Pacific Green Technologies China Signs Commercial Joint Venture Agreement with POWERCHINA SPEM Co., Ltd. To Sell Its Technology in the Peoples Republic of China
December 1, 2015 8:30 AM
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SAN JOSE, CA / ACCESSWIRE / December 1, 2015 / Pacific Green Technologies China Limited ("PGTC") a subsidiary of Pacific Green Technologies Inc. (PGTK) is pleased to announce that it has signed a Commercial Joint Venture Agreement ("JV") with POWERCHINA SPEM Co., Limited ("POWERCHINA SPEM").
POWERCHINA SPEM is a leading Chinese power equipment manufacturer and a subsidiary of POWER CHINA, the largest power plant equipment manufacturer in the People's Republic of China ("PRC").
The JV Agreement sets out the terms for PGTC and POWERCHINA SPEM to co-operate exclusively in the PRC for ten years to develop the ENVI-Clean(TM) and ENVI-Pure(TM) emission control system to become the market leader in the Coal Fired Power, Steel Works, Cement Works and Waste to Energy industry sectors.
Alex Shead, Chief Executive of PGTC, commented: "With the scale of POWERCHINA's reach and capabilities as one of China's leading State owned Enterprises, we are convinced that PGT's technology will become the preeminent emissions control technology in China."
Under the terms of the JV Agreement POWERCHINA SPEM will take responsibility for manufacturing and installation within the market as well as accessing their extensive customer base for new and retrofit projects using the technology. The summary of the terms are:
- Exclusive in the PRC for 10 years with an option to extend for a further 10 years
- PGTC will finance engineering design, specifications and new product research and development
- POWERCHINA SPEM will finance manufacturing, installation and equipment procurement
- POWERCHINA SPEM will solicit customers using their existing and new customer base and be responsible for client receivables
- PGTC will expand it's operations within the offices of POWERCHINA SPEM in Shanghai as the Headquarters for Pacific Green Technologies Inc in South East Asia
- All profits will be shared 50/50 between PGTC and POWERCHINA SPEM
Pacific Green Technologies Inc., will also identify and source complimentary technologies with application to the PRC market that can access POWERCHINA SPEM's customers.
Neil Carmichael, Chief Executive of Pacific Green Technologies Inc., commented: "This Commercial Joint Venture Agreement marks a quantum leap for PGT's evolution and with the endorsement of an industry leader such as POWERCHINA SPEM we have now created a solid commercial platform to roll out our emissions control technologies internationally."
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 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
