Bimergen Energy Announces New Trading Symbol BESS Showing Commitment in the Battery Energy Storage Sector
Newport Beach, CA, March 03, 2025 (GLOBE NEWSWIRE) -- Bimergen Energy Corporation [ OTCQB: BESS ], ('the Company' or 'Bimergen'), a utility-scale battery energy storage project developer and independent power provider, announced the commencement of trading under its new trading symbol BESS, effective today.
'Our new trading symbol, BESS, was purposefully selected since it symbolizes our paramount commitment to the fastest-growing sector of the renewable energy industry today - Battery Energy Storage System (BESS),' stated Benjamin Tran, Bimergen Energy CEO.
Bimergen aims to capitalize on the rapid growth in demand for energy storage systems which stabilize the aging power grid and mitigate energy price volatility. The Company owns and develops utility-scale BESS projects which, once developed, will be used to purchase and store surplus energy at low costs during the day and resell it during peak demand hours to enhance grid stability. Bimergen secures long-term energy offtake agreements with institutional partners who manage daily trading operations, delivering critical grid reliability, reducing energy price volatility, and enabling Bimergen to generate stable, contract-backed revenue.
In 2024, the U.S. energy storage industry deployed a record-breaking 8.7 GW, reflecting a staggering 90% growth year-over-year. [1] Wood Mackenzie analysts projected that global storage capacity will expand over 600%, reaching nearly 1 terawatt (TG) by 2033 . [2 ] This explosive growth is driven by the urgent need for reliable energy, regulatory support, microgrid development, electric vehicles, rural electrification, and most noticeably, the rapid rise of AI data centers around the world today.
The BESS market in the US is projected to grow significantly reaching an estimated of $31.36 billion by 2032 . [3] Across the globe, the overall market for battery energy storage systems (BESS) could reach between $120 billion and $150 billion by 2030, according to McKinsey . [4] By enabling the integration of renewable energy sources and enhancing grid reliability, battery storage is emerging as an indispensable component in fulfilling clean energy objectives at both national and state levels. BESS investments, with globally increasing appetite recently, play a vital role in facilitating the global shift from fossil fuels to renewable energy sources such as solar and wind, which are characterized by their intermittent nature.
'With a robust BESS project pipeline, extensive field experience, significant investment tax credits, and ironclad relationships with local government and industry leaders alike, Bimergen Energy hopes to ride the wave of the industry momentum to capitalize on these trends. We aim to bring to market the most technologically advanced and durable energy storage solutions, paving the way for meaningful daily impact in our energy consumption while expecting to generate cash flow consistently upon commercial operations,' added Tran.
Bimergen boasts a distinguished board and a management team dedicated to excellence. Our collective experience spans years, ensuring every project we touch receives expert oversight. We are expecting to be a long-term player in this nascent U.S. industry.
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About Bimergen Energy Corporation
Bimergen Energy Corporation [ OTCQB: BESS ] is a utility-scale Battery Energy Storage System (BESS) asset owner, project developer, and independent power provider focused on delivering critical power grid stability and reducing energy price volatility. The Company owns 23 development stage BESS projects with a cumulative energy capacity of ~2 GW. The company secures project financing and oversees construction of their energy storage projects, partnering with institutional counterparties to manage daily energy trading operations under long-term offtake agreements ensuring stable, contract-backed revenue. The company also owns 13 development stage solar energy projects with an anticipated cumulative generation capacity of 1.640 GW. For more information, please visit www.bimergen.com
Cautionary Note Regarding Forward-Looking Statements
This press release may include, and oral statements made from time to time by representatives of the Company may include, 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'would' and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filing with the Securities and Exchange Commission ('SEC'). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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