Bitech Technologies Completes Due Diligence on BESS Projects to Prepare for a Business Combination

Newport Beach, CA, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Bitech Technologies Corporation [OTCQB: BTTC], (“the Company” or “Bitech”) a global technology solution provider dedicated to green energy solutions, is pleased to announce it has completed due diligence on the planned 23 Battery Energy Storage Systems (BESS) development projects (collectively, the “BESS Development Projects”) identified in the January 8, 2024 Letter of Agreement (the “LOA”) it entered into with Bridgelink Development LLC, a solar and energy storage development company based in Fort Worth, Texas (“Bridgelink” or “BLD”). The BESS Development Projects and the LOA are disclosed in a Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on January 12, 2024 (the “Form 8-K”). As previously disclosed in the Company’s January 12, 2024 press release and the Form 8-K, the LOA provides for a business combination between the Company and Bridgelink, whereby the Company plans to complete development of a total 5.8 gigawatt (GW) pipeline of combined BESS and solar utility power and procurement of key resources. 

Following completion of its core due diligence and its investigation and analysis of Bridgelink's BESS Development Projects, Bitech has developed a solid, basic understanding of the BESS Development Projects and Bridgelink's plans and strategies as to those projects, as well as how they are expected to affect the Company’s future prospects, following the completion of the proposed transactions.

Further, we continue to believe that the 1.965 gigawatt (GW) pipeline of BESS Development Projects hold significant potential value and that the Bridgelink management team driving them possess a solid understanding and experience in developing these types of projects. Furthermore, they have also engaged competent vendors and consultants who bring their expertise to assist in the pursuit and execution of these projects. Additionally, a closer examination reveals that these projects are being executed in a proficient manner, reflecting the team's capabilities and diligence. Overall, based on our findings and assessment, it can be concluded that these projects are progressing effectively under the guidance of experienced professionals.