The U.S. is grappling with energy infrastructure issues, as the green energy transition requires a broad system overhaul. Storing this energy when there is an oversupply and utilizing it when there is a peak demand is a concept CEO Benjamin Tran envisioned for Bitech Technologies BTTC.

Benzinga recently sat down with Tran to discuss renewable energy, uplisting on NASDAQ, and future plans.

BZ: How would you describe your company to our readers?

Tran: Bitech Technology is an Independent Power Provider (IPP) of renewable energy. We own and operate a portfolio of projects totaling almost 2 gigawatts (GW) of AC power, focusing on battery energy storage systems (BESS).

We also have a portfolio of solar projects, currently at about 1.4 GW, because we recently sold off a very early-stage greenfield solar portfolio to a large infrastructure group in Europe.

After almost three years in business, we want to focus 100% on BESS because it’s a very sustainable operating model. Lithium batteries, or any new technology batteries we’re looking at, last a minimum of 15 years, so we consider it a very sustainable business for our operations.

Our technological solutions span from virtual power plants (VPP) to distributed energy resources (DER). We have several concepts and applications for system integration to enhance and upgrade existing infrastructure, making power and home or building power implementation adaptable to new normals. This adaptability is particularly crucial given the recent extreme weather events, like hurricanes, that we've been seeing.

BZ: Benzinga is based in Michigan. Last month, we experienced a big storm in Oakland County, where some residents were without power for up to three days. You have a solution for such scenarios. Can you tell us a bit about that?

Tran: Our vision and solution, which we call the nanogrid, focuses on helping people live with existing infrastructure while transitioning to new abnormal events. These include houses, buildings, traffic lights and public infrastructure. They can still utilize intelligent DER with a VPP, allowing people to live in an abnormal mode.

For instance, several days ago, a hurricane hit Texas, leaving over 800,000 CenterPoint Energy customers without power for four days. In 2024, California had over 300,000 emergency responses due to extreme weather, with 230,000 acres burned and significant property damage. Extreme weather has become a new normal globally.

A micro or nano grid, a smaller local grid connected to the national grid, can operate independently in times of crisis. Our energy storage system can store excess supply and distribute it when needed. We provide smart technology, including smart meters and EV chargers, to make the grid more efficient, helping customers increase electricity usage when power is less expensive. This approach helps people save money and enhances the overall power system.

BZ: With your extensive background in technology management, venture capital and your academic achievements, what led you to focus on this project?

Tran: My original background is in electrical engineering. I worked in Silicon Valley for roughly 12 years before changing careers and attending business school.

During my time as a senior engineer and manager, my last corporate position was with Micron Technology. I began seeing business opportunities and was excited about applying my engineering background.

Three years ago, I decided to enter the energy sector because I saw the industry’s immense need and was passionate about it. To set a clear direction for the company, I hired a top energy expert who is now our chief innovation officer. He brought in a portfolio of new technologies, continuously figuring out how to integrate advanced yet proven technologies into our systems.

This integration continues to drive innovation within our company.

BZ: What are the primary challenges you see in the renewable energy sector today?

Tran: The challenges are substantial. For instance, more than 70% of the U.S. transmission lines and transformers are over 25 years old and in dire need of upgrading and expansion.

As the U.S. continues to decarbonize, the grid must support the increased transmission of new renewable energy technologies. Power engineers worldwide are focused on maximizing power generation while keeping the grid safe and resilient.

BZ: Talking about technology these days is impossible without mentioning AI. Are you using AI in your processes to ensure efficient energy storage and grid management?

Tran: The honest answer is not yet. We are exploring AI technology because it’s the next big thing. Some implications of AI applications in new renewable technologies that we are considering for future use have been noted. We are looking into AI-driven energy management systems, particularly some promising technologies from Taiwan.

Our company has Taiwanese senior engineers who often visit Taiwan to explore these opportunities. Our strategy is to partner with validated technologies rather than spending heavily on R&D. By collaborating with these advanced technology companies, we can bring their innovations to the U.S. market, creating a win-win situation.

This approach is part of our strategic solution as we prepare for our NASDAQ listing. Our current focus, however, is securing financing for our BESS projects, which include top flagship projects in Houston.

BZ: Your balance sheet is very clean, with no debt. What are your plans for project financing?

Tran: On July 3, we announced our intention to uplist on NASDAQ. We filed our S-1 registration statement to facilitate equity financing. Our financing strategy involves two main arms. The first is equity financing through NASDAQ, allowing us to meet the minimum shareholder equity requirements. Though our market cap isn’t huge yet, this will provide a small capital injection.

The second and more significant arm is project financing, which can come in various forms. Given the scale of our projects, financing could amount to several hundred million dollars.

For example, our first project in Houston, an 800 MWh BESS, requires around $150 million in financing. We aim to secure debt financing for the project rather than the company, ensuring we manage our CAPEX efficiently. Additionally, we will explore equity financing for the project itself, inviting investors to share in the profits.

BZ: With your strong insider ownership, how do you see institutional investors impacting your stock performance?

Tran: Institutional investors are very discerning. They look for companies with sustainable revenue models and growth potential. For us, sustainability means having a core business that generates steady revenue and is a component of technological innovation. While innovation might take longer to generate revenue, it’s essential for long-term growth.

We plan to conduct more roadshows and engage with Wall Street and analysts. When we secure project financing and build our BESS power plants, our revenue will grow, and the stock price should follow. Institutional investors will recognize our potential as we demonstrate sustainable revenue and innovative technology.

BZ: You have 23 projects with about 2 GW in capacity in the pipeline. When do you expect the first projects to come online and generate cash flows?

Tran: Our first project, Project A in Houston, involves a 100 MW BESS, translating to 400 MWh if Bitech uses 4-hour batteries. If we secure financing by August, we can start procurement and proceed with the interconnectivity and permitting processes. We estimate that construction will take about four to five months, so we expect to generate our first revenue by mid-summer next year.

We might be able to work on two or three projects in parallel, doubling our expected revenue. The market will respond positively to our progress, especially as we demonstrate our ability to build and generate revenue from multiple projects simultaneously.

BZ:  Is there anything else you want to add for our readers?

Tran: Looking ahead, our theme is Renewable Energy Solutions towards Smart Cities. Everyone aims to live smarter by saving energy, time, and money.

Post-NASDAQ, we plan to provide services to enterprises, utilities and public sectors to improve power efficiency in our cities and regions. We have a robust project pipeline with 23 BESS projects totaling almost 2 GW.

The U.S. currently has about 17 GW of cumulative installed BESS capacity, and if we align all our projects, we could capture around 11% of the US market.

Our recent merger with Bridgelink demonstrates our strategy. Bridgelink’s expertise in solar installation and BESS development and our capabilities have created a dream team for project development. This synergy accelerates our progress and maximizes our projects’ value, especially in markets like California and Texas, where interconnectivity licenses are becoming scarce.

Moreover, the U.S. offers significant incentives, with up to 50% tax credits for renewable energy projects, and these incentives enhance our financial strength and make us highly attractive to investors.

We are working intelligently and diligently to achieve our goals and become a leading company in the renewable energy sector. We are excited about the future and grateful for the support of our shareholders.

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