Emergen Energy holds the rights to advance a portfolio of BESS projects, anticipated to reach a combined storage capacity of 1.96GW, as well as rights to develop a solar energy development projects portfolio with an estimated cumulative capacity of 3.84GW
Emergen Energy acquired by Bitech Technologies. (Credit: Michael Pointner from Pixabay)
Green energy technology solutions provider Bitech Technologies has completed its previously announced acquisition of Emergen Energy from Bridgelink Development.
The financial terms of the deal were not disclosed.
Headquartered in Texas, Bridgelink Development is a tier 1 solar and energy storage project development company.
Emergen Energy holds the rights to advance a portfolio of battery energy storage system (BESS) projects, anticipated to reach a combined storage capacity of 1.96GW.
Besides, it has rights to develop a solar energy development projects portfolio with an estimated cumulative capacity of 3.84GW.
Emergen Energy’s assets are located in the US, including Texas, Arizona, and Louisiana.
In line with the deal, Bitech Technologies and Bridgelink Development signed a binding letter of agreement (LOA) earlier this year. Both parties also forged a membership interest purchase agreement (MIPA) earlier this month.
Through the MIPA, Bridgelink Development will own around 31.3% of Bitech Technologies’ outstanding common stock.
Bridgelink Development former CEO and Bitech Technologies new board member and president Cole Johnson said: “We are thrilled to join forces with Bitech to advance our next phase of expansion together.
“Our mutual objective is to invest in and advance clean and adaptable renewable energy technologies, paving the way for a sustainable future.”
Through the acquisition of Emergen Energy, Bitech Technologies aims to advance towards sustainable growth.
The transaction is also expected to bolster Bitech Technologies’ financial position as well as provide access to new technologies and global markets.
Furthermore, Bitech Technologies is planning for a NASDAQ uplisting aimed at improving its credibility and visibility among investors. This is expected to set a robust foundation for the company’s future success and expansion in the renewable energy sector.
Bitech Technologies chairman and CEO Benjamin Tran said: “The acquisition of Emergen is expected to strengthen Bitech’s position as new player in the green energy sector with projected sustainable operating assets.
“This partnership marks an exciting new chapter in our pursuit of sustainable and impactful solutions for a greener tomorrow while aiming to uplist to NASDAQ.”