SAN JOSE, CA – April 12th, 2016 - Pacific Green Technologies Inc. (PGT) (OTCQB: PGTK) is pleased to announce the sale of an ENVI-Clean™ Emissions Control system to Yancheng Lianxin Steel Company Limited("Yancheng Lianxin") with its joint venture partner POWERCHINA SPEM Co., Limited ("POWERCHINA SPEM"). The sale forms part of POWERCHINA SPEM’S overall Engineering Procurement Construction (EPC) contract to supply, manufacture and install a 93MWe Combustion Gas Power Plant.
The ENVI-Clean™ system will be manufactured and installed at the Steelworks based in the Jiangsu province, North West of Shanghai. The ENVI-Clean™ System will be supplied at a cost of RMB10,000,000 (US$1,544,000) making up part of the overall approximately RMB200M (US$30,883,000) EPC contract.
Under the terms of the ten-year Commercial Joint Venture Agreement (“JV”) signed in November 2015 with POWERCHINA SPEM, PGT will design, engineer and commission the ENVI-Clean™ System and POWERCHINA SPEM will manufacture and install it whereupon the profits will be shared 50/50.
POWERCHINA SPEM is the leading Chinese power equipment manufacturer and a subsidiary of POWER CHINA, the largest power plant manufacturer in the People’s Republic of China.
Alex Shead, Chief Executive of Pacific Green Technologies China Limited, commented: “This first sale in China is a turning point for PGT both in Asia and internationally. In the first quarter of 2016 we have successful recruited Edward Li, one of China’s most respected emissions experts as our Chief Engineer for PGT China, moved into our JV offices in Shanghai and are now quoting on over 4400MWe (4.4GWe) of ENVI-Systems for numerous Chinese customers.”
Ken McClelland, ENVI-Systems inventor and Head of PGT’s Technical Services said: “It is a great demonstration of the wide range of applications of the ENVI-Clean™ System that Yancheng Lianxin has chosen the ENVI-Clean™ System for its combustion gas power plant. This project is Phase 1 of three potential phases at this particular steelworks.”
Neil Carmichael, Chief Executive of Pacific Green Technologies Inc., added: “The focus on the JV was a very conscious strategic decision so PGT could build its R&D, engineering and design capabilities in Shanghai with the support of POWERCHINA SPEM. This is a unique platform for ustonow roll out our strategy internationally with substantial resources available to us though our partner.”
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focussed on addressing the world’s need for cleaner and more sustainable energy. The company’s strategy is to build throughorganic development and acquisition, a portfolio of patented competitive cutting edge technologies designed to meet increasingly stringent environmental standards.
Neil Carmichael, President and Director
Pacific Green Technologies
T: +1 (408) 538-3373
About POWERCHINA SPEM Co. Ltd
POWERCHINA SPEM is a subsidiary of POWERCHINA, the largest power equipment manufacturer in the PRC. With abundant resources, expertise, strong manufacturing capacity, domestic sales channels and rich experience, POWERCHINA SPEM is in a strong position to deploy PGTtechnology throughout the PRC.
Mr Lin Yongxiang
Deputy General Manager, Chief Engineer
POWERCHINA SPEM Co., Ltd
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, that PGT’s emission control system has significant potential to be a market leader in China.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, and the continuation of the JV with POWERCHINA SPEM resulting in definitive agreements. These forward-looking statements are made as of the date of this news release, and we assume 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 we believe 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 of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.