Costa Mesa, CA, June 22, 2022 (GLOBE NEWSWIRE) — Bitech Technologies Corporation (formerly, Spine Injury Solutions, Inc) [OTCQB: SPIN] (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 the Company has signed a Letter of Intent to enter into a bilateral non-exclusive sales distribution partnership with Paladin Power, Inc. (“Paladin Power”).
The Letter of Intent outlines our plans to establish a business partnership in order to bring Tesdison technology to market for residential and commercial uses while exploring the potential application of Paladin Power’s Stackbatt™ battery line of products in conjunction with Tesdison technology and any of the Company’s next-generation technologies and/or products.
In addition, the Letter of Intent may result in a possible creation of a future contractual value-added reseller (VAR) relationship between Paladin Power and the Company. The primary components of this sales collaboration are expected to include the following:
- Explore market opportunity to have a rechargeable battery system for non-solar customers using the Company’s licensed and patented Tesdison technology.
- Work on co-developing new opportunities in commercial and residential utility markets where the Company’s solutions can be used in a fast growing residential market captured by Paladin Power.
- Test using Paladin Power’s Stackbatt™ battery and inverter technology with the Company’s Tesdison engineering system.
We believe the Letter of Intent signifies the beginning of a sales relationship between the two technology companies who plan to join forces to maximize the potential usage of each other’s technologies and solutions in several industry sectors including cryptocurrency mining as well as the commercial and residential utility applications.
“Paladin Power is planning to explore the application of the Tesdison technology under the guidance of Bitech Technologies in order to introduce this technologically advanced solution to our existing customer base. We believe Bitech provides a unique business proposition we are looking for in a win-win relationship”, commented Ted Thomas, CEO of Paladin Power.
According to Precedence Research report issued on April 20, 20221, the global renewable energy market size is expected to worth around USD 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. With the rising investments in the industrialization and urbanization, the demand for the sustainable energy is growing significantly across the globe.
A study from Allied Market Research published in January 2021 indicated that the global smart energy market size was valued at USD 124.0 billion in 2019, and is projected to reach USD 253.1 billion by 2027, growing at a CAGR of 9.6% from 2020 to 2027. Smart energy is a cost-effective, sustainable, and secure energy system, which focuses on sustainable energy production while reducing the production cost2.
1 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
2 See: https://www.alliedmarketresearch.com/smart-energy-market-A09434
“We are excited to work with Paladin Power to explore the opportunity to bring Tesdison technology to the residential utility arena while collaborating with Paladin’s technical team to consider innovating a new solution to maximize the off-grid energy markets using Stackbatt and Tesdison technology combined solution, aiming to provide enhanced power efficiency for every home in America”, stated Dr. Benjamin Tran, Bitech Technologies CEO.
About Bitech Technologies Corporation
Bitech Technologies Corporation (OTCQB: SPIN), formerly known as Spine Injury Solutions, Inc., is a global 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, and other renewable energy initiatives. Bitech seeks to offer its Evirontek Integrated Platform to resolve the exorbitantly high cost of electricity in crypto mining and related industries. Its core technology is Tesdison, a revolutionary U.S. patented self-charging dual-battery system technology providing increased efficiency in power generation. Bitech seeks business partnerships with renewable energy providers for various applications and engages with value-added resellers to facilitate and implement our scalable and modular system solution. For more information, please visit www.bitech.tech.
About Paladin Power, Inc.
Paladin Power, Inc. is a technology company that has developed a new all-in-one energy storage solution that comprises a stackable, scalable battery and stackable transformerless inverter that can power your entire home. The new Stackbatt™ bussing systems eliminate heavy, costly and dangerous wires with a new innovative way of connecting batteries by placing them and clicking into place for adding more energy capacity. This solution enables the battery compartment to achieve three to four times more energy in the same footprint, while greatly enhancing the round-trip efficiency of the battery to and from the inverter. Equally advanced and novel is the stackable, scalable inverters that simply slide-in, taking only seconds to install up to 21 KW of inverter power, from what used to take three people, several days to install similar inverter capacity using the older traditional inverters that are still in widespread use today. Paladin Power is located in California and desires to manufacture this new technology, including the battery in California for the national and global markets. For additional information about Paladin Power, visit its website at www.paladinpower.com.
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