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April 15, 2024


Newport Beach, CA, April 15, 2024 - Bitech Technologies Corporation [OTCQB: BTTC], (“the Company” or “Bitech”) a global technology solution provider dedicated to green energy solutions, is pleased to announce that it signed a Membership Interest Purchase Agreement (“MIPA” or “Definitive Agreement”) dated April 14, 2024 for a business combination (the “Business Combination”) with Emergen Energy LLC (“Emergen”), a wholly owned subsidiary of Bridgelink Development, LLC ("Bridgelink"), a leading solar and energy storage project development company in Texas. Emergen controls rights to develop a portfolio of battery energy storage system (“BESS”) projects with a cumulative storage capacity estimated at 1.965 gigawatts (“GW”) and rights to develop a portfolio of solar energy development projects with a cumulative capacity estimated at 3.840 GW (collectively, the “Development Projects”).

The execution of the Definitive Agreement underscores our unified commitment to advancing the Development Projects in the United States including Texas, Arizona, and Louisiana. The summary of the Definitive Agreement includes these key points:

  • Through the MIPA, the Company will own 100% ownership interest in Emergen and Bridgelink will own approximately 31.3% of the Company’s outstanding common stock.

  • The Company, under the continued leadership of its current team, will retain its name and ticker symbol while welcoming new executive team members from Bridgelink.

  • The Company will be comprised of two divisions: (1) The BESS and Solar Division, responsible for pursuing, executing, and implementing the Development Projects; and (2) The Technology Solutions and Acquisition Division, that will focus on technology solutions sales as well as growth by acquisitions.

  • The Company and Bridgelink will jointly participate in corporate development efforts with capital expansion following the closing of the Business Combination, with the common goal of funding the Development Projects and achieving an uplisting to NASDAQ as the next step in its corporate expansion strategy.

  • Benjamin Tran shall continue to hold his role as Chairman of the Board of Directors and interim CEO, while Cole Johnson will join the Company as its President with the responsibility of leading its BESS and Solar Division.

“This business combination is a demonstration of a mutually advantageous partnership to benefit our shareholders,” stated Benjamin Tran, CEO of Bitech Technologies. “Through the combination of our complementary strengths, we are establishing a powerful new alliance that is expected to result in rapid growth for a thriving future with the addition of these remarkable development projects. We believe that we will be able to secure the needed financing for the projects that, following their launch, have a potential valuation of up to approximately $325 million based on net present values of potential cashflows using industry standard multiples and discount rates.”

"As an experienced operating partner with Bitech in this exciting business partnership, we’re proud to contribute to the advancement of innovation and sustainability in the renewable energy industry," commented Cole Johnson, CEO of Bridgelink Development and Manager of Emergen Energy.

The signing of the MIPA marks a significant turning point in the Company's overall journey, paving the way to maximize ingenuity and adaptability within the renewable energy field. This momentous occasion highlights our steadfast dedication toward transparency, corporate governance, and value creation for our shareholders. It also serves as a proof-point in our preparedness to embark on the next phase of expansion towards sustainable operations for accelerated growth.

By utilizing state-of-the-art battery energy storage systems, upon completion of our planned Development Projects, we expect to be able to effectively store surplus energy during periods of low demand at a lower cost and then release it during peak demand when prices are at their highest. We believe this business operation will allow us to generate sustained revenues throughout the standard lifespan of lithium-ion batteries we plan to use while also contributing to grid stability in the United States. With 1.965 GW of BESS power capacity in its project pipeline, this remarkable achievement now showcases a major pipeline capacity, reaching almost 10% of the U.S. BESS market share. According to Energy Storage News in November 2023, the BESS development pipeline in the U.S. has grown by 50% year-over-year to around 21.5 GW, comprised of 262 projects.[1]

The closing of the Business Combination is expected to be completed no later than April 24, 2024 and is conditioned upon certain, representations and warranties, as well as the following conditions to closing: (i) the Company entering into a Project Management Services Agreement with an affiliate of Bridgelink pursuant to which this entity will be responsible for management oversight of the completion of the Development Projects in consideration of fees to be provided for in this agreement; (ii) the Company entering into employment and stock option agreements with each of Messrs. Tran and Johnson; (iii) completion of certain organizational matters regarding Emergen to the reasonable satisfaction of Bitech; and (iv) Bitech shall have completed its due diligence review and examination of Emergen and certain due diligence materials provided by Bridgelink to the Company, to the satisfaction of Bitech in its sole discretion.

Comprehensive details of the transactions, as well as audited financial statements of Emergen, will be disclosed in the upcoming Form 8-Ks and other filings with the Securities and Exchange Commission.

[1] See: US large-scale BESS installations in 2023 already exceed whole of 2022

About Bridgelink Development LLC

Bridgelink Development, LLC is a leading solar and energy storage development company headquartered in Fort Worth, Texas. With a commitment to advancing sustainable operations, Bridgelink focuses on the development of utility-size solar and BESS projects throughout the U.S. For more information, please visit www.bridgelinkdevelopment.com

About Bitech Technologies Corporation

Bitech Technologies Corporation (OTCQB: BTTC), is a global technology enabler serving as an independent power provider with a core business in Battery Energy Storage Systems (BESS) to enhance grid stability and produce sustainable revenues. We also offer technological innovations with smart energy solutions including microgrids, advanced Energy Management System (EMS) for homes, buildings, campuses, cities, and renewable infrastructure. For more information, please visit www.bitech.tech.

Cautionary Note Regarding Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filing with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Bitech Technologies Corporation
Investor Relations
Tel: 1.855.777.0888
Email: info@bitech.tech