DOVER, DE / ACCESSWIRE / June 12, 2020 / Pacific Green Technologies, Inc. (the "Company" or "PGTK"),(OTCQB:PGTK), developer of the ENVI-Marine™ emission control system (the "System"), today provides an update on the impact of the Pandemic on its business activities.
Since entering the marine sector, the Company has delivered 86 ENVI-Marine™ Systems to its customers, with another 56 ENVI-Marine™ Systems contracted to be delivered in 2020 and 2021. Travel restrictions resulting from the Pandemic have impeded the Company's ability to enter and exit shipyards. The Company has postponed 32 ENVI-MarineTM System installations to 2021 to accommodate client and supplier needs but has received no ENVI-Marine™ System cancellations as a result of the Pandemic.
The Company can report the successful registration in China of its joint venture company with partner PowerChina SPEM. The joint venture, along with the ongoing integration of Shanghai Engin Digital Technology Co. Ltd., ("Engin"), which was acquired by PGTK in December 2019, has positioned the Company to take advantage of the rapidly growing renewables market around the world in concentrated solar power (CSP), desalination and waste-to-energy (WtE).
The Company is also pleased to announce that it has made significant progress in developing its business relationships in India. By 2022, an additional 175 GW of electrical capacity in India is forecasted to require Flue Gas Desulphurization (FGD) (source: Centre for Science and Environment, India), which PGTK's efficient ENVI-CleanTM Systems are well suited to deliver.
The Company has continued its obligation to maintain shareholder value on behalf of its shareholders. The Company has embarked on an aggressive cost-cutting campaign and restructured its operations to maintain its strong financial position despite the global economic strain and uncertainty created by the Pandemic.
Scott Poulter, Chief Executive, said:
"We have been working hard with our clients and suppliers to ease the collective strain that the Pandemic has imposed on our business and the business of our partners and stakeholders.
We are pleased to see increasing interest in our newly acquired solar and desalination technologies across a number of different regions. These opportunities will complement our highly-efficient emission control technologies, which have allowed us to target the massive FGD and WtE markets.
The Pandemic has had a devastating effect on lives and livelihoods. Hopefully, the world will take a new look at how we live and how we treat our environment as the two should go hand in hand".