Bitech Technologies Provides Quarterly Shareholder Update with Growth Plan - Seite 2

According to the February 2022 report from Markets and Markets¹, “the global battery energy storage system market size is expected to grow from $4.4 billion in 2022 to $15.1 billion by 2027, at a CAGR of 27.9%”. The U.S. battery energy storage market was set to grow from 1.2GW in 2020 to nearly 7.5GW in 2025, driven primarily by large-scale utility procurements. Solar-paired storage will account for a large majority of these installations, and potentially the vast majority, as developers aim to capture value from the U.S. Investment Tax Credit and Carbon Credit.

To respond to this increasing demand while expanding our potential revenue options, the Company also plans to penetrate into the solar power plant market and partner with or acquire outdated, mid-field solar power plants in the U.S., especially in California and Texas, and implement state-of-the-art Battery Energy Storage Systems (BESS) to increase energy efficiency and monetize time peak shifting implementation with targeted customers ranging from 20MW to 500MW power capacity. Our planned containerized BESS solutions are expected to provide a high level of user-friendly and seamless integration, intelligent monitoring ability with multimode authorization for dynamic connection, ultimate safety features, and flexible application via modular design, while enhancing robustness for interference from external factors in the field.

“As we have an immediate plan to execute this new revenue-sharing strategy, Bitech Technologies is aiming to start negotiating with existing and inefficient solar power plant operators in California and Texas first to add on our planned low-cost BESS solutions in order to re-optimize the power capacity and balance the grid with intelligent time peak shifting control. We expect that our planned high efficient power saving implementation will be a win-win solution for all parties involved”, stated Dr. Benjamin Tran, Bitech Technologies CEO.

The Company is also looking into multiple new projects with EPC (Engineering, Procurement and Construction) partners in California, Arizona and Texas for the commercial and residential storage installations where we can be both technology and financial partners who can also provide project financing for selected projects.

We believe that the move to a lower-emission future requires multiple solutions with advanced technologies. As such, the Company also plans to allocate research and development funding in the third quarter of 2022 to further enhance our intellectual property portfolio with additional utility outside of cryptocurrency mining including, but not limited to, residential, electric vehicles (EV) and EV charging grid applications.