Pacific Green Technologies Appoints Besiktas Shipyard for First Envi-Marine Retrofit
SAN JOSE, CA / ACCESSWIRE / July 25, 2017 / Pacific Green Technologies Inc. ('Pacific Green') (OTCQB: PGTK) is pleased to announce that it has appointed Besiktas Shipyard in Turkey to complete the retrofit of the first Envi-MarineTM system on a 13,000t chemical tanker, the MT Westminster, owned by the leading shipping company, Union Maritime Limited.
The retrofit of the ENVI-MarineTM System on the Westminster will finish with the system installed at the end of July 2017 following a rapid turnaround time made possible by its unique flexibility which minimizes the system's footprint on the ship and greatly increases the ease of installation relative to comparable systems.
Besiktas Group is one of the leading ship repair and shipbuilding companies in Turkey and the shipyard is one of the most active ship repair yards in the Mediterranean region with over 150 dockings per annum.
Following the installation and immediate commissioning of the ENVI-MarineTM System, Pacific Green will be paid one million, nine hundred and fifty thousand US dollars (US$1.95m) under the terms of the Agreement entered into between Pacific Green and Union Maritime Limited ('UML') based upon the quarterly fuel savings the system generates while the Westminster operates in Sulphur Emission Control Area's. It is UML's intent to purchase up to a further ten ENVI-MarineTM Systems from Pacific Green over the next eighteen months subject to criteria.
This ENVI-MarineTM System was built in Shanghai, China by Pacific Green's strategic partner, POWERCHINA SPEM. Pacific Green is proactively seeking to source all of its manufacturing requirements through POWERCHINA SPEM, further building and developing on its existing relationship and commercial joint venture activities.
Neil Carmichael, Chief Executive of Pacific Green, commented, 'We evaluated numerous regional yards before appointing Besiktas Group. As a family run operation with over 150 ships being serviced at the yard every year, the retrofit of the Westminster is benefiting from their management expertise, professionalism, and depth and breadth of resource so we look forward to working with Besiktas as a long term installation partner in the region.'
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is focussed on addressing the world's need for cleaner and more sustainable energy.
Pacific Green has had over a decade of experience in designing, manufacturing and implementing flue gas emission control systems throughout the world.
Both on land and sea, Pacific Green has proved its more efficient patented design to be widely effective, compact, simple to install and cost beneficial both for new build and retrofit installations.
Pacific Green Technologies has the worldwide rights to the patented emission control systems branded ENVI-CleanTM ENVI-PureTM and ENVI-MarineTM.
For more information, visit Pacific Green's website:www.pacificgreentechnologies.com
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 China. With abundant resources, expertise, strong manufacturing capacity, domestic sales channels and rich experience, POWERCHINA SPEM is in a strong position to deploy Pacific Green's emission control systems throughout China and Southeast Asia.
Mr Lin Yongxiang Deputy General Manager, Chief Engineer POWERCHINA SPEM Co., Ltd.
Notice Regarding Forward-Looking Statements:
This news release contains 'forward-looking statements,' as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that Pacific Green's emission control systems have significant potential to be a market leader in China and that the MOU with POWRCHINA SPEM will result in sales and manufacturing of Pacific Green's emission control systems or that the ENVI-MarineTM system will prove to be successful once installed on the Westminster.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, and the continuation of the MOU with POWERCHINA SPEM resulting in definitive agreements. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE: Pacific Green Technologies, Inc.
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Company: Pacific Green Technologies Inc.
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