Bitech Technologies Corporation (NASDAQ: BTTC), a global technology solution provider dedicated to green energy solutions, has entered into a binding Letter of Agreement (LOA) for a strategic business combination with Bridgelink Development, LLC (Bridgelink or BLD), a prominent solar and energy storage development company based in Fort Worth, Texas. The collaboration aims to accelerate the development and deployment of renewable energy projects in the United States, particularly in Texas, Arizona, and Louisiana.
The LOA outlines the key elements of the business combination, which includes a capital infusion of not less than $50 Million into the newly combined entity upon closing the transaction. This funding will support business operations, pursue development projects, and drive ongoing technology innovations. The combined entity, post the business combination, will consist of two divisions: (1) a BESS and Solar Division, focusing on the execution of development projects, and (2) a Technology Solutions and Acquisition Division, dedicated to pursuing technology solutions and acquiring emerging technologies or companies operating in the clean energy sector.
Bitech and Bridgelink plan to utilize a Share Subscription Agreement for up to $250 Million, a committed Letter of Intent for a late-stage BESS project near Houston, TX, for up to $100 Million, and the sale of Incentive Tax Credits (ITC) as part of the strategic initiatives. The LOA represents a mutual commitment for the business combination, where Bridgelink will transfer its assets and development service agreements into a newly created entity, and, in return, receive a significant equity conversion of $50 Million in Bitech’s Common Stock.
Cole W. Johnson, Chairman & CEO of Bridgelink, expressed enthusiasm for the partnership, stating, “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.”
Benjamin Tran, Chairman and CEO of Bitech Technologies, shared his excitement about the collaboration, stating, “Bitech is delighted to announce our partnership with Bridgelink, a leading company in the solar and energy storage industry. This collaboration is a perfect match for Bitech’s dedication to providing cutting-edge and sustainable energy solutions.”
The strategic partnership signifies a crucial step in both companies’ commitment to advancing sustainable energy solutions. By combining their strengths and resources, Bitech and Bridgelink aim to expedite the development and deployment of solar and BESS projects, contributing to a greener and more sustainable future.
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