The agreement totals 1.95 Billion Rupees or $41.5 Million USD. Initial funding was received today in the form of a check for 200 Million Rupees or $4.3 Million USD. This is based on the most recent exchange rate.
Pilot Technologies, Ltd. is an ISO 9001 certified Company which manufactures and provides technology for SMF Batteries and VRLA Batteries used in Solar Power Thermal Plants and other power back up applications. The Company is also in the business of renewable energy and constructs Solar and Solar Thermal Hybrid Power Projects in India.
The Turn Key Agreement between the parties is for the sale of a 10 MW Solar Hybrid Thermal Power Plant in Nalagarh District, Himachal Pradesh, India. The agreement was reached between Subhash ShIshodia, CEO of Bergamo Harbinsons Energy, Ltd. and Mr. K Gaurav, Executive Director of Business Development for Pilot Technologies, Ltd. India.
The solar thermal plant will be procured by Bergamo Harbinsons Energy Ltd. and will be supplied by a California based solar technology company. More information on this agreement and other business will be announced later this week.
Hillard Herzog, President and CEO of Bergamo Acquisition Corporation, noted, "I am excited to have reached this landmark agreement with Pilot Technologies, Ltd. of India, and look forward to continuing to build shareholder value for our Company."