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- Access on: 2025-02-07 00:37:49 (New York)
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September 17, 2024
Contributed by Benjamin Tran, Bitech Technologies CEO
Bitech Technologies: The Electrifying Journey of Our Energy Storage Empire in the Making
Bitech Technologies Corporation is a pioneering, independent power provider and renewable technology enabler specializing in the development and operation of Battery Energy Storage Systems (BESS). Our primary focus is on enhancing grid stability and generating reliable income streams. Along with this goal, we are committed to offering cutting-edge technological innovations, including smart energy solutions such as microgrids, advanced Energy Management Systems (EMS), and energy-saving renewable infrastructure options for homes, commercial buildings, campuses, and cities.
With hard work and determination to build up a new household name in the energy storage industry, Bitech's core team is composed of a dynamic and multicultural group of seasoned experts. Bringing together a wealth of proficiency in cleantech and renewable energy advancements, our team boasts a breadth of knowledge in solar and storage project development, project financing, EMS integration, and grid interconnectivity. Our in-house power desk coupled with strong partnerships with regulatory bodies and Independent System Operators (ISOs) and utility purchasers nationwide allow us to secure essential capital investment tax credits and necessary project financings for our utility-scale project pipeline.
Keeping the Grids in Check with Sustainable BESS Business
The company proudly presents a robust portfolio of 1.965 GW (gigawatts) consisting of 23 BESS projects and 1.4 GW comprising of 12 solar projects. Recently, we have successfully sold a portion of our solar project portfolio comprising greenfield solar projects equivalent to 2.425 GW. This transaction is expected to generate up to $7,275,000 in net proceeds to Bitech, 37.5% of estimated total gross proceeds of $19,400,000, expected within 18 months from the transaction date, provided these solar projects achieve a point of interconnection and subsequently obtain all necessary land rights, thanks to our valued partnership with a prominent solar infrastructure group purchaser. We believe this transaction enables us to refocus on our core business of BESS and further strengthen our position in this market.
Although our company's operations may appear simple, they actually demand a considerable amount of experience in project development and engineering. Fortunately, we possess this expertise to optimize return on investment (ROI) aiming to consistently generate sustainable revenue. Our BESS are designed to store excess energy during times of high production and dispatch it during periods of low renewable energy availability. This helps stabilize the grid and provide reliable support for critical infrastructure, which we believe ensures a steady revenue stream for Bitech.
The BESS Market: Soaring to New Heights at Lightning Speed
The EIA reported that more than 70% of the US grid transmission lines and transformers are over 25 years old, thus creating an exigent demand for grid modernization to meet the critical need for grid stability, which has been further amplified by the rising demand for energy in AI data centers. This current situation has prompted a surge in growth for the BESS industry due to economic and policy incentives supported by both parties in our government. According to Energy Trend report issued in March 2024, there was a 96% increase in cumulative BESS capacity installations in the US last year, bringing the total national installed base to 17 GW by the end of the year. It is projected by the EIA Report in January 2024 that battery storage capacity may almost double again in 2024, demonstrating strong potential for Bitech's growth strategy through the development and operation of its 1.965 GW (or 7.86 GWh) BESS project portfolio.
The recent enactment of the 2022 Inflation Reduction Act allows standalone BESS projects to qualify for an investment tax credit (ITC) of up to 50% of capital expenditure, providing Bitech with significant incentives upon commercial operation and greater flexibility for project financing opportunities. For instance, our flagship 100 MW (or 400 MWh) BESS project has a capital expenditure of approximately $160 million. By utilizing domestically sourced batteries and equipment for our projects located within renewable communities, we believe we can expect cash injection by selling the investment tax credits of close to $80 million upon project commercial operation, expected in the Summer of 2025.
Embracing the Future with Our DNA of Technology Advancement
We expect Bitech to play a crucial role in driving the growth of the clean energy economy. Through strategic partnerships with dependable renewable energy providers and established technology innovators, we are working towards our goal of expanding our network. Our aim is to implement cutting-edge technology into the largest energy grids in the United States, developing scalable solutions that prioritize smart grids, intelligent energy storage, and AI-powered green data centers. In line with these objectives, our company recently submitted a utility-nonprovisional patent for our Edge Server Integrated Utilities Device ("IUD") application to the U.S. Patent and Trademark Office. We are also in the final stages of engineering design while simultaneously securing contracts with technologically advanced battery and equipment suppliers. We believe that these strategic partnerships will enable us to integrate next-generation energy storage products into our flagship projects successfully.
Boosting Our Game with Fast Track for Accelerated Growth
As shown in Bitech's most recent financial statements for its fiscal quarter ended June 30, 2024, there has been a notable improvement in its balance sheet following its acquisition of a substantial renewable project pipeline and recent sales of early-stage solar projects. We believe that this strategic move has positioned the company for accelerated growth in the emerging BESS industry sector within the United States.
In July 2024, a Utility Dive report revealed that the Energy Storage industry experienced significant growth, with corporate funding increasing by 117% in the first half of the year. This resulted in a total of $15.4 billion from 64 storage deals completed as of June 30. Our company has garnered interest from various project equity investments and debt financing opportunities for our BESS project portfolio, with the ultimate goal of achieving our first Commercial Operation Date (COD) by Summer 2025.
By the latter half of 2024, we project to secure financings for two of our flagship 100 MW BESS projects situated within the eco-friendly regions of Texas, while concurrently exploring additional revenue prospects with the U.S. Department of Energy. In early 2025, we anticipate commencing construction on our initial two projects, securing financing for a third undertaking, and pursuing strategic partnerships with technology partners. We believe that accomplishing these short-term goals will aid in realizing our future aspirations for growth, including expanding our BESS enterprise expectedly from 1.965 GW to 5 GW within the next three to five years.
Beginning a New Chapter of Determined Success
Bitech has recently submitted an application to a national securities exchange following the filing of its registration statement Form S-1 with the U.S. Securities and Exchange Commission as part of its ongoing uplisting efforts. The Company is collaborating with a select group of investor relations firms as key partners in targeting institutional investors, brokers, analysts, and private investors to craft and execute a comprehensive capital markets strategy. Our aim is to enhance Bitech's presence within investment communities, bolster brand recognition, and expand our reach through various digital channels.
For more information, please visit www.bitech.tech.