US startup Bitech Technologies Corporation has received a Letter of Intent (LOI) from Vietnam''s Nam Viet Green Energy for solar and battery storage project financing and execution.
NASDAQ-listed Bitech delivers commercial and industrial (C&I) and residential renewable energy and battery storage solutions, focusing on areas including data centres and electric vehicle (EV) charging infrastructure.
The company said yesterday (8 May 2023) that the LOI is for the financing of "up to US$300 million" of selected solar PV and battery energy storage system (BESS) projects, which for Nam Viet Green Energy means expansion into the US – one of the world''s leading solar and storage markets.
Meanwhile, the deal could help the Vietnamese company to bring "many commercially viable and advanced technologies and new battery supplies to the burgeoning Asia region," Nam Viet CEO Nguyen Tan Hung said.
Nam Viet invests and co-invests into renewable energy projects, carries out EPC duties from design and supply of equipment to full construction, as well as operations and maintenance (O&M) for commissioned assets.
Bitech will select projects for the pair to work on. Nam Viet Green Energy would then – subject to its due diligence process and ability to executive definitive agreements with prospective target companies – seek to facilitate capital investment. That could be for equity investments or acquisitions, according to a release.
The US company has a slightly curious backstory. It was only founded in 2021 under a different name reflecting an interest in cryptocurrency mining. Following acquisition by a publicly-listed medical service and tech company called Spine Injury Solutions, the company was renamed Bitech Technologies, got its NASDAQ listing as it subsequently pivoted into clean energy solutions.
Its strategy now is to acquire or license promising technology solutions, in areas including vanadium flow batteries, thin-film solar PV and geothermal energy, as well as acquire or invest in BESS projects. The idea is, according to the company, to then apply its acquired technologies to projects and assets in its portfolio. It still retains an interest in bitcoin mining, too.
"Bitech''s focus in the United States renewable energy market and their commitment to expanding innovative green energy technologies and products, together with their US local regulatory understanding in the BESS business at the ground level makes them the ideal operating partner to help us forward our mission toward global expansion," Nam Viet CEO Nguyen Tan Hung said.
Energy-Storage.news’ publisher Solar Media will host the 1st Energy Storage Summit Asia, 11-12 July 2023 in Singapore. The event will help give clarity on this nascent, yet quickly growing market, bringing together a community of credible independent generators, policymakers, banks, funds, off-takers and technology providers. For more information, go to the website.
JinkoSolar has announced that it has entered into a partnership with one of Vietnam''s major module companies and signed the first batch of residential energy storage orders. For the Vietnamese market, the launch of JinkoSolar’s residential storage system will act as a strong support in the development of a local power infrastructure and provision of more stable electricity to meet residential needs.
JinkoSolar has been the No.1 supplier in terms of module shipments for three consecutive years in Vietnam, one of its most important overseas solar markets. The company''s brand value, product quality and professional service will pave the way for further product diversification in the market and domestic deployment of the “PV+” business model.
Residential energy storage systems meet customer needs for off-grid, on/off-grid switching and access to diesel generators. The battery covers a storage range of 7kWh-20kWh, with a single-phase or three-phase inverter option, and offers over 6,000 times life cycle warranty. The qualified IP65 protection level can deal efficiently with a high humidity environment. A pouch battery optimizes energy efficacy by about 10%-15%, when compared to a prismatic battery, and provides for better thermal performance when used in high-temperature conditions.
Owing to the self-generation and consumption characteristics of photovoltaic users, a matching energy storage system will foster closed-loop power consumption. This satisfies customer needs for high-efficiency power generation, flexible configuration and easy installation.
Miao Gener, JinkoSolar''s Chief Marketing Officer, commented: "For JinkoSolar, this is a milestone moment. As one of the fastest-growing photovoltaic markets in the world, we believe that energy storage will become an indispensable part of the Vietnam market. JinkoSolar will make every effort to lead the country into a new PV+ era.”
About Vietnam residential energy storage
As the photovoltaic (PV) industry continues to evolve, advancements in Vietnam residential energy storage have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Vietnam residential energy storage for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Vietnam residential energy storage featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
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