Amigo Mike
2 월 전
Well this explains the pumping .....
>>>>>
Item 8.01 Other Events.
On August 6, 2024, the Registrant entered into an investor relations consulting agreement with MZHCI, LLC (“MZ”). The Registrant agreed to pay MZHCI a monthly cash fee of $7,000 pre-uplist and $10,000 post uplist to a major U.S. exchange, such as NASDAQ or the New York Stock Exchange. The initial term of the consulting agreement is six months. The Registrant also agreed to issue MZHCI an option to purchase 3,000,000 shares of the Registrant’s common stock. The Options will vest as follows: 1,000,000 options vested October 10, 2024, the date of grant, 1,000,000 Options will vest on August 6, 2025 and 1,000,000 Options will vest on February 6, 2026. Any unvested options will forfeit upon termination of the agreement. The exercise price of the Options will be $0.08 USD per share. The Options will expire five (5) years from the issuance date. If the consulting agreement is terminated, the Options will expire two (2) years from termination of the Agreement. Any underlying shares from the exercise of Options will not be publicly sold before August 1, 2025.
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Prep for reverse split and more dilution. Situations like this most of the time ... if it happens ..... results in a nice buzzcut for existing investors at RS/Raise. And usually involves bottom of the barrel IB.
Amigo Mike
AveragePenny
4 월 전
$BTTC Bitech Technologies Signs Term Sheet of $80 Million Investment Tax Credit for Its Flagship BESS Project
https://www.globenewswire.com/en/news-release/2024/09/05/2941246/0/en/Bitech-Technologies-Signs-Term-Sheet-of-80-Million-Investment-Tax-Credit-for-Its-Flagship-BESS-Project.html
Advances 100MW Capacity Battery Energy Storage System Project Toward Commercialization in Q2 2025
Newport Beach, CA, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Bitech Technologies Corporation (OTCQB: BTTC), (the “Company” or “Bitech”), an independent power provider developing utility-scale battery energy storage initiatives and innovative renewable solutions, today announced that its operating subsidiary Emergen Energy, LLC has signed a non-binding term sheet for a tax credit transfer agreement with a leading renewable energy investment firm for Project Redbird, Bitech’s flagship 100 Megawatt (MW) capacity Battery Energy Storage System (“BESS”) project in Fort Bend County, Texas.
The investment firm offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects, and has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs.
Under the term sheet, the investment firm will attempt to arrange for the transfer of up to $80 million of federal investment tax credits (ITCs) derived from Project Redbird from Bitech to one or more purchasers pursuant to Internal Revenue Code Section 6418. Project Redbird is anticipated to generate approximately $78 million of investment tax credits by the third quarter of 2025 based on a 50% investment tax credit as the result of the Inflation Reduction Act of 2022 (IRA). The transfer will be subject to one or more definitive transfer agreements with a prospective buyer or buyers.
“A tax credit transfer agreement would be an important milestone as we advance our flagship BESS project toward monetization,” said Benjamin Tran, Chairman and CEO of Bitech Technologies. “We are pleased to partner with a leading firm that has a stellar track record in renewable energy investments. In tandem with project equity investment or debt financing, we believe the tax credit transfer agreement will enable an initial Commercial Operation Date in the second quarter of 2025.”
Bitech expects to complete financing for its first two 100MW BESS projects in Texas in the second half of 2024 while expanding revenue opportunities with the U.S. Department of Energy. In early 2025, the Company expects to commence construction for its first two projects, finance a third project, and pursue strategic, joint venture opportunities. We believe that executing these near-term milestones will support Bitech’s future growth plans including the expansion of its BESS business from 1.96GW to 5GW over the next three to five years.
AveragePenny
4 월 전
Bitech Technologies (OTCQB: $BTTC ) Revolutionizes Grid Stability with Advanced Energy Storage and Smart Energy Solutions
https://thestreetreports.com/bitech-technologies-otcqb-bttc-revolutionizes-grid-stability-with-advanced-energy-storage-and-smart-energy-solutions/
Bitech Technologies Corporation (OTCQB: BTTC) is a leading independent power provider and renewable technology enabler, specializing in Battery Energy Storage Systems (BESS) to enhance grid stability and generate consistent, sustainable revenues. The company also offers advanced smart energy solutions such as microgrids, Energy Management Systems (EMS), and energy-efficient infrastructure for homes, buildings, campuses, and cities.
