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Tuesday, 26 January 2021, 22:00 HKT/SGT
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Source: Pacific Green Technologies Inc.
Pacific Green enters Framework Agreement with Sinopec for Projects Including Onshore and Offshore Wind Power, Photovoltaic Power and Comprehensive Energy Utilization

DOVER, DE, Jan 26, 2021 - (ACN Newswire) - Pacific Green Technologies, Inc. (OTCQB: PGTK) is pleased to announce wholly-owned subsidiary Pacific Green Technologies (Shanghai) Co. Ltd has signed a framework agreement (the Agreement) with SINOPEC Star Co., Ltd. (SINOPEC Star), a subsidiary of SINOPEC, the world's largest oil refining, gas and petrochemical conglomerate headquartered in Beijing, to provide design, development engineering and consulting services.

The Agreement provides for Pacific Green to work alongside SINOPEC Star on a portfolio of projects in the areas of Onshore and Offshore Wind Power, Photovoltaic Power and Comprehensive Energy Utilization, as SINOPEC seeks to expand its renewable energy portfolio. The Agreement is effective until 1 December 2022.

Scott Poulter, Pacific Green's Chief Executive commented: "The Framework Agreement covers a portfolio of exciting projects and it is a great honour to have been engaged to work alongside SINOPEC Star's excellent team."

Scott added: "Pacific Green's technologies, particularly in the solar power, desalination and battery energy storage system (BESS) sectors, provide the perfect solution to the world's growing demand for renewables and the increasing involvement of the oil majors in renewable and sustainable energy."

About Pacific Green Technologies, Inc.

Pacific Green Technologies Inc. is focused on addressing the world's need for cleaner and more sustainable energy. The Company offers BESS and Concentrated Solar Power (CSP) energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit PGTK's website: www.pacificgreentechnologies.com

About SINOPEC Star

SINOPEC Star is a subsidiary of SINOPEC, the world's largest oil refining, gas and petrochemical conglomerate headquartered in Beijing and listed in Hong Kong, its shares also being traded on the New York and Shanghai stock exchanges.

SINOPEC Star is based in Beijing and focused on clean energy such as geothermal, waste heat, solar energy and natural gas comprehensive utilization.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding Pacific Green's technologies, potential business developments around the world and future interest in our green technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the Agreement with SINOPEC Star, and the ongoing impact of the pandemic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

SOURCE: Pacific Green Technologies, Inc.

Topic: Press release summary
Source: Pacific Green Technologies Inc.

Sectors: Environment, Alternative Energy, Marine & Offshore
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