RCS - Pacific Green Tech. - Pacific Green Enters into An Agreement

Pacific Green TechnologiesAnnouncement

13/06/2023 14:00

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RNS Number : 5499C  Pacific Green Technologies Inc.  13 June 2023

Pacific Green Enters into An Agreement to Sell Its 99MW Richborough Energy
Park Battery Development For £74 Million (US$93 million)

DOVER, DE / ACCESSWIRE / June 13, 2023 / Pacific Green Technologies, Inc.
("Pacific Green"), (OTCQB:PGTK) announces that it has entered into a sale and
purchase agreement ("Agreement") to sell 100% of the shares in Pacific Green
Battery Energy Parks 1 Limited ("PGBEP1") to Sosteneo Fund 1 HoldCo S.à.r.l.
for £74 million (US$93 million).

PGBEP1 is the holding company for 100% subsidiary, Richborough Energy Park
Limited, Pacific Green's 99MW battery energy storage system ("BESS") at
Richborough Energy Park ("REP") which begins operations later this summer.

Under the terms of the Agreement entered into, the consideration is payable
pursuant to operational milestones related to the battery park as it connects
to the grid and becomes operational. Pacific Green will receive an advance of
£20m upon signing of the Agreement with an anticipated completion over the
following weeks.

About Pacific Green Technologies, Inc.:

Pacific Green is focused on addressing the world's need for cleaner and more
sustainable energy. The Company offers Battery Energy Storage Systems and
Concentrated Solar Power (CSP) to complement its marine environmental
technologies and emissions control divisions. Pacific Green has offices in the
USA, Canada, United Kingdom, Australia, Saudi Arabia and China.

For more information, visit Pacific Green's website:

www.pacificgreentechnologies.com (http://pr.report/LokpTGPd)

Notice Regarding Forward-Looking Statements:

This news release contains "forward-looking statements," as that term is
defined in Section 27A of the United States Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Statements in this news release
which are not purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions regarding the
future. Such forward-looking statements include, among other things, the
continued development of Richborough Energy Park, any potential business
developments and future interest in the Company's battery, solar and emissions
control technologies.

Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others, the
continuation of the development of Richborough Energy Park, general economic
and political conditions, and the ongoing impact of the COVID-19 pandemic.
These forward-looking statements are made as of the date of this news release,
and the Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from
those projected in the forward-looking statements. Although the Company
believes that the beliefs, plans, expectations and intentions contained in
this news release are reasonable, there can be no assurance that such beliefs,
plans, expectations or intentions will prove to be accurate. Investors should
consult all the information set forth herein and should also refer to the risk
factors disclosure outlined in the Company's annual report on Form 10-K for
the most recent fiscal year, the Company's quarterly reports on Form 10-Q and
other periodic reports filed from time-to-time with the Securities and
Exchange Commission.

Contact:

Scott Poulter, Chairman & CEO

Pacific Green Technologies, Inc.

T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

 

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