Expert Team and Industry Impact
Bitech’s diverse and experienced team excels in cleantech and renewable energy, with extensive expertise in solar and storage project development, financing, and EMS integration. Strong partnerships with regulatory bodies and utility operators nationwide ensure access to essential financing and tax credits, propelling the success of our utility-scale projects.
Strategic Portfolio, Financial Projections, and Market Focus
Bitech’s portfolio includes 1.965 GW of BESS projects and 1.4 GW of solar projects. A recent solar project sale, expected to generate $19.4 million, allows us to focus on expanding our BESS business. These systems store excess energy and release it during demand peaks, stabilizing the grid and ensuring reliable revenue. Our flagship 100 MW BESS project, set to be operational by mid-2025, is projected to have an NPV of $325 million. With the growing need for grid stability due to aging infrastructure and rising energy demand, Bitech is poised for significant growth as the U.S. BESS market rapidly expands.
Technological Innovation and Future Growth
Bitech leads the clean energy revolution by developing scalable solutions for smart grids, intelligent energy storage, and AI-powered data centers. Our recent patent application and strategic partnerships are designed to integrate next-generation energy storage into major U.S. energy grids. Bitech’s strong financial performance, including a 435% increase in cash reserves and a 9,656% surge in total assets, highlights our growth trajectory. With keen interest from investors and tax equity partners, we are on track to install up to 260 MW of BESS by 2025 and expand our portfolio to 5 GW in the coming years.
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$on_myMind
12 월 전
news out now " We, Bitech and Bridgelink, together, plan to continue to progress development of the projects by utilizing a Share Subscription Agreement we are finalizing for up to $250 Million , committed Letter of Intent for one of our late-stage BESS projects near Houston, TX for up to $100 Million , as well as securing the sale of the Incentive Tax Credits (ITC)."
trade4
2 년 전
Partial settlement of pending litigation, cancellation of 51,507,749 common shares, reduced dilution to shareholders, 8-k filing...
In the pending federal court litigation, BTTC announces (see 8-k just filed) settlement with Calvin Cao and SuperGreen, two (2) of the defendants in the recent filing in federal court, resulting in cancellation of said defendants' 51,507,749 shares of the company's stock being returned to BTTC's treasury, and effectively removing significant dilution of the current shareholders. Litigation continues against the remaining defendants, Michael Cao, B&B Investment Holding, LLC, and Linh Dao. Awaiting further developments as respects the remaining defendants (pending claims against them include embezzlement of company funds, IP conflict of interest, breach of fiduciary duties, and conspiracy with the other defendants who just settled).
Effective February 20, 2023, Bitech Technologies Corporation together with its wholly owned subsidiary Bitech Mining Corporation (collectively, the “Company”) entered into a Confidential Settlement, Mutual Release, and Share Transfer Agreement (the “C. Cao Settlement Agreement”) with Calvin Cao (“C. Cao”) and SuperGreen Energy Corporation (“SuperGreen,” together with C. Cao, the “C. Cao Parties”). The C. Cao Settlement Agreement settles as to the C. Cao Parties, the Company’s lawsuit as disclosed in its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 3, 2023 (the “Cao Lawsuit”). Pursuant to the C. Cao Settlement Agreement, the C. Cao Parties terminated the Patent & Technology Exclusive and Non-Exclusive License Agreement between Bitech Mining Corporation and SuperGreen dated January 15, 2021 as amended on January 15, 2021 and on March 26, 2022 (the “License Agreement”) and SuperGreen canceled 51,507,749 shares of the Company’s common stock, par value $0.001 per share issued by the Company to SuperGreen pursuant to the License Agreement. In addition, the parties to the Settlement Agreement agreed to a mutual general release of liabilities against each other, refrain from making any disparaging remarks about each other and the Company’s filing a dismissal with prejudice of the Cao Lawsuit as to the C. Cao Parties. The Settlement Agreement also contains additional covenants, representations and warranties that are customary of litigation settlement agreements. The Company intends to continue to pursue the Cao Lawsuit as to the remaining defendants in that case, namely Michael Cao, B&B Investment Holding, LLC and Linh Dao.
Link: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001066764/000149315223006013/form8-k.htm
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