Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION,

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2023

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [ ] to [ ]

Commission file number 000-54756

PACIFIC GREEN TECHNOLOGIES INC.

(Exact name of registrant as specified in its charter)

Delaware		36-4966163
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Suite 10212, 8 The Green

Dover, DE

19901

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (302) 601-4659

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		PGTK		OTC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ YES ☐ NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ YES ☐ NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) ☐ YES ☒ NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ☐ YES ☐ NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

52,345,724 common shares issued and outstanding as of February 20, 2024.

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		1
ITEM 1.	FINANCIAL STATEMENTS	1
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	2
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	11
ITEM 4.	CONTROLS AND PROCEDURES	11
PART II – OTHER INFORMATION		13
ITEM 1.	LEGAL PROCEEDINGS	13
ITEM 1A.	RISK FACTORS	13
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES	13
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	13
ITEM 4.	MINE SAFETY DISCLOSURES	13
ITEM 5.	OTHER INFORMATION	13
ITEM 6.	EXHIBITS	13

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Our unaudited condensed consolidated interim financial statements for the three and nine months ended December 31, 2023 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X.

PACIFIC GREEN TECHNOLOGIES INC.

Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

	Index

Condensed Consolidated Interim Balance Sheets	F–2

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss	F–3

Condensed Consolidated Interim Statements of Stockholders Equity	F–4

Condensed Consolidated Interim Statements of Cash Flows	F–5

Notes to the Condensed Consolidated Interim Financial Statements	F–6

F-1

PACIFIC GREEN TECHNOLOGIES INC.

Condensed Consolidated Interim Balance Sheets

(Unaudited)

(Expressed in U.S. dollars)

	December 31, 2023 $			March 31, 2023 $
ASSETS
Cash and cash equivalents		13,064,240			1,160,358
Short-term investments and amounts in escrow (Note 3)		–			56,483
Accounts receivable, net of allowance for doubtful accounts of $174,042 and $97,640 at December 31, 2023 and March 31, 2023, respectively		520,164			886,663
Other receivable, net of allowance for doubtful accounts of $nil and $3,951 at December 31, 2023 and March 31, 2023, respectively (Note 4)		5,254,942			359,461
Accrued revenue (Note 11)		437,557			504,766
Prepaid expenses, parts inventory and advances (Note 4)		881,277			325,788
Prepaid manufacturing costs (Note 11)		535,723			463,815
Projects under development (Note 5)		5,111,024			–
Total current assets		25,804,927			3,757,334

Asset held for sale (Note 4)		–			18,569,060
Project under development		–			39,970
Property and equipment (Note 6)		748,095			849,209
Intangible assets (Note 7)		5,978,412			6,706,484
Right of use asset		1,062,314			350,429
Security deposits and other advances (Note 4)		2,885,580			293,680
Total assets		36,479,328			30,566,166

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities (Note 4), (Note 12)		7,295,986			3,388,733
Warranty provision (Note 14)		394,315			580,530
Contract liabilities (Note 11)		5,166,189			8,751,125
Loans payable (Note 13)		2,403,812			2,459,146
Loans of Projects Under Development (Note 13)		–			–
Current portion of lease obligations		336,225			145,437
Income taxes		1,165,639
Due to related parties (Note 15)		1,774,782			213,020
Total current liabilities		18,536,948			15,537,991

Other long-term obligation		–			127,974
Long-term operating lease obligation		638,030			84,621
Total liabilities		19,174,978			15,750,586

Stockholders’ Equity
Preferred stock, 10,000,000 shares authorized, $0.001 par value nil and nil shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively		–			–
Common stock, 500,000,000 shares authorized, $0.001 par value 52,345,724 and 47,276,886 shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively		52,346			47,277
Additional paid-in capital		98,019,696			93,107,946
Accumulated other comprehensive income		3,917,272			2,944,086
Deficit		(85,478,586	)		(96,847,650	)
Total stockholders’ equity before treasury stock		16,510,728			(748,341	)

Treasury stock, at cost, nil shares and 56,162 shares at December 31, 2023 and March 31, 2023, respectively		–			(99,754	)

Total stockholders’ equity		16,510,728			(848,095	)

Noncontrolling interest (Note 10)		793,622			15,663,675

Total equity		17,304,350			14,815,580
Total liabilities and stockholders’ equity		36,479,328			30,566,166

Nature of Operations (Note 1)

Commitments (Note 18)

(The accompanying notes are an integral part of these consolidated financial statements)

F-2

PACIFIC GREEN TECHNOLOGIES INC.

Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(Expressed in U.S. dollars)

	Three Months Ended December 31, 2023 $			Three Months Ended December 31, 2022 $			Nine Months Ended December 31, 2023 $			Nine Months Ended December 31, 2022 $
Sales (Note 11)
Products		84,057,183			2,253,221			84,057,183			4,607,668
Services		1,904,449			1,386,771			4,258,276			2,251,553
Total revenues		85,961,632			3,639,992			88,315,459			6,859,221
Cost of goods sold (Note 11)
Products		59,670,077			1,986,344			60,113,764			3,686,591
Services		1,551,032			1,031,160			3,925,142			1,614,136
Total cost of goods sold		61,221,109			3,017,504			64,038,906			5,300,727
Gross profit / (loss)		24,740,523			622,488			24,276,553			1,558,494

Expenses
Advertising and promotion		131,303			120,230			334,286			421,903
Amortization of intangible assets (Note 7)		629			639			1,934			1,989
Bad debts expense / (recovery)		3,766			36,341			59,990			(10,193	)
Depreciation (Note 6)		39,912			45,600			115,327			148,671
Foreign exchange loss / (gain)		330,448			(5,776	)		1,394,647			98,545
Management and technical consulting		8,619,840			802,533			17,903,758			2,106,857
Office and miscellaneous		701,906			509,864			1,656,308			1,499,940
Operating lease expense (Note 18)		728,860			231,789			946,219			440,779
Professional fees		563,098			547,538			826,255			1,295,198
Research and development		112,323			-			256,664			13,772
Salaries and wage expenses		619,837			909,364			3,063,107			2,957,988
Transfer agent and filing fees		111,213			15,278			147,539			46,075
Travel and accommodation		342,732			197,252			580,484			596,482
Warranty and related expense / (recovery) (Note 14)		16,542			(744,918	)		(18,778	)		(563,318	)
Total expenses		12,322,409			2,665,734			27,267,740			9,054,688
Income / (loss) before other income (expense)		12,418,114			(2,043,246	)		(2,991,187	)		(7,496,194	)
Other income / (expenses)
Provision for loan or debt		(951	)		–			(951	)		–
Financing interest income		(856	)		32,790			188			89,090
Gain on derecognition of a subsidiary		944,938			–			18,567,829			–
Interest expense and other		(1,309,469	)		(220,300	)		(3,330,822	)		(298,011	)
Total other (expense) / income		(366,338	)		(187,510	)		15,236,244			(208,921	)

Income tax provision		(1,165,639	)		–			(1,165,639	)		–

Net income/(loss) for the period before noncontrolling interest		10,886,137			(2,230,756	)		11,079,418			(7,705,115	)

Net income/(loss) attributable to noncontrolling interest (Note 10)		(34,063	)		(6,577	)		(392,903	)		20,165

Net income/(loss)for the period		10,920,200			(2,224,179	)		11,472,321			(7,725,280	)

Other comprehensive income

Foreign currency translation gain / (loss)		391,305			171,818			973,186			(10,126	)

Comprehensive income/(loss) for the period		11,311,505			(2,052,361	)		12,445,507			(7,735,406	)
Net income per share, basic and diluted		0.21			(0.05	)		0.22			(0.16	)
Weight average number of common shares outstanding, basic ⁽¹⁾		52,463,332			47,339,386			50,615,724			47,339,386
Weight average number of dilutive shares outstanding, diluted		52,464,374			47,339,386			50,616,766			47,339,386

(1)	The period ended December 31, 2023, includes 210,000 (2022 – 312,500) stock options as they are exercisable at any time and for nominal cash consideration.

(The accompanying notes are an integral part of these consolidated financial statements)

F-3

PACIFIC GREEN TECHNOLOGIES INC.

