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.
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
