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Dover, DE, November 16, 2023 (GLOBE NEWSWIRE) — Pacific Green Battery Energy Park (Italy) Srl, a wholly-owned subsidiary of Pacific Green Technologies, Inc. (the “Company” or “Pacific Green”, (OTCQB: PGTK)) announces that it has acquired a 51% interest in five Italian assignments (the “Projects”) from Sphera Energy Srl. The remaining 49% of the shares in allocation will be acquired after certain progression milestones have been completed.
The first allocation of the 100 MW Battery Energy Storage System (BESS) in Campania has been submitted to the Ministry of Environment and Energy Security for authorisation and the other four will be finalised in the coming months. Final approval of the five assignments is expected in Q4 2024, the design and structure of which will be addressed through Pacific Green. The assignments will begin their 35-year operational life at the end of 2025.
Mahael Fedele, Partner and CEO of Sphera Energy, said: “After our launch 12 months ago as one of the first fully committed battery garage progression platforms in Italy, we are very pleased to participate in this partnership with Pacific Green to deliver high quality. projects in a developing sector. Italian energy storage market”
Scott Poulter, CEO of Pacific Green, added: “Building on our good fortune with the advancement and sale of Pacific Green’s one hundred MWh Richborough energy farm and Sheaf Energy’s 375 MWh advancement in the UK, Italy represents the next step in Pacific Green’s strategy. European expansion into other markets where battery assets will be key to achieving national and European net zero emissions targets. In Italy, where the market situation favors longer duration projects, we expect this portfolio to have an energy capacity of between two and 3 gigawatt hours. .
About Pacific Green Technologies, Inc. :
Pacific Green is running to meet the world’s need for cleaner, more sustainable energy. It offers grid-scale battery energy storage systems, as well as renewable and environmental technologies.
For more information, visit Pacific Green’s website: www. pacificgreen. com
Notice Regarding Forward-Looking Statements:
This press release is “forward-looking statements” as that term is explained in Section 27A of the U. S. Securities Act. UU. de 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely old are forward-looking. -forward-looking statements and come with statements relating to beliefs, plans, expectations or intentions relating to the long term. These forward-looking statements come with, among other things, the continued progression of the project, any prospective advertising progression, and long-term interest in Pacific Green’s environmental, solar and battery technologies.
Actual effects may also differ from those projected in the forward-looking statements as a result of a number of things. These things include, but are not limited to, the continued progression of the project, the overall economic and political conditions, and the ongoing impact. effect on the COVID-19 pandemic. These forward-looking statements are made as of the date of this press release, and Pacific Green undertakes no legal responsibility to update any forward-looking statements or to update the reasons why actual effects might occur. differ from those projected in the forward-looking statements. Although Pacific Green believes that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be correct. Investors should review all of the data presented herein and should also refer to the threat disclosure described in Pacific Green’s Annual Report on Form 10-K for the most recent fiscal year, Pacific Green’s Quarterly Reports on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission.