Business
Pacific Green Further Expands Its Environmental Technologies Portfolio By Acquisition Into Concentrated Solar Power, Desalination and Waste to Energy
Pacific Green Further Expands Its Environmental Technologies Portfolio By Acquisition Into Concentrated Solar Power, Desalination and Waste to Energy.
About this update from Pacific Green Technologies Inc.
[{"type":"text","content":"\n DOVER, Del., Dec. 23, 2019 (GLOBE NEWSWIRE) -- Pacific Green Technologies Inc. (PGTK or the “Company”) (OTCQB: PGTK), owner of the industry leading ENVI-Marine™ and ENVI-Clean™ Exhaust Gas Scrubbing Systems, today announced the acquisition of 100% of Shanghai Engin Digital Technology Co. Ltd, a company incorporated and registered in China (“ENGIN”).  ENGIN is a development, design and engineering company focused primarily on Concentrated Solar Power (“CSP”), Salt Water Desalination and Waste to Energy technologies.  ENGIN has developed, designed and engineered three utility scale CSP operating reference plants in China and has a Desalination reference plant in Indonesia: Dunhuang 100MW Molten Salt Tower CSP Plant;CGN Delingha 50MW Parabolic Trough CSP Plant; andDunhuang 10MW Molten Salt Tower CSP Plant. In 2008 CSP accounted for just 0.5GW of world electricity generation rising to 5.5GW in 2018. Transactions The Company has acquired ENGIN through two separate transactions (the “Transactions”).  The Transactions will be funded by the Company’s own internal financial resources.  Over the next six months, ENGIN’s staff will be integrated into the Company’s existing nearby offices in Shanghai. Pacific Green Technologies Inc. (“PGTK”) has acquired 75% of the registered share capital of ENGIN, a company incorporated and registered in China (“ENGIN”), for maximum consideration of RMB 76,000,000.  The vendor of the 75% interest is Beijing Shouhang IHW Resources Saving Technology Company Ltd. (“Shouhang”), a company listed on the Shenzhen Stock Exchange in China. PGTK and Shouhang agreed and signed the transaction on December 20, 2019 (the “Shouhang Agreement”).  Consideration is payable as follows: RMB 41,000,000 payable on signing;RMB 15,000,000 payable on or before 20 March 2020;RMB 20,000,000 payable on successful completion of certain Performance Tests. Contemporaneously, PGTK has acquired 25% of the registered share capital of ENGIN from Mr Liu Tao and Ms Liang Qi (the “Vendors”) in a separate transaction for maximum consideration of RMB 2,000,000 and the issue of 125,000 new shares in the capital stock of PGTK.  PGTK and the Vendors agreed and sig...