SAN JOSE, CA / ACCESSWIRE / April 18, 2018 / Pacific Green Technologies Inc. (‘PGT’) (OTCQB: PGTK) is pleased to confirm that its wholly owned subsidiary Pacific Green Marine Technologies Limited has signed an agreement with Union Maritime Limited to supply seven ENVI-MarineTM Exhaust Gas Scrubbing Systems for Union Maritime’s four new 45,999 DWT Chemical Tankers being built by Hyundai Marine Division in South Korea and three 64,000 DWT Bulk Carriers being built by COSCO in China.
The vessels will start to be delivered in the fall of 2018 with the last being delivered in early 2020.
The ENVI-MarineTM Exhaust Gas Scrubbers will be manufactured through PGT’s Joint Venture with Chinese Government owned PowerChina SPEM and installed in various yards in Asia.
Dr. Neil Carmichael, Chief Executive of PGT commented, ‘Following the retrofit of an ENVI-MarineTM Scrubber on Union’s ‘Westminster’ chemical tanker and its successful operating performance over the past six months this is a major endorsement that Union decided to choose our system on the newest ships in the Union fleet.’
Scott Poulter, Executive Director of PGT added, ‘We are very pleased to be working with Union to develop a strategy for installing scrubbers across the balance of Union’s fleet over the next 24 months and this agreement is the first step in that program.’
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.
Neil Carmichael, President and Director
Pacific Green Technologies
T: +1 (408) 538-3373
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, domestic sales channels and rich experience, POWERCHINA SPEM is in a strong position to deploy PGT technology throughout China.
Notice Regarding Forward-Looking Statements:
This news release contains ‘forward-looking statements,’ as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that PGT’s emission control system has significant potential to be a market leader in China.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, and the continuation of the JV with POWERCHINA SPEM resulting in definitive agreements. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE: Pacific Green Technologies, Inc.