{"id":69781,"date":"2022-08-11T05:09:09","date_gmt":"2022-08-11T05:09:09","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=96314"},"modified":"2022-08-11T05:09:09","modified_gmt":"2022-08-11T05:09:09","slug":"pacific-green-successfully-executes-its-transition-to-renewable-energy-recurring-income-model-and-announces-its-annual-report-for-year-ending-march-31-2022","status":"publish","type":"post","link":"https:\/\/jordannewsgazette.com\/pacific-green-successfully-executes-its-transition-to-renewable-energy-recurring-income-model-and-announces-its-annual-report-for-year-ending-march-31-2022\/","title":{"rendered":"Pacific Green Successfully Executes Its Transition to Renewable Energy Recurring Income Model and Announces Its Annual Report for Year Ending March 31, 2022"},"content":{"rendered":"
DOVER, DE \/ ACCESSWIRE \/ August 10, 2022 \/<\/strong> Pacific Green Technologies, Inc. (the “Company” or “Pacific Green”, (OTCQB:PGTK)) announces that it has successfully completed its first milestone in the process of diversifying and regularizing its income streams. Pacific Green is transitioning from a single technology equipment provider in the marine sector to an asset-driven “build-own-operate” renewable energy and battery energy storage system (“BESS”) development company, led by the financial close in June 2022 of its first 99.98 MW project at Richborough Energy Park, as part of Pacific Green’s 1.1 GW pipeline of BESS developments in the UK. In summary:<\/p>\n As part of this transition, along with tighter fuel spreads and COVID-19 pandemic logistical issues for the Company’s clients and suppliers in the marine sector, revenues have been reduced for the year ending March 31, 2022 to $15.44 million (FY21 revenue: $52.62 million) with a net loss for the year of US$10.75 million (FY21 net loss: US$1.81 million).<\/p>\n Within the stated losses includes a one-off, non-cash write-down of combined goodwill and intangible assets, totaling US$7.06 million against Chinese subsidiary Pacific Green Technologies (Shanghai) Co. Ltd. (formally Shanghai Engin Digital Technology Co. Ltd.) and Pacific Green Innoergy Technologies Ltd., acquired in 2019 and 2020, respectively.<\/p>\n The restatement of past financials noted in the Company’s year end filing reflects a change in the accounting treatment of the timing of revenue and expense recognition only, with no impact to cash flows, balances or the Company’s ability to undertake business development in the energy storage sector.<\/p>\n Over the past six months, the spread between high-sulphur and low-sulphur fuel oils has rebounded to exceed US$200 per ton. Pacific Green has witnessed a significant increase in new enquiries for its emissions control systems, commonly known as “scrubbers”, leading to further sales of the Company’s technology in the past months.<\/p>\n The Company has built out its BESS division, recruiting a world-class team of experts to create an industry leading platform to deliver its 1.1 GW pipeline in the UK and is now looking to expand the platform geographically.<\/p>\n Pacific Green has invested in its first 99.98 MW BESS project at Richborough Energy Park in the UK, supported by the Company’s 50% project equity partner, Green Power Reserves Limited, senior debt provided by Close Leasing Limited and energy optimization by Shell Energy Europe Limited. The development, Richborough Energy Park Limited, is currently in construction, with projected commercial operations commencing in June 2023.<\/p>\n During this period, the Company has funded the deposit to secure its second BESS development of 249 MW in the UK as part of the 1.1 GW pipeline.<\/p>\n About Pacific Green Technologies, Inc.:<\/strong><\/p>\n Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers Battery Energy Storage Systems and Concentrated Solar Power energy solutions to compliment its marine environmental technologies division.<\/p>\n\n