Bitech Technologies, a provider of green energy solutions, has signed a definitive agreement for a business combination with Emergen Energy, a subsidiary of US-based solar and energy storage project development company Bridgelink Development.

Emergen now has the rights to develop a portfolio of battery energy storage system (BESS) projects with a total storage capacity of 1.96GW, and the rights to develop a portfolio of solar energy development projects with a total capacity of 3.84GW.

The agreement highlights a shared commitment to propel the development of green energy projects across Texas, Arizona and Louisiana.

Bitech will gain full ownership of Emergen, while Bridgelink will hold 31.3% of Bitech's common stock.

Bitech will maintain its current name and ticker symbol, and its leadership team will remain, complemented by new executive members from Bridgelink.

The newly formed entity will operate two divisions. The BESS and solar division will focus on the execution of development projects, while the technology solutions and acquisition division will concentrate on sales and growth through strategic acquisitions.

Bitech and Bridgelink will collaborate on corporate development and capital expansion initiatives.

Their shared objective includes funding the newly acquired development projects and working towards an uplisting to the NASDAQ stock exchange.

Benjamin Tran will continue as chairman of the board of directors and interim CEO of Bitech Technologies, while Cole Johnson will be appointed as Bitech's president, tasked with leading the BESS and solar division of the company.

Bitech Technologies CEO Benjamin Tran stated: “This business combination is a demonstration of a mutually advantageous partnership to benefit our shareholders. Through the combination of our complementary strengths, we are establishing a powerful new alliance that is expected to result in rapid growth for a thriving future with the addition of these remarkable development projects.

“We believe that we will be able to secure the needed financing for the projects that, following their launch, have a potential valuation of up to $325m based on net present values of potential cash flows using industry-standard multiples and discount rates.”

The completion of the merger is expected by 24 April 2024.