SAN JOSE, CA - July 24, 2017 - Pacific Green Technologies Inc. (“Pacific Green”) (OTCQB: PGTK) is pleased to announce that it has appointed Besiktas Shipyard in Turkey to complete the retrofit of the first ENVI-Marine™ system on a 13,000t chemical tanker, the Westminster, owned by the leading shipping company, Union Maritime Limited.
The retrofit of the ENVI-Marine™ System on the Westminster will finish with the system installed at the end of July 2017 following a rapid turnaround time made possible by its unique flexibility which minimizes the system’s footprint on the ship and greatly increases the ease of installation relative to comparable systems.
Besiktas Group is one of the leading ship repair and shipbuilding companies in Turkey and the shipyard is one of the most active ship repair yards in the Mediterranean region with over 150 dockings per annum.
Following the installation and immediate commissioning of the ENVI-Marine™ System, Pacific Green will be paid one million, nine hundred and fifty thousand US dollars (US$1.95m) under the terms of the Agreement entered into between Pacific Green and Union Maritime Limited (“UML”) based upon the quarterly fuel savings the system generates while the Westminster operates in Sulphur Emission Control Areas. It is UML’s intent to purchase up to a further ten ENVI-Marine™ Systems from Pacific Green over the next eighteen months subject to criteria.
This ENVI-Marine™ System was built in Shanghai, China by Pacific Green’s strategic partner, POWERCHINA SPEM. Pacific Green is proactively seeking to source all of its manufacturing requirements through POWERCHINA SPEM, further building and developing on its existing relationship and commercial joint venture activities.
Neil Carmichael, Chief Executive of Pacific Green, commented: “We evaluated numerous regional yards before appointing Besiktas Group. As a family run operation with over 150 ships being serviced at the yard every year, the retrofit of the Westminster is benefitting from their management expertise, professionalism and depth and breadth of resource so we look forward to working with Besiktas as a long term installation partner in the region.”
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focussed on addressing the world’s need for cleaner and more sustainable energy.
Pacific Green has had over a decade of experience in designing, manufacturing and implementing flue gas emission control systems throughout the world.
Both on land and sea, Pacific Green has proved its more efficient patented design to be widely effective, compact, simple to install and cost beneficial both for new build and retrofit installations.
Pacific Green Technologies has the worldwide rights to the patented emission control systems branded ENVI-Clean™ ENVI-Pure™ and ENVI-Marine™.