The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Vietnam’s Nam Viet Green Energy to finance up to US$300 million US solar and BESS projects


US startup Bitech Technologies Corporation has received a Letter of Intent (LOI) from Vietnam’s Nam Viet Green Energy for solar and battery storage project financing and execution.

NASDAQ-listed Bitech delivers commercial and industrial (C&I) and residential renewable energy and battery storage solutions, focusing on areas including data centres and electric vehicle (EV) charging infrastructure.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The company said yesterday (8 May 2023) that the LOI is for the financing of “up to US$300 million” of selected solar PV and battery energy storage system (BESS) projects, which for Nam Viet Green Energy means expansion into the US – one of the world’s leading solar and storage markets.

Meanwhile, the deal could help the Vietnamese company to bring “many commercially viable and advanced technologies and new battery supplies to the burgeoning Asia region,” Nam Viet CEO Nguyen Tan Hung said.

This would help the company to reduce its engineering, procurement and construction (EPC) costs and increase operational efficiencies back home and in the wider Southeast Asia and Asian markets, the CEO said. Vietnam’s solar PV market has grown very rapidly on the back of a C&I feed-in tariff (FiT) policy, leading many including the Asian Development Bank to conclude that energy storage is urgently needed as a priority to support the integration of that solar, while the wider Southeast Asian region has seen significant growth in interest in energy storage resulting from a number of different drivers.

Nam Viet invests and co-invests into renewable energy projects, carries out EPC duties from design and supply of equipment to full construction, as well as operations and maintenance (O&M) for commissioned assets.

Bitech will select projects for the pair to work on. Nam Viet Green Energy would then – subject to its due diligence process and ability to executive definitive agreements with prospective target companies – seek to facilitate capital investment. That could be for equity investments or acquisitions, according to a release.

The US company has a slightly curious backstory. It was only founded in 2021 under a different name reflecting an interest in cryptocurrency mining. Following acquisition by a publicly-listed medical service and tech company called Spine Injury Solutions, the company was renamed Bitech Technologies, got its NASDAQ listing as it subsequently pivoted into clean energy solutions.

Its strategy now is to acquire or license promising technology solutions, in areas including vanadium flow batteries, thin-film solar PV and geothermal energy, as well as acquire or invest in BESS projects. The idea is, according to the company, to then apply its acquired technologies to projects and assets in its portfolio. It still retains an interest in bitcoin mining, too.

Investment from Nam Viet and Nam Viet’s chosen financing partners from Southeast Asia will occur during the 2023 financial year, and could be extended into 2024.

“Bitech’s focus in the United States renewable energy market and their commitment to expanding innovative green energy technologies and products, together with their US local regulatory understanding in the BESS business at the ground level makes them the ideal operating partner to help us forward our mission toward global expansion,” Nam Viet CEO Nguyen Tan Hung said.’ publisher Solar Media will host the 1st Energy Storage Summit Asia, 11-12 July 2023 in Singapore. The event will help give clarity on this nascent, yet quickly growing market, bringing together a community of credible independent generators, policymakers, banks, funds, off-takers and technology providers. For more information, go to the website.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
18 March 2025
Austin, Texas
The Energy Storage Summit USA is the only place where you are guaranteed to meet all the most important investors, developers, IPPs, RTOs and ISOs, policymakers, utilities, energy buyers, service providers, consultancies and technology providers in one room, to ensure that your deals get done as efficiently as possible. Book your ticket today to join us in 2025!
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

June 14, 2024
System integrator Stem Inc and developer Prometheus Power have deployed the first of three co-located BESS projects in Arizona for utilities in the AEPCO co-operative.
June 13, 2024
US$5 million will be made available for long-duration energy storage (LDES) projects via a competitive solicitation run by the New York State Energy Research and Development Authority (NYSERDA).
June 13, 2024
TCC Group Holdings, the majority owner of New HOrizons Ahead (NHOA), intends to increase its holding and take the company private, delisting it from the Euronext Paris exchange.  
June 11, 2024
US-based independent power producer (IPP) NextEra and utility Entergy have revealed a five-year, 4.5GW development pipeline of solar and storage projects.
June 11, 2024
US lawmakers have accused lithium-ion battery OEMs CATL and Gotion High-Tech of having supply chain connections to forced labour and Uyghur oppression in China – a claim the firms adamantly deny – and called on an immediate block on shipments of their products.

Most Popular

Email Newsletter