Pacific Green signs agreement with Union Maritime

Malcolm Latarche
Malcolm Latarche

28 September 2018

Pacific Green Technologies through its wholly owned subsidiary, Pacific Green Marine Technologies Inc. ("PGMT"), has executed a sale and purchase agreement dated September 10, 2018 with Union Maritime Limited ("Union") pursuant to which PGTM will manufacture and install its ENVI-MarineTMSystem scrubbers on up to sixteen vessels between now and March 2020 for a total value of approximately US$29.4m.

The objective of the Union Agreement is to provide Union as much flexibility as possible for them to manage and trade their fleet while at the same time maximising chartering opportunities.

The Union Agreement provides Union with date and vessel flexibility on a vessel by vessel basis provided sufficient notice has been given and, for cancellations, cancellation fee provisions in favour of PGMT.