Condensed Consolidated Interim Statements of Stockholders Equity

(Unaudited)

(Expressed in U.S. dollars)

	Common stock						Additional Paid-in			Accumulated Other Comprehensive		Treasury			Noncontrolling						Stockholders’
	Shares #			Amount $			Capital $			Income $		Stock $			Interest $			Deficit $			Equity $
Balance, March 31, 2023		47,276,886			47,277			93,107,946			2,944,086		(99,754	)		15,663,675			(96,847,650	)		14,815,580

Shares issued for employee services		2,750,000			2,750			1,509,750			–		–			–			–			1,512,500
Cancellation of treasury stock		(56,162	)		(56	)		(99,698	)		–		99,754			–			–			–
Elimination of Noncontrolling interest		–			–			–			–		–			(15,915,645	)		–			(15,915,645	)
Transfer		–			–			–					–			103,257			(103,257	)		–
Foreign exchange translation gain/ (loss)		–			–			–			155,907		–			–			–			155,907
Net Profit (loss) for the period		–			–			–			–		–						3,288,239			3,288,239
Balance June 30, 2023		49,970,724			49,971			94,517,998			3,099,993		–			(148,713	)		(93,662,668	)		3,856,581

Shares issued for employee services		2,250,000			2,250			1,370,250														1,372,500
Fair value of options granted								17,291														17,291
Noncontrolling interest		–			–											976,398						976,398
Foreign exchange translation gain		–			–						425,974											425,974
Net loss for the period		–			–														(2,736,118	)		(2,736,118	)
Balance September 30, 2023		52,220,724			52,221			95,905,539			3,525,967		–			827,685			(96,398,786	)		3,912,626

Shares issued for employee services		125,000			125			2,099,875														2,100,000
Fair value of options granted								14,282														14,282
Noncontrolling interest		–			–											(34,063	)					(34,063	)
Foreign exchange translation gain		–			–						391,305											391,305
Net gain for the period		–			–														10,920,200			10,920,200
Balance December 31, 2023		52,345,724			52,346			98,019,696			3,917,272		–			793,622			(85,478,586	)		17,304,350

	Common stock				Additional Paid-in		Accumulated Other Comprehensive			Treasury			Noncontrolling						Stockholders’
	Shares #		Amount $		Capital $		Income $			Stock $			Interest $			Deficit $			Equity $
Balance, March 31, 2022		47,026,886		47,027		92,429,203		2,035,666			(99,754	)		10,361,701			(85,530,306	)		19,243,537

Fair value of options granted		–		–		17,718		–			–			–			–			17,718
Noncontrolling interest		–		–		–		–			–			67,571			–			67,571
Foreign exchange translation loss		–		–		–		(384,835	)		–			–			–			(384,835	)
Net loss for the period		–		–		–		–			–			–			(3,259,230	)		(3,259,230	)

Balance June 30, 2022		47,026,886		47,027		92,446,921		1,650,831			(99,754	)		10,429,272			(88,789,536	)		15,684,761

Fair value of options granted		–		–		9,194		–			–			–			–			9,194
Noncontrolling interest		–		–		–		–			–			5,737,809			–			5,737,809
Foreign exchange translation gain		–		–		–		202,891			–			–			–			202,891
Net loss for the period		–		–		–		–			–			–			(2,241,871	)		(2,241,871	)

Balance September 30, 2022		47,026,886		47,027		92,456,115		1,853,722			(99,754	)		16,167,081			(91,031,407	)		19,392,784

Fair value of options granted						162,566														162,566
Noncontrolling interest														(6,577	)					(6,577	)
Foreign exchange translation gain								171,818												171,818
Net loss for the period																	(2,224,179	)		(2,224,179	)

Balance December 31, 2022		47,026,886		47,027		92,618,681		2,025,540			(99,754	)		16,160,504			(93,255,586	)		17,496,412

(The accompanying notes are an integral part of these consolidated financial statements)

F-4

PACIFIC GREEN TECHNOLOGIES INC.

Condensed Consolidated Interim Statements of Cash Flows

(Unaudited)

(Expressed in U.S. dollars)

	Nine Months Ended December 31, 2023			Nine Months Ended December 31, 2022
	$			$
Operating Activities
Net profit /(loss) for the period		11,472,321			(7,725,280	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets (Note7)		727,873			660,090
Bad debt expense/ (recovery)		59,990			(10,193	)
Depreciation (Note 6)		115,327			148,671
Fair value of share-based payments		5,016,573			189,478
Financing interest		1,242,406			–
Loss / (gain) on unrealized foreign exchange		4,323			772,985
Lease finance charge		–			–
Operating lease expense		506,839			440,779
Share of Noncontrolling interest		793,622			–
Other adjustments relating to disposal of subsidiary		(534,205	)		–
Gain on disposal of REP and BEP1		(18,717,068	)		–

