BRIGHT GREEN ANNOUNCES ITS EXPANSION CONTINUATION WITH A $100 MILLION SOLAR POWERED GENERATION FIELD TO SUPPLY HEAT AND ELECTRICITY TO ITS DRUG PRODUCTION AND MANUFACTURING FACILITY.
14 März 2024 - 2:00PM
Bright Green Corporation (Nasdaq: BGXX) (“Bright Green” or the
“Company”) Today announced that BGXX will install a 102-megawatt
solar field to power the electricity and heating requirements for
the new $250 million Dalsem expansion project and commits to switch
the existing facility that currently burns natural gas and heavy
oil to solar. This ensures that the BGXX production and drug
manufacturing requirements in Grants, New Mexico are carbon
neutral.
The company started the bid process and is
working with several Solar Installation Companies domiciled in New
Mexico to install a 102-Megawatt Solar Power Generation field.
The successful bid will also include a Power
Purchase Agreement from local utilities to purchase the excess
power during peak times. The Company has committed and will install
three high efficiency boilers manufactured from Precision Boilers,
LLC in Morristown, Tennessee for their high efficiency 40 megawatt
boilers to be powered by the new solar field. The electric boilers
will heat hot water that is stored in massive hot water storage
tanks at 200 degrees to be used for the heating requirements during
low sun periods.
The VP panels will be manufactured from
Singapore based Maxeon Solar Technologies for the new
state-of-the-art solar manufacturing plant in Albuquerque, New
Mexico.
BGXX has committed to clean renewable energy to
supply the massive heat and electricity loads to the 1 million
existing and 7 million sq. ft. expansion. Baker Tilly has completed
the modeling for construction cost and related construction jobs
for the EB-5 investment opportunity. The cost savings over the
30-year life span of the equipment will be in the hundreds of
millions of dollars the Company estimates.
In addition to the EB-5 funding, additional
financing, if needed for the project, will be derived from federal
infrastructure grants, loans and margining supply contracts for the
BGXX, Drugs Made in America platform for this particular rural
project.
The building out of the solar field will take
about 30 months and this will allow the company to better manage
their EB-5 investment jobs creation opportuinity.
Lynn Stockwell, the company founder, and
Chairwoman of Bright Green Corporation says our team is aligned
“this source of energy will reduce and fix our substantial heat and
electric costs annually. The future growth of this company is
highly dependent on Innovation and long-term efficiency. The
uncertainty of the long-term costs and pricing predicated on supply
and demand for the traditional fossil fuels for this type of mega
factory compared to clean energy from the sun advances the
Company’s economics and ethos. This is the right corporate policy,
locating in rural America has some challenges that can be overcome,
and implementing clean renewable energy can control our energy
costs long into the future and reward our shareholders with
predictability and sustainability resulting in an American
domiciled low-cost producer of “Drugs Made in America”. In
addition, reaping the benefits of unprecedented long term federal
and state tax credits is an attribute that shareholders can
consider when researching an investment in BGXX.
ABOUT BRIGHT GREEN CORPORATION
Bright Green is one of the very few companies
selected by the New Mexico Board of Pharmacy and the US government
for the production, API and drug manufacture, market and distribute
Schedule 1-V plant-based drugs API including opium, cannabis and
cannabis-related products for research, pharmaceutical applications
and affiliated export. Our approval based on already agreed terms
from the U.S. Drug Enforcement Administration gives us the
opportunity to advance our vision of improving quality of life
through the opportunities presented by cannabis-derived therapies
and more. To learn more, visit www.brightgreen.us
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date they were first
issued and were based on current expectations, estimates, forecasts
and projections as well as the beliefs and assumptions of
management as of such date. Words such as “expect,” “anticipate,”
“should,” “believe,” “hope,” “target,” “project,” “goals,”
“estimate,” “potential,” “predict,” “may,” “will,” “might,”
“could,” “intend,” “shall” and variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties, many
of which involve factors or circumstances that are beyond the
Company’s control, including but not limited to, the inability of
the Company to raise funds under the Company’s EB-5 program, and
the impact that new officers, directors and employees may have on
the Company and the Company’s business and results of operations.
The Company’s actual results could differ materially from those
stated or implied in forward-looking statements due to a number of
factors, including but not limited to, risks detailed in the
Company’s Annual Report on Form 10-K and Quarterly Report on Form
10-Q, as amended and supplemented, as well as other documents that
may be filed by the Company from time to time with the SEC. The
forward-looking statements included in this press release represent
the Company’s views as of the date of this press release. The
Company anticipates that subsequent events and developments will
cause its views to change. The Company undertakes no intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
These forward-looking statements should not be relied upon as
representing the Company’s views as of any date subsequent to the
date of this press release. Additional information regarding these
and other factors that could affect the Company’s results is
included in the
Company’s SEC filings, which may be obtained by
visiting the SEC's website at www.sec.gov.
Media Contacts: Interdependence Public Relations Owen Phillips /
Grace Connor
BrightGreen@Interdependence.com(310) 745-1407 Media Inquiries
& Investor Relations Contact ir@brightgreen.us
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