Pacific Green Technologies has acquired 100% of Shanghai Engin Digital Technology Co. Ltd, a company incorporated and registered in China.
ENGIN is a development, design and engineering company focused primarily on Concentrated Solar Power (CSP), Salt Water Desalination and Waste to Energy technologies. ENGIN has developed, designed and engineered three utility-scale CSP operating reference plants in China and:
The company has acquired ENGIN through two separate transactions. The transactions will be funded by the company’s own internal financial resources.
Pacific Green Technologies Inc. (PGTK) has acquired 75% of the registered share capital of ENGIN, for a maximum consideration of CNY76 (US$10.9) million, from Beijing Shouhang IHW Resources Saving Technology Company Ltd. (Shouhang). A total of CNY20 (US$2.6) million is payable on the completion of certain Performance Tests.
PGTK has also acquired 25% of the registered share capital of ENGIN from Mr. Liu Tao and Ms. Liang Qi in a separate transaction for a maximum consideration of CNY2 (US$0.3) million and the issue of 125,000 new shares in the capital stock of PGTK.