Fort Worth-based solar and energy storage development company Bridgelink Development has reached agreement with Newport, California-based Bitech Technologies Corp. for a business combination.
Bitech is a global tech solution provider dedicated to green energy solutions.
The agreement was announced along with pre-negotiated financing of a “significant investment amount” toward a total 5.8 GW pipeline of utility power, procurement of key resources, and the establishment of a joint venture with an undisclosed larger infrastructure group.
“The successful pre-negotiated financing, procurement, and joint venture with a larger infrastructure group represent significant milestones for Bridgelink as we contribute to this business combination with Bitech to continue to drive innovation and sustainability in the energy sector,” Bridgelink Chairman and CEO Cole W. Johnson said in a statement.
“These strategic initiatives position us for continued success as we work diligently to bring our solar and energy storage projects to fruition,” he added. “We’re excited about the opportunities with Bitech that lie ahead and remain dedicated to our mission of advancing clean, renewable energy solutions.”
The companies said the strategic initiatives underscore their joint force commitment to advancing Bridgelink’s 3.840 gigawatts of solar projects and 1.965 GW of Battery Energy Storage Systems (BESS) projects in the U.S., including in Texas, Arizona, and Louisiana.
They added that the pre-negotiated financing, procurement efforts, and joint venture partnership are “pivotal steps” in accelerating the development and deployment of sustainable energy solutions.
The companies said they plan to continue to progress development of the projects by utilizing a Share Subscription Agreement they are finalizing for up to $250 million, committed letter of intent for one of their late-stage BESS projects near Houston for up to $100 million, as well as securing the sale of the incentive tax credits.
‘Efficiently advancing’ solar and energy storage projects
The business combination agreement calls for a capital infusion of not less than a $50 million into the newly combined entity upon closing this transaction, the companies said.
The capital infusion will be used for the business operations of a new Bitech including, but not limited to, pursuing, executing, and implementing development projects. It also includes ongoing technology innovations, identification, pursuit, and/or acquisition of emerging technologies or companies owning or operating such technologies involving BESS, solar, EMS, EV charging storage, micro grids, and/or other such “clean technologies.”
After the deal finalizes, the company will have two divisions or operational units: a division that will pursue, execute, and/or implement the development projects (the “BESS and Solar Division”); and a division that will pursue the technology solutions and acquisition business (the “Technology Solutions and Acquisition Division”).
This strategic partnership marks a significant milestone for both Bitech and Bridgelink as both parties align with their visions of advancing sustainable energy solutions together, they said.
The collaboration with Bitech, a technology-driven energy solutions company, will leverage the strengths of both organizations to expedite the development and deployment of solar and BESS projects in the U.S in a cost-effective manner, the companies said.
“Bitech is delighted to announce our partnership with Bridgelink, a leading company in the solar and energy storage industry,” Benjamin Tran, chairman and CEO of Bitech Technologies, said in a statement. “This collaboration is a perfect match for Bitech’s dedication to providing cutting-edge and sustainable energy solutions. By joining forces, we aim to advance Bridgelink’s impressive pipeline of solar and energy storage projects while navigating the complexities of project development together. Our collective strengths and expertise will allow us to bring these projects to completion efficiently, delivering tangible benefits to our stakeholders and the communities we serve.”
“As two companies committed to the clean energy transition, we’re excited about the potential impact this partnership can have on accelerating the shift towards a more sustainable future,” Tran added.
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