on the first 99.98 MW BESS project in our pipeline, we are scaling our resources and management internally to enable Pacific Green to execute the 1.1 GW. Based on the platform we are building, we are looking to be the UK’s leading battery park developer within the next 12 months.”

About Pacific Green Technologies, Inc.
Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers BESS, Concentrated Solar Power (CSP) and Photovoltaic (PV) energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit PGTK’s website: www.pacificgreentechnologies.com

About Shanghai Electric Gotion New Energy Technology Co., Ltd.
Shanghai Electric Gotion New Energy Technology Co., Ltd. is a joint-venture between Shanghai Electric Group Co., Ltd. and Guoxuan High-tech Co., Ltd. With multiple production facilities and a long-established history in technology manufacturing and supply-chain management, Shanghai Electric Gotion is well positioned to provide lithium-ion BESS technology around the world.

Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the construction of the 99.98 MW BESS the Company is to develop in Kent; and any potential business developments in the UK and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the investment and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

Green Power Reserves Becomes Equity Partner in Pacific Green’s 99.98 Mw Richborough Energy Park Battery Development

Pacific Green Technologies, Inc. (the Company or PGTK, (OTCQB:PGTK)) announces that it has entered into an agreement with Green Power Reserves Limited (GPR), wherein GPR has made an equity investment of GBP13 million (US$16.0 million) for a fifty percent shareholding in Pacific Green Battery Energy Parks 1 Limited (PGBEP).

The proceeds from the investment will be used to provide the equity financing for the construction of the 99.98 MW battery energy storage system (“BESS”) the Company is developing in Kent, England. As part of the investment, Paolo Revelli, Managing Director of GPR, has agreed to join the Board of Directors of PGBEP and its subsidiary, Richborough Energy Park Limited.

Scott Poulter, PGTK’s Chief Executive, commented: “Paolo is a veteran portfolio manager who has been a pioneer in the renewables sector in the UK and Europe. We are delighted to have GPR as partners in developing Richborough Energy Park.”

Paolo commented: “The BESS market in the UK is a rapidly-growing sector in the renewable energy mix, finding a partner capable of delivering projects at grid-scale was critical for us. Having seen Pacific Green’s rapid transition from a single technology supplier in the marine industry to a fully-integrated renewable energy developer, we are confident in Pacific Green’s delivery capabilities.”

Scott added, “We are very pleased to have reached this milestone with Richborough Energy Park, as part of Pacific Green’s 1.1 GW UK-based pipeline. With a grid connection in mid-2023, I anticipate many more updates with project milestones and new energy project announcements over the next weeks and months.”

About Pacific Green Technologies, Inc.
Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers BESS, Concentrated Solar Power (CSP) and Photovoltaic (PV) energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit PGTK’s website: www.pacificgreentechnologies.com

About Green Power Reserves Limited
GPR, which is led by Paolo Revelli, is a special purpose vehicle focusing on battery storage in the UK. Mr. Revelli was formerly a Managing Director at Morgan Stanley and is currently a director of Quainstone Limited.

Notice Regarding Forward-Looking Statements:
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the construction of the 99.98 MW BESS the Company is to develop in Kent; and any potential business developments in the UK and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the investment and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.