Bitech Technologies Corporation, a global technology solution provider dedicated to providing a suite of green energy solutions with a focus on green data centers, commercial and residential utility, electric vehicle infrastructure and other renewable energy initiatives today announces it has received a Letter of Intent (LOI) from Nam Viet Green Energy JSC, a Vietnam partner to provide up to $300 million in financing for selected projects related to solar and Battery Energy Storage System (BESS) projects.
The LOI confirms a formal relationship between the two companies, showing a keen investment commitment from the Asia Pacific region into one of the fastest-growing renewable energy sectors in the United States today, thus positioning Bitech to accelerate its refocused business initiatives. We believe this new investment commitment validates Bitech’s vision enabling the company to implement its business plan to power future growth. We believe the LOI signals a major collaborative step forward for the two companies.
Subject to Nam Viet Energy’s completion of due diligence for each renewable energy sector project and execution of definitive agreements with prospective target companies, this LOI formalizes Nam Viet Energy’s commitment to facilitate capital investment to invest or acquire several selected projects to be hand-picked by Bitech. The funding under any such investment from Nam Viet Energy and its reliable capital partners from Southeast Asia is expected to occur within the fiscal year 2023 with an extension to the fiscal year 2024.
Nam Viet Energy’s commitment is in alignment with Bitech’s refocused business development growth plans to seek the newest renewable energy technologies through exclusive licensing or acquisitions of innovative green energy technologies and selective operations or acquisitions of good return-on-investment Battery Energy Storage System (BESS) power plant projects, followed by capital injection from industry-experienced global capital partners and then applying more efficient green energy technologies in newer power plants as a pioneering technology enabler in the green energy sector.
“This is an important partnership for Bitech as we look forward to working with Nam Viet Energy to expand its regional investment portfolio as an engineering, procurement and construction (EPC) company that seeks global expansion in the renewable energy sector while expanding the renewable technology market globally, starting with Vietnam and Southeast Asia, said Dr Benjamin Tran, CEO of Bitech Technologies.
“The synergy between our companies will provide us a greater benefit as we go full force into this sector with plans for new capital investment from Asia,” added Dr Tran.
“Our expansion focus at Nam Viet Energy this year is fully anchored with Bitech Technologies which, we believe, can bring many commercially viable and advanced technologies and new battery supplies to the burgeoning Asia region to help reduce our EPC cost and enhance power efficiency here in our regional operations,” stated Mr Nguyen Tan Hung, CEO of Nam Viet Energy.
“Bitech’s focus in the United States renewable energy market and their commitment to expanding innovative green energy technologies and products, together with their U.S. local regulatory understanding in the BESS business at the ground level makes them the ideal operating partner to help us forward our mission toward global expansion.”
The global renewable energy market is expected to continue its upward growth over the next years. According to the Next Move Strategy Consulting Group, the market is expected to reach over two trillion U.S. dollars by 2030. Environmental concerns regarding fossil fuels, rapid urbanization, and economic growth in emerging regions are all major factors that are contributing to the projected market growth.