Bitech has signed an agreement for a business combination with Emergen Energy
Bitech Technologies, a provider of environmentally friendly energy solutions, has finalized an agreement for a business merger with Emergen Energy, a subsidiary of Bridgelink Development, a US-based company specializing in solar and energy storage project development.
Emergen now possesses the rights to develop a collection of battery energy storage system (BESS) projects with a combined storage capacity of 1.96GW, as well as the rights to develop a portfolio of solar energy projects with a total capacity of 3.84GW.
The agreement underscores a mutual dedication to driving the advancement of green energy projects in Texas, Arizona, and Louisiana. Bitech will assume complete ownership of Emergen, while Bridgelink will retain 31.3% of Bitech’s common stock.
Bitech will retain its current name and stock symbol, and its leadership team will remain intact, supplemented by new executives from Bridgelink.
The newly established entity will operate two divisions. The BESS and solar division will focus on executing development projects, while the technology solutions and acquisition division will emphasize sales and expansion through strategic acquisitions.
Bitech and Bridgelink will collaborate on corporate development and capital expansion endeavors.
Their joint objective includes financing the newly acquired development projects and striving for an uplisting to the NASDAQ stock exchange.
Benjamin Tran will continue in his role as chairman of the board of directors and interim CEO of Bitech Technologies, while Cole Johnson will be appointed as Bitech’s president, tasked with overseeing the BESS and solar division of the company.
Bitech Technologies CEO Benjamin Tran expressed: “This merger signifies a mutually beneficial partnership aimed at enhancing value for our shareholders. By leveraging our complementary strengths, we are forging a robust new alliance that is anticipated to drive rapid growth for a prosperous future with the inclusion of these exceptional development projects.
“We are confident in our ability to obtain the necessary funding for the projects, which, upon their launch, have the potential to be valued at up to $325 million based on the net present values of projected cash flows using industry-standard multiples and discount rates.”
The completion of the merger is anticipated to occur by April 24, 2024.
source: Bitech
