Bitech Technologies signs letter agreement to acquire BLD's renewable energy development portfolio

Bimergen Energy Corp

BTTC to issue 222,222,000 shares (31.8% pro forma) for BESS and solar projects: ≥1.965 GW BESS, ≥3.84 GW solar.
Capital infusion of at least $50M required before closing; 45-day due diligence period and 30-day exclusivity period.
Benjamin Tran becomes Executive Chairman & interim CEO; Cole Johnson becomes President of BESS & Solar Division.
Tran receives 20M-share options; Johnson receives 68M-share options; both with 5-year vesting at escalating exercise prices.
Closing conditions include audit, NASDAQ uplisting commitment, DTC eligibility, and supply agreements for ≥250 MW batteries.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bimergen Energy Corp entered into Letter Agreement with Bridgelink Development, LLC and C & C Johnson Holdings LLC (effective 2024-01-08).

Action: entry
Agreement: merger
Counterparty: Bridgelink Development, LLC and C & C Johnson Holdings LLC
Effective: 2024-01-08

Exact text from the filing

On January 8, 2024, Bitech Technologies Corporation, a Delaware corporation (the “Company”) and Bridgelink Development, LLC, a Delaware limited liability company who is a solar and energy storage development company based in Fort Worth, Texas (“BLD”) and, C & C Johnson Holdings LLC, the sole member of BLD (the “Member”), with the Company, BLD and the Member are collectively referred to as the “Parties” and individually as a “Party,” entered into a Letter Agreement (the “Letter Agreement”) for a business combination.

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Bimergen Energy Corp filing history →

Source: SEC EDGAR

accession 0001493152-24-002139

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