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Pacific Green Executes Agreements Totalling an Estimated $79.6m to Supply Its Envi-Marine System for 52 Vessels Owned or Managed by Scorpio Tankers Inc. and Has Granted Options to Supply Up to a Further 28 Vessels
Pacific Green Executes Agreements Totalling an Estimated $79.6m to Supply Its Envi-Marine System for 52 Vessels Owned or Managed by Scorpio Tankers Inc. and Has Granted Options to Supply Up to a Further 28 Vessels.
About this update from Pacific Green Technologies Inc.
[{"type":"text","content":"\nSAN JOSE, Calif., Dec. 04, 2018 (GLOBE NEWSWIRE) -- Pacific Green Technologies Inc. (PGTK) (OTCQB: PGTK), owner of the ENVI-MarineTM Exhaust Gas Scrubbing System (System), is pleased to announce that its wholly owned subsidiary, Pacific Green Marine Technologies Inc. (PGMT), has executed an agreement to manufacture its System for 52 vessels owned or managed by SCORPIO TANKERS INC. (NYSE: STNG) (Agreements). \n The Agreements provide for 42 vessels in 2019 and 10 vessels in 2020.  Pricing is based on the size of each vessel’s exhaust gas emissions in accordance with PGTK’s Pricing Curve concept.  The Agreements are currently estimated to have a total value of USD$79.6m subject to further engineering studies.  In addition to the Agreements, PGMT and SCORPIO TANKERS INC. have executed a Framework Agreement whereby SCORPIO TANKERS INC. can elect for PGMT to design and engineer the System for up to a further 28 vessels in 2020 subject to certain criteria being met. PGTK’s partner, PowerChina SPEM Company Limited, will work alongside PGMT to ensure the successful execution of the project. About Pacific Green Technologies, Inc. Pacific Green Technologies Inc. is focused on addressing the world's need for cleaner and more sustainable energy. The company's strategy is to build through organic development and acquisition, a portfolio of patented competitive cutting-edge technologies designed to meet increasingly stringent environmental standards. For more information, visit PGT's website: www.pacificgreentechnologies.com About SCORPIO TANKERS INC. SCORPIO TANKERS INC. is a provider of marine transportation of petroleum products worldwide. SCORPIO TANKERS INC. currently owns or finance leases 109 product tankers (38 LR2 tankers, 12 LR1 tankers, 45 MR tankers and 14 Handymax tankers) with an average age of 3.3 years and time or bareboat charters‐in 13 product tankers (one LR2 tanker, five MR tankers and seven Handymax tankers). Additional information about SCORPIO TANKERS INC. is available at the website of SCORPIO TANKERS INC. http://www.scorpiotankers.com/ About POWERCHINA SPEM Co. Ltd POWERCHINA SPEM is a subsidiary of POWERCHINA, the largest power equipment manufacturer in the PRC and owned by the Chinese Government. With abundant resources, expertise, strong manufacturing capacity, dom...