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SAN JOSE, Calif., July 11, 2019 (GLOBE NEWSWIRE) -- Pacific Green Technologies Inc. (the “Company”, OTCQB: PGTK), developer of the ENVI-Marine™ emission control system, today announces that Scorpio Tankers Inc. (“Scorpio Tankers”) has confirmed that it has ordered a further 14 ENVI-Marine™ emission control systems (the “Systems”) for vessels it owns or manages in 2020, at a combined cost of USD$20.3m. The order is on top of the 52 Systems already ordered by Scorpio Tankers, as announced in December 2018. The Systems that are being fitted are a ‘hybrid ready’ design, which allows them to be upgraded to a ‘closed loop’ configuration at a future date.
Pacific Green Technologies Executive Director Scott Poulter said:
“This is a further vote of confidence in Pacific Green Technologies and our ability to build our marine scrubbers on time and on budget. Scorpio Tankers has invested in the latest generation of fuel-efficient vessels and the hybrid-ready ENVI-Marine™ system will give the company the return-on-investment and flexibility it needs to face the complexities of IMO 2020.”
Pacific Green Technologies has the scale and manufacturing ability to deliver large orders thanks to its partnership with PowerChina SPEM. PowerChina is one of the world’s largest engineering procurement construction companies with 2018 revenues of $59.93 billion.
“We are one of the few marine scrubbing companies with the scale to fulfill major orders. We now have an order book in excess of USD$200m and the technical know-how, the people and the facilities to manufacture our Systems on a large scale,” added Scott Poulter.
The ENVI-Marine™ system is a new generation of scrubbing technology with no moving parts. Using a patented TurboHead™ process, flue gases are quenched and cleaned by frothing through pure seawater and then discharged as harmless salts.
ENVI-Marine™ systems are fully flexible and can be supplied as open loop, open loop hybrid-ready and full hybrid systems capable of both open and closed mode operation. For vessels running heavy fuel oil, this system offers industry-leading ROI and will clean the exhaust to international emission standards and beyond into the future.
Issued by Navigate PR on behalf of Pacific Marine Technologies
About Pacific Green Technologies, Inc
In support of the world’s need for cleaner and more sustainable energy, Pacific Green Technologies has developed a portfolio of patented, emission control technologies that remove pollutants from marine engine, power plant and waste incinerator exhaust streams to meet increasingly stringent environmental standards. Pacific Green solutions utilize its patented “TurboHead Technology™” which enables a more thorough mixing of exhaust gases and a chosen reagent solution that delivers more effective contaminant removal in a system that is both smaller and more efficient to build and operate.
Pacific Green formed a strategic joint venture with PowerChina SPEM, a unit of China's largest engineering, procurement, and construction firm, to support the manufacture, design, and installation of its solutions on a global scale, while also serving as an in-country sales agent for commercial opportunities in mainland China.
For more information: www.pacificgreentechnologies.com
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 Pacific Green’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 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.
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