Costa Mesa, CA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Bitech Technologies Corporation [OTCQB: BTTC] (the “Company”), a global technology solution provider dedicated to providing a suite of green energy solutions with a focus in cryptocurrency mining, data centers and other renewable energy initiatives today announces developments reshaping its business strategy for accelerated growth in the green energy market.
According to Precedence Research, the global renewable energy market size is expected to worth around $1.998 trillion by 2030 and growing at a CAGR of 8.6% from 2022 to 2030. The rising government and corporate investments towards the adoption and deployment of the renewable energy sources in the industrial and commercial sectors is driving the growth of the renewable energy market. The rising technological advancements are fueling the demand for the renewable energy sources as the costs of the renewable energy are declining.1
The cryptocurrency mining market was valued at $2.285 trillion in 2021 and is expected to reach $5.293 trillion by 2028 with a CAGR of 28.5% over the forecast period, as reported by Brand Essence Market Research in July 2022. 2 Though the industry is very big, major cryptocurrency prices have recently fallen to record lows while the price of energy is peaking. Unless miners have access to low-cost electricity, they are now facing difficulty from two directions - high energy costs and lower revenue for generating major cryptocurrencies like Bitcoin and Ethereum.
The Company’s management team attended the 2022 Mining Disrupt Conference last week in Miami, Florida to explore new opportunities and reshape its business strategy. During the course of our corporate development, the Company’s management team has envisioned that its growth plan needs to be executed in four pillars of growth as below:
1) IP Portfolio Growth Plan
As we aim to continually evolve in our green energy technology direction, the Company plans to enhance its intellectual property portfolio in various innovative renewable energy solutions outside of the initial Tesdison technology application for the cryptocurrency mining sector. The primary focus of our research and development will be innovating and developing new technology solutions to be applicable not only for cryptocurrency mining but also for electric vehicle infrastructure, and residential/commercial utility businesses. We also actively seek globally appealing technologies in the area of renewable energy to acquire or partner with and commercialize those technologies via our working partnership with CleanTek Venture Capital (CleanTek VC), a clean tech investment and advisory firm in Newport Beach, California. CleanTek VC plans to assist the Company in deal flow, technology due diligence, valuation, negotiation and potential mergers and acquisitions.
2) Revenue Growth Plan
The Company plans to enter the Battery Energy Storage System (BESS) business with a two-pronged approach: (a) become a Resource Entity (RE) operating our own state-of-the-art BESS power plants in order to re-optimize the power capacity and balance the grid with intelligent time peak shifting control; and (b) penetrate into the solar power plant market and partner with or acquire operators of outdated, mid-field solar power plants in the U.S., especially in California, Texas and Arizona, to implement our BESS solution to be designed to increase energy efficiency and monetize time peak shifting implementation with targeted power plants ranging from 20MW to 500MW.
The Company is also seeking post revenue companies with the same corporate vision in order to acquire and build up via capital infusion to accelerate their growth strategy. While working with our existing global capital partners aggressively seeking good returns in investment in the United States, we plan to be a new energy technology enabler for renewable infrastructure projects, allowing us to acquire other renewable energy providers who are obsolete. In effect, we are exploring more paradigmatic partnership opportunities via business collaborations with income-producing renewable infrastructure projects that require new technology implementation to enhance revenue and increase profit level, beneficial to all.
3) Capital Market Growth Plan
The Company has recently identified a few practicable acquisition and intelligible partnership opportunities to accelerate its growth. We are in the process of screening strategic candidates while working diligently with our capital partners and optimizing our capital market process with new corporate strategies in market awareness of our evolving technology solutions and corporate growth.
In addition, we have recently engaged with a reputable Nasdaq-listed service provider to assist us in capital market growth and implementing new media strategies for long term and sustainable growth in our current and planned businesses.
4) Human Capital Expansion Plan
The Company has derived a competitive compensation structure to optimize our human capital strategy via accelerated management enhancement plan. The Company plans to recruit more talented, committed, and experienced team members with deep expertise in green energy to help with its intellectual property portfolio build-out and business execution as we seek to expand our business in related industry sectors that demand more energy efficiency.
“At Bitech, we are the engineer of opportunities, and the catalyst of growth. Our plan is to continue to build our business operation with justifiable growth plans in IP portfolio enhancement, revenue initiatives, capital market, and human capital expansion. Our management team is strongly committed to realize our vision to build Bitech from a humble beginning to a global icon,” stated Benjamin Tran, CEO of Bitech Technologies.
1 See: https://www.alliedmarketresearch.com/renewable-energy-market
2 See: https://www.globenewswire.com/en/news-release/2022/04/20/2425276/0/en/Renewable-Energy-Market-Size-to-Worth-Around-US-1-998-03-Bn-by-2030.html
About Bitech Technologies Corporation
Bitech Technologies Corporation (OTCQB: BTTC), is a technology solution provider dedicated to providing a suite of green energy solutions with a focus on cryptocurrency mining, data centers, commercial and residential utility, electric vehicle infrastructure, and other renewable energy initiatives. Bitech seeks to offer its Evirontek Integrated Platform to resolve the exorbitantly high cost of electricity in cryptocurrency mining and related industries. Bitech innovates energy technologies through research and development, planned acquisitions of other related technologies and plans to become an operator in Battery Energy Storage System solutions, seeking business partnerships with renewable energy providers for various applications. We also seek to engage with value-added resellers to facilitate and implement our scalable and modular system solutions. For more information, please visit www.bitech.tech.
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Bitech Technologies Corporation