Pacific Green Technologies Enters Agreement for the Sale of its First ENVI-Clean(TM) Emissions Control System in China
3 hours ago
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SAN JOSE, CA / ACCESSWIRE / April 11, 2016 / Pacific Green Technologies Inc. (PGT) (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 us to now roll out our strategy internationally with substantial resources available to us though our partner."
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focused on addressing the world's need for cleaner and more sustainable energy. The company's strategy is to build through organic development and acquisition, a portfolio of patented competitive cutting edge technologies designed to meet increasingly stringent environmental standards.
For more information, visit PGT's website: www.pacificgreentechnologies.com
Contact:
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 PGT technology throughout the PRC.
Contact:
Mr Lin Yongxiang
Deputy General Manager, Chief Engineer
POWERCHINA SPEM Co., Ltd
