SAN JOSE, CA / ACCESSWIRE / November 16, 2018 / Pacific Green Technologies Inc. (PGT) (OTCQB: PGTK), owner of the ENVI-Marine TM Exhaust Gas Scrubbing System, is pleased to announce that its wholly owned subsidiary, Pacific Green Marine Technologies Inc. (PGMT), has executed an agreement for US$17.9m to manufacture and install ENVI-MarineTM Systems on six vessels owned by Ridgebury Holdings LLC.
PGT's JV partner, PowerChina SPEM Company Limited, will manufacture the systems at one of its factories in Wuxi, China with CSSC Chengxi Shipyard, Shanghai, China installing between June and September 2019 in advance of the IMO legislations for stricter sulphur emissions standards that come into force on 1 January 2020.
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.
Ridgebury is a dynamic and resourceful company with a growing fleet of crude and refined-product tankers.
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.
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.
SOURCE: Pacific Green Technologies Inc.