Costa Mesa, CA, Might 16, 2022 (GLOBE NEWSWIRE) — Bitech Applied sciences Company (previously, Backbone Damage Options, Inc) [OTCQB: SPIN] (the “Firm”), a world know-how resolution supplier devoted to offering a collection of inexperienced power options with a spotlight in cryptocurrency mining and knowledge facilities right this moment publicizes a shareholder replace after submitting our Quarterly Report (Kind 10-Q) with the U.S. Securities and Change Fee.
On Might 6, the Firm filed its quarterly report for the interval ended March 31, 2022 the place it confirmed a major enchancment in its present belongings, shareholder’s fairness and money movement. This report might be seen at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1066764/000149315222012341/form10-q.htm
In line with the College of Cambridge Heart for Various Finance, america has develop into the second largest bitcoin mining hub the place its bitcoin manufacturing has grown from simply 4% two years in the past to a stunning 17% of all new bitcoins after China having banned bitcoin manufacturing attributable to its power disaster brought on by large bitcoin manufacturing. As bitcoin manufacturing continues with extra shortage through the years till 2040, our core enterprise technique is to supply an excellent cost-saving resolution to all bitcoin miners within the U.S. and overseas by way of the commercialization of our business disruptive Tesdison know-how which supplies off-grid sustainable power manufacturing, implementable at any scale.
The Firm’s Board of Administrators has authorized a product commercialization plan with particular milestones to commercialize its Tesdison know-how with a main focus in cryptocurrency mining and knowledge facilities. The Tesdison commercialization plan consists of engineering pattern improvement for large-scale crypto miners beginning with our Alpha manufacturing of 100KW Tesdison methods to be produced by a U.S.-based electrical system engineering producer, adopted by the deployment of those Alpha items on the check websites of our preliminary potential prospects. We plan to comply with our Alpha unit manufacturing with the Beta unit manufacturing after the incorporation of further studying and system replace for closing Beta testing at our buyer websites. The Firm plans to interact with a specific international producer which makes a speciality of energy era to make sure highest high quality mass manufacturing of our future Tesdison methods.
In line with the February 2022 report from Markets and Markets1, “the worldwide battery power storage system market measurement is predicted to develop from $4.4 billion in 2022 to $15.1 billion by 2027, at a CAGR of 27.9%”. The U.S. battery power storage market was set to develop from 1.2GW in 2020 to almost 7.5GW in 2025, pushed primarily by large-scale utility procurements. Photo voltaic-paired storage will account for a big majority of those installations, and probably the overwhelming majority, as builders purpose to seize worth from the U.S. Funding Tax Credit score and Carbon Credit score.
To answer this growing demand whereas increasing our potential income choices, the Firm additionally plans to penetrate into the solar energy plant market and associate with or purchase outdated, mid-field solar energy crops within the U.S., particularly in California and Texas, and implement state-of-the-art Battery Vitality Storage Programs (BESS) to extend power effectivity and monetize time peak shifting implementation with focused prospects starting from 20MW to 500MW energy capability. Our deliberate containerized BESS options are anticipated to supply a excessive degree of user-friendly and seamless integration, clever monitoring means with multimode authorization for dynamic connection, final security options, and versatile software by way of modular design, whereas enhancing robustness for interference from exterior components within the discipline.
“As we’ve a right away plan to execute this new revenue-sharing technique, Bitech Applied sciences is aiming to start out negotiating with present and inefficient solar energy plant operators in California and Texas first so as to add on our deliberate low-cost BESS options with the intention to re-optimize the facility capability and stability the grid with clever time peak shifting management. We anticipate that our deliberate excessive environment friendly energy saving implementation can be a win-win resolution for all events concerned”, acknowledged Dr. Benjamin Tran, Bitech Applied sciences CEO.
The Firm can also be trying into a number of new initiatives with EPC (Engineering, Procurement and Building) companions in California, Arizona and Texas for the industrial and residential storage installations the place we might be each know-how and monetary companions who also can present venture financing for chosen initiatives.
We imagine that the transfer to a lower-emission future requires a number of options with superior applied sciences. As such, the Firm additionally plans to allocate analysis and improvement funding within the third quarter of 2022 to additional improve our mental property portfolio with further utility outdoors of cryptocurrency mining together with, however not restricted to, residential, electrical autos (EV) and EV charging grid functions.
Because the Firm actively pursues a brand new buyer base, it is usually seeking to determine further high-qualified unbiased board members and enterprise improvement executives in our discipline to enormously improve our administration workforce, working towards constructing a world-class enterprise within the inexperienced power sector with an executable international growth plan specializing in cryptocurrency mining, knowledge facilities and renewable power initiatives.
As our title change to Bitech Applied sciences Company has been effectuated earlier this month, the Firm is within the strategy of finishing its official title change and ticker change process with The Monetary Trade Regulatory Authority, Inc. (FINRA) to be mirrored within the OTC Markets within the close to future.
About Bitech Applied sciences Company
Bitech Applied sciences Company (OTCQB: SPIN), previously often known as Backbone Damage Options, Inc., is a world know-how resolution supplier devoted to offering a collection of inexperienced power options with a give attention to cryptocurrency mining and knowledge facilities. Aiming to resolve the exorbitant excessive value of electrical energy in cryptocurrency mining, Bitech plans to supply its Evirontek built-in platform together with its core know-how Tesdison, a revolutionary U.S. patented self-charging dual-battery system know-how offering excessive effectivity in energy era. Bitech seeks enterprise partnerships with international crypto miners in bitcoin and Ethereum in addition to knowledge facilities and energy plant operators whereas partaking with value-added resellers to facilitate and implement a scalable and modular system resolution. Our enterprise mannequin consists of revenue-sharing and royalty by way of know-how licensing to realize carbon credit by way of scalable Tesdison know-how for a lot of prolonged functions. For extra info, please go to www.bitech.tech.
Cautionary Notice Concerning Ahead-Trying Statements
This information launch accommodates statements that contain expectations, plans or intentions (equivalent to these regarding future enterprise or monetary outcomes) and different components mentioned every so often within the Firm’s Securities and Change Fee filings. These statements are forward-looking and are topic to dangers and uncertainties, so precise outcomes could range materially. You possibly can determine these forward-looking statements by phrases equivalent to “could,” “ought to,” “anticipate,” “anticipate,” “imagine,” “estimate,” “intend,” “plan” and different comparable expressions. Our precise outcomes may differ materially from these anticipated in these forward-looking statements because of sure components not inside the management of the Firm. The Firm cautions readers to not place undue reliance on any such forward-looking statements, which communicate solely as of the date made. The corporate disclaims any obligation subsequently to revise any forward-looking statements to mirror occasions or circumstances after the date of such statements or to mirror the prevalence of anticipated or unanticipated occasions.
Bitech Applied sciences Company