Bimergen Energy Boosts Shareholder Value by Cancelling Shares

Bimergen Energy Corporation, a developer of utility-scale battery energy storage projects and an independent power provider, has announced the cancellation of 1,287,694 shares, representing approximately 25.1% of the Company's total outstanding shares. This action follows a favorable ruling from the Superior Court of California after a litigation process that began in 2023 with the aim of increasing shareholder value.

Benjamin Tran, Bimergen Chairman and CEO, expressed satisfaction with the outcome, stating that the cancellation of these shares will benefit all shareholders. The company's focus remains on Battery Energy Storage Systems (BESS) projects, aligning with the current favorable energy storage investment climate.

Bimergen Energy Corporation owns 23 development stage BESS projects with a cumulative energy capacity of approximately 2 GW. The company also manages 13 solar energy projects with an anticipated cumulative generation capacity of 1.640 GW.

Shareholders can expect further updates through upcoming filings and press releases. For more information, visit www.bimergen.com.

According to the source: GlobeNewswire.