Pacific Green Technologies (PGTK) Closes Additional $79.6 Million in Commercial Retrofits

Home » CEO Interviews » Pacific Green Technologies (PGTK) Closes Additional $79.6 Million in Commercial Retrofits

In this episode, we’re joined again by Mr. Scott Poulter, who is heading up Business Development internationally for Pacific Green Technologies, ticker PGTK.

Pacific Green Technologies Inc. (PGTK), owner of the ENVI-MarineTM Exhaust Gas Scrubbing System (System), has just announced that its wholly owned subsidiary, Pacific Green Marine Technologies Inc. (PGMT), has executed an agreement to manufacture its System for 52 vessels owned or managed by SCORPIO TANKERS INC. (STNG) (Agreements).

The Agreements provide for 42 vessels in 2019 and 10 vessels in 2020. Pricing is based on the size of each vessel’s exhaust gas emissions in accordance with PGTK’s Pricing Curve concept. The Agreements are currently estimated to have a total value of USD$79.6m subject to further engineering studies.

PGTK has developed a patented portfolio of Emissions Control Technologies for use in both power plant and marine applications.

They have a veteran management team and a global footprint with offices in the U.S., Europe, and China.

They have recently brought to market the most cost-effective technology to date to help large ships with Category 3 diesel engines – reduce emissions and meet the new, stricter IMO Regulatory standards rolling out in 2021.

By 2021, sulfur in marine fuel must be reduced by 90% – although this new distilled fuel may be double the price of current low-grade fuels.

So large fleet owners are going to be on the look-out for alternative technologies to help them comply with new emissions standards and save money.

With an addressable market of over 90,000 cargo ships any company that comes up with a technology like this and has a management team with some background in the shipping industry could do very well for its investors.

In our opinion, that company is Pacific Green Technologies, ticker PGTK.

They’ve developed a portfolio of Emissions Control Technologies for use in power plants that was originally designed for marine applications.

In September of this year, they signed an agreement for $29.4 million with Union Maritime Limited for 16 ships, another agreement in November with Landbridge for $9.2 million, another with Ridgebury Holdings for $17.9 million for 6 ship and most recently an agreement with Scorpio Tankers for $79.6 million for 52 vessels.

With their field-tested and proven technology now hitting the market and the new IMO Regulations looming on the horizon the world’s commercial shipping fleets will be under increasing pressure to get their vessels ready.

Right now Pacific Green Technologies is positioned to take a major share of that business and its shareholders will benefit greatly.

To learn more about them please visit their website at www.pacificgreentechnologies.com.

Forward-Looking Statements

This CEORoadshow.com video interview contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include failure to meet schedule or performance requirements of the Company’s contracts, the Company’s ability to raise sufficient development and working capital, the Company’s liquidity position, the Company’s ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur as planned or at all.

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Author: Mike Elliott

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