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.
GRANTS, NEW MEXICO, March 14, 2024 (GLOBE NEWSWIRE) -- 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.
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