Pacific Green Technologies, Inc. (the "Company" or "PGTK") announces the signing of a Battery Energy Storage System Strategic Manufacturing Framework Agreement Memorandum of Understanding (the “Framework Agreement”) with Shanghai Electric Gotion New Energy Technology Co., Ltd. (“SEG”).
Under the terms of the Framework Agreement, the parties will work together towards the development of various lithium-ion Battery Energy Storage System (BESS) projects around the world. PGTK, through its wholly owned subsidiary, Pacific Green Energy Storage Technologies, Inc., will manage each project’s overall execution, including system design, integration and commercial optimization, while SEG will produce the battery technology as the equipment manufacturer.
Scott Poulter, PGTK's Chief Executive, commented: "The BESS sector around the world is developing at an exponential rate and with the signing of this Framework Agreement, we have now combined PGTK’s existing capabilities following the acquisition of UK BESS technology company Innoergy Limited with SEG’s capacity, technology and expertise, to ensure we can meet the demand in this rapidly expanding sector.”
James Gratton, Pacific Green Energy Storage Technologies, Inc.’s Technical Director, noted: “SEG has established itself as one of the largest and most reputable BESS technology integrators in the world, and with multiple certified production centers, we are confident that they have the capacity necessary to meet the needs of our project pipeline.”
Gareth Dauley, Vice President of Pacific Green Energy Storage Technologies, Inc., commented: “Lithium-ion batteries, which we have identified as best suited for our projects due to their high-energy density, safety track-record and long service-life, are the cornerstone of state-of-the-art BESS developments . This Framework Agreement will combine our existing experience and industry-knowledge with SEG’s long track-record of lithium-ion battery production to ensure commercially optimized and technologically bankable projects.”
SEG, which is a joint-venture between Shanghai Electric Group Co., Ltd. (“Shanghai Electric”) and Guoxuan High-tech Co., Ltd., operates among the largest and most advanced production and supply-chain management centers in the world. Shanghai Electric (SHA: 601727), which has 70,000 employees and over US$20b in operating revenue, provides a strong industrial backing and decades of experience in power equipment manufacturing and integration.