Pacific Green Technologies Inc. (OTCMKTS:PGTK) has announced entering into an agreement with Instalcom Limited, to be the primary contractor (Principal Contractor Agreement) for its 99.98 MW battery energy storage system (BESS) in development at Richborough Energy Park in Kent, England.
Market Action
On Tuesday, PGTK stock ended flat at $0.74 with 1K shares, compared to its average volume of 8.8K shares. The stock moved within a range of $0.7400 – 0.7400 after opening trade at $0.74.
Key Details
Scott Poulter, Pacific Green’s Chief Executive, has stated that Instalcom has an impressive track record spanning 30 years of delivering complex, large-scale energy infrastructure projects throughout the UK. They are indeed thrilled to have found a partner that has the resources and capabilities to extend support to Pacific Green as they swiftly scale up our battery energy park developments in the UK to 1.1 GW and beyond. Vince Bowler, Instalcom’s Managing Director, is delighted to offer support in the development and commencement of this low carbon technology project that will make a positive contribution to the UK’s Build Back Greener Net Zero Strategy.
The award of this Principal Contractor Agreement, along with the battery supply agreement previously signed with Shanghai Election Gotion New Energy Technology Co., Ltd., paves the way for construction that is slated to start in early July 2022.
Pacific Green has awarded Instalcom with an operations and maintenance contract too. The latter will provide comprehensive operations and maintenance services for Pacific Green’s Richborough Energy Park. This contract begins at the start of Richborough Energy Park’s commercial operations via the UK’s National Grid in June 2023.
Traders Note
PGTK stock is trading above the 10-Day and 20-Day Moving averages of $0.6360 and $0.6628 respectively. Moreover, the stock is trading in the oversold zone with RSI stands at 55.
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