By: Dylan Sikes - AllPennyStocks.com News

Monday, April 11, 2016

According to a report by the International Energy Agency (IEA), renewable energy is expected to represent the largest single source of electricity growth over the next five years. The IEA noted that this will be driven by falling costs and aggressive expansion in emerging economies. The IEA expects renewable electricity additions over the next five years to top 700 gigawatts (GW). This is more than twice Japan’s current installed power capacity, according to the IEA report. The report further notes that the share of renewable energy in global power generation will rise to over 26% by 2020 from 22% in 2013.

The robust outlook for the renewable energy market augurs well for Pacific Green Technologies Inc. (OTCQB:PGTK). Based in San Jose, California, Pacific Green Technologies is focused on addressing the world’s need for cleaner and more sustainable energy. PGTK’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.

This morning, Pacific Green announced the sale of an ENVI-Clean(TM) Emissions Control system to Yancheng Lainxin Steel Company Limited with its joint venture partner POWERCHINA SPEM Co. Limited. The company said that the sale forms part of POWERCHINA SPEM’s overall Engineering Procurement Construction (EPC) contract to supply, manufacture and install a 93MWe Combustion Gas Power Plant.

The ENVI-Clean system will be manufactured and installed at the Steelworks based in the Jiangsu province, Northwest of Shanghai. The system will be supplied at the cost of RMB10,000,000 making up part of the overall approximately RMB200 million EPC contract.

According to the terms of the agreement signed back in November 2015, PGTK will design, engineer and commission the ENVI-Clean System and POWERCHINA SPEM will manufacture and install it whereupon the profits will be shared 50/50.

Alex Shead, CEO at Pacific Green Technologies China Limited, said that the first sale in China is a turning point for PGTK both in Asia and internationally. Shead further said that in the first quarter of 2016, the company has successfully recruited Edward Li, one of China’s most respected emissions experts as its chief engineer for PGT China, moved into its joint venture offices in Shanghai, and is now quoting over 440MWe of ENVI-Systems for numerous customers in China.

Neil Carmichael, CEO at Pacific Green Technologies, said that the focus on the JV was a very conscious strategic decision so PGTK could build its R&D, engineering and design capabilities in Shanghai with the support of POWERCHINA SPEM.

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