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Bitech Applied sciences Offers Q – GuruFocus.com

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Costa Mesa, CA, Might 16, 2022 (GLOBE NEWSWIRE) — Bitech Applied sciences Company (previously, Backbone Harm Options, Inc) [ SPIN] (the “Firm”), a worldwide expertise resolution supplier devoted to offering a collection of inexperienced vitality options with a spotlight in cryptocurrency mining and knowledge facilities at the moment broadcasts a shareholder replace after submitting our Quarterly Report (Kind 10-Q) with the U.S. Securities and Alternate Fee.

On Might 6, the Firm filed its quarterly report for the interval ended March 31, 2022 the place it confirmed a major enchancment in its present belongings, shareholder’s fairness and money movement. This report could be seen at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1066764/000149315222012341/form10-q.htm

In accordance with the College of Cambridge Heart for Various Finance, the US has grow to be the second largest bitcoin mining hub the place its bitcoin manufacturing has grown from simply 4% two years in the past to a stunning 17% of all new bitcoins after China having banned bitcoin manufacturing attributable to its vitality disaster attributable to huge bitcoin manufacturing. As bitcoin manufacturing continues with extra shortage through the years till 2040, our core enterprise technique is to supply an excellent cost-saving resolution to all bitcoin miners within the U.S. and overseas through the commercialization of our trade disruptive Tesdison expertise which supplies off-grid sustainable vitality manufacturing, implementable at any scale.

The Firm’s Board of Administrators has authorized a product commercialization plan with particular milestones to commercialize its Tesdison expertise with a major focus in cryptocurrency mining and knowledge facilities. The Tesdison commercialization plan contains engineering pattern improvement for large-scale crypto miners beginning with our Alpha manufacturing of 100KW Tesdison programs to be produced by a U.S.-based electrical system engineering producer, adopted by the deployment of those Alpha models on the take a look at websites of our preliminary potential prospects. We plan to observe our Alpha unit manufacturing with the Beta unit manufacturing after the incorporation of further studying and system replace for remaining Beta testing at our buyer websites. The Firm plans to have interaction with a particular world producer which focuses on energy technology to make sure highest high quality mass manufacturing of our future Tesdison programs.

In accordance with the February 2022 report from Markets and Markets1, “the worldwide battery vitality storage system market dimension is predicted to develop from $4.4 billion in 2022 to $15.1 billion by 2027, at a CAGR of 27.9%”. The U.S. battery vitality storage market was set to develop from 1.2GW in 2020 to almost 7.5GW in 2025, pushed primarily by large-scale utility procurements. Photo voltaic-paired storage will account for a big majority of those installations, and probably the overwhelming majority, as builders purpose to seize worth from the U.S. Funding Tax Credit score and Carbon Credit score.

To reply to this rising demand whereas increasing our potential income choices, the Firm additionally plans to penetrate into the solar energy plant market and accomplice with or purchase outdated, mid-field solar energy crops within the U.S., particularly in California and Texas, and implement state-of-the-art Battery Power Storage Techniques (BESS) to extend vitality effectivity and monetize time peak shifting implementation with focused prospects starting from 20MW to 500MW energy capability. Our deliberate containerized BESS options are anticipated to supply a excessive degree of user-friendly and seamless integration, clever monitoring capability with multimode authorization for dynamic connection, final security options, and versatile utility through modular design, whereas enhancing robustness for interference from exterior elements within the subject.

As we have now an instantaneous plan to execute this new revenue-sharing technique, Bitech Applied sciences is aiming to begin negotiating with present and inefficient solar energy plant operators in California and Texas first so as to add on our deliberate low-cost BESS options as a way to re-optimize the facility capability and stability the grid with clever time peak shifting management. We count on that our deliberate excessive environment friendly energy saving implementation will likely be a win-win resolution for all events concerned”, acknowledged Dr. Benjamin Tran, Bitech Applied sciences CEO.

The Firm can also be wanting into a number of new tasks with EPC (Engineering, Procurement and Building) companions in California, Arizona and Texas for the industrial and residential storage installations the place we could be each expertise and monetary companions who may also present mission financing for chosen tasks.

We consider that the transfer to a lower-emission future requires a number of options with superior applied sciences. As such, the Firm additionally plans to allocate analysis and improvement funding within the third quarter of 2022 to additional improve our mental property portfolio with further utility exterior of cryptocurrency mining together with, however not restricted to, residential, electrical autos (EV) and EV charging grid purposes.

Because the Firm actively pursues a brand new buyer base, it is usually seeking to determine further high-qualified impartial board members and enterprise improvement executives in our subject to enormously improve our administration staff, working towards constructing a world-class enterprise within the inexperienced vitality sector with an executable world enlargement plan specializing in cryptocurrency mining, knowledge facilities and renewable vitality initiatives.

As our identify change to Bitech Applied sciences Company has been effectuated earlier this month, the Firm is within the strategy of finishing its official identify change and ticker change process with The Monetary Business Regulatory Authority, Inc. (FINRA) to be mirrored within the OTC Markets within the close to future.

About Bitech Applied sciences Company

Bitech Applied sciences Company ( SPIN), previously referred to as Backbone Harm Options, Inc., is a worldwide expertise resolution supplier devoted to offering a collection of inexperienced vitality options with a concentrate on cryptocurrency mining and knowledge facilities. Aiming to resolve the exorbitant excessive value of electrical energy in cryptocurrency mining, Bitech plans to supply its Evirontek built-in platform together with its core expertise Tesdison, a revolutionary U.S. patented self-charging dual-battery system expertise offering excessive effectivity in energy technology. Bitech seeks enterprise partnerships with world crypto miners in bitcoin and Ethereum in addition to knowledge facilities and energy plant operators whereas participating with value-added resellers to facilitate and implement a scalable and modular system resolution. Our enterprise mannequin contains revenue-sharing and royalty through expertise licensing to attain carbon credit through scalable Tesdison expertise for a lot of prolonged purposes. For extra info, please go to www.bitech.tech.

Cautionary Be aware Relating to Ahead-Trying Statements

This information launch comprises statements that contain expectations, plans or intentions (resembling these regarding future enterprise or monetary outcomes) and different elements mentioned sometimes within the Firm’s Securities and Alternate Fee filings. These statements are forward-looking and are topic to dangers and uncertainties, so precise outcomes might range materially. You may determine these forward-looking statements by phrases resembling “might,” “ought to,” “count on,” “anticipate,” “consider,” “estimate,” “intend,” “plan” and different related expressions. Our precise outcomes might differ materially from these anticipated in these forward-looking statements on account of sure elements not inside the management of the Firm. The Firm cautions readers to not place undue reliance on any such forward-looking statements, which communicate solely as of the date made. The corporate disclaims any obligation subsequently to revise any forward-looking statements to mirror occasions or circumstances after the date of such statements or to mirror the prevalence of anticipated or unanticipated occasions.

Bitech Applied sciences Company
Investor Relations
Tel: 1.855.777.0888
Electronic mail: [email protected]

1 See: https://www.marketsandmarkets.com/Market-Reports/battery-energy-storage-system-market-112809494.html


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