SAN JOSE, CA – February 7th, 2017 - Pacific Green Technologies Inc. (“PGT”)
(OTCQB: PGTK) is pleased to confirm that it has completed manufacturing the first ENVI-Marine™ scrubber on schedule for installation on Union Maritime’s chemical tanker “Westminster.”
This ENVI-Marine™ System is currently in transit from the Port of Shanghai in shipments that departed on January 22nd and 29th 2017 en-route to Senegal, West Africa for installation under the terms of the Energy Management Lease Agreement entered into by PGT and Union Maritime Limited (UML) on December 9th 2016, with the intent that UML purchase a further ten systems.
PGT’s system was manufactured by it’s joint venture partner, POWERCHINA SPEM in one of its leading fabrication facilities in Shanghai and was supervised by PGT’s engineers.
Dr. Neil Carmichael, Chief Executive of PGT and Chairman of Pacific Green Technologies Marine Ltd, commented:
“The tight timetable this system was engineered and manufactured in demonstrates the competitive advantage that PGT has with its joint venture partner PowerChina SPEM in being able to service this rapidly expanding industry.”
Under the terms of PGT’s Energy Management Lease Agreement with UML, the chemical tanker “Westminster” will operate in IMO regulated Sulphur Emission Control Areas (“SECA”) for a minimum of 140 days per annum whereby PGT will be paid the benefit of the daily fuel savings of approximately US$2,500 per day until PGT has received US$1.95 million.
Dr. Carmichael further added:
“The ENVI-Marine™ is perfectly suited to be retrofitted onto existing ships and coupled with PowerChina SPEM’s unrivalled production capacity, PGT is uniquely positioned to become market leader in the marine exhaust scrubbing market.”
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.
Released February 7, 2017