SAN JOSE, CA / ACCESSWIRE / August 29, 2018 / Pacific Green Technologies Inc. ("PGT") (OTCQB: PGTK), owner of the ENVI-MarineTM Exhaust Gas Scrubbing System (System), has in conjunction with PGT's Joint Venture partner PowerChina SPEM developed an innovative fleet management agreement for Ship Owners to reserve production slots for their vessels on either a Fabrication or Fabrication plus Install basis (Fleet Management Pricing Agreement).
The Fleet Management Pricing Agreement enables Ship Owners to fix pricing for their fleet based on each vessel's exhaust gas emissions (the Pricing Curve) in situations where the Ship Owner does not yet know the phasing of System installs on their Fleet (on a vessel by vessel basis). The Fleet Management Pricing Agreement enables the Ship Owner to optimize chartering opportunities while at the same time ensuring they will be compliant with the new IMO Regulations (for SOX emissions) to be enforced on 1 January 2020 (IMO Regulations).
PGT will reset the Pricing Curve every 60 days to reflect increasing capacity constraints in both Manufacturing and Shipyard space due to the stricter IMO Regulations and the substantial increase in market demand for the System and for scrubbers in general. The Pricing Curve will next be reset on 1 September 2018 and every 60 days thereafter.
Neil Carmichael, PGT's Chief Executive commented, "The Fleet Management Pricing Agreement enables charterers and ship owners maximum flexibility as they can commit on the quantity of vessels but have flexibility to specify the exact ships much later with the substantial benefit of locking in advantageous pricing now."
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:
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 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.
Neil Carmichael, President and Director
Pacific Green Technologies
T: +1 (408) 538-3373
SOURCE: Pacific Green Technologies Inc.
Released August 29, 2018