Changes in operating assets and liabilities:
Short-term investments and amounts held in trust		56,483			1,830,966
Accounts receivable and other receivables		(4,458,991	)		3,193,455
Accrued revenue		67,209			(414,081	)
Prepaid expenses, parts inventory and advances		(706,735	)		(516,117	)
Security deposit and other advances		(2,621,605	)		334,365
Lease payments		(553,181	)		(537,384	)
Prepaid manufacturing costs		(71,908	)		(24,736	)
Accounts payable and accrued liabilities		8,217,739			(5,075,754	)
Income tax		1,165,639			–
Warranty provision		(186,215	)		(218,185	)
Contract liabilities		(3,584,936	)		765,369
Due to related parties		1,561,762			91,502
Net cash used in operating activities		(426,738	)		(6,094,070	)

Investing Activities
Additions of property and equipment		(55,257	)		(1,055	)
Projects under development		(47,590,484	)		(31,901,402	)
Proceeds from disposal of subsidiaries (Net Proceeds)		13,978,850			–
Acquisition of BESS Italy SPV’s		(1,398,881	)		–
Net cash provided by/(used in) investing activities		(35,065,772	)		(31,902,457	)

Financing Activities
Noncontrolling interest (Note 7(a) and (b))		–			16,160,505
Proceeds from loan facility (Note 13)		1,919,000			18,787,421
Loans Paid – Principal		(129,189	)		–
Loans Paid – Interest		(857,088	)		–
Proceeds from project loan facilities (Note 13)		45,340,183			–
Net cash provided by financing activities		46,272,906			34,947,926

Effect of foreign exchange rate changes on cash		1,010,106			(737,456	)
Change in cash and cash equivalents		11,790,502			(3,786,057	)
Cash and cash equivalents, beginning of period		1,273,738			6,286,468
Cash and cash equivalents, end of period		13,064,240			2,500,411

		13,064,240			2,500,411

(The accompanying notes are an integral part of these consolidated financial statements)

F-5

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

1.	Nature of Operations

Pacific Green Technologies Inc. (the “Company”) was incorporated in the state of Delaware, USA on March 10, 1994. The Company is in the business of acquiring, developing, and marketing environmental technologies, with a focus on battery energy storage systems and emission control technologies.

The condensed consolidated interim financial statements of the Company should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. In the opinion of management, the accompanying condensed consolidated interim financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.

The preparation of these condensed consolidated interim financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year.

Following the sale of the REP project to Sosteneo, the Company has modified its BESS (“Battery Energy Storage Systems”) strategy of originating, developing and owning BESS projects, to a strategy of originating, developing and selling BESS projects. Under the new strategy, the Company expects income streams from BESS projects to include the following:

●

Sale of projects (Including Sales of Ownership Interests in Project Companies)

●

Construction management agreement fees

●

Asset management fees

As discussed in the Critical Accounting Estimates section of Management’s Discussion and Analysis of Financial Condition and Results of Operations, the sale of BESS projects falls under the scope of ASC 606, and net proceeds from sale of projects are recognized as revenue on the transfer of control to the buyer.

Under the new strategy, project assets and liabilities are not being held as long-term assets of the company, and are expected to be sold within 12 months. As a result, balances in consolidated BESS project entities are included in the appropriate balance sheet line items, instead of assets held for sale. Project costs incurred prior to sale are capitalized as projects under development within current assets, and charged to cost of sales on sale. Project financing liabilities are capitalized as separately identified loans in liabilities of projects under development within current liabilities, and recorded as consideration where forgiven on sale.

F-6

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

2.	Significant Accounting Policies

(a)

Basis of Presentation

These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and are expressed in U.S. dollars. The accounting policies are consistently applied in the preparation of the consolidated financial statements. These consolidated financial statements include the accounts of the Company and the following entities:

Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.)		Wholly-owned subsidiary
Pacific Green Marine Technologies Group Inc. (“PGMG”)		Wholly-owned subsidiary
Pacific Green Marine Technologies Inc. (“PGMT US”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc.)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Middle East) Holdings Ltd. (“PGTME”)		Wholly-owned subsidiary
Pacific Green Technologies Arabia LLC (“PGTAL”)		70% owned subsidiary of PGTME
Pacific Green Marine Technologies (USA) Inc. (inactive)		Dissolved, December 21, 2022
Pacific Green Solar Technologies Inc. (“PGST”)		Wholly-owned subsidiary
Pacific Green Corporate Development Inc. (“PGCD”) (Formerly Pacific Green Hydrogen Technologies Inc.)		Dissolved, December 21, 2022
Pacific Green Wind Technologies Inc (“PGWT”)		Dissolved, December 21, 2022
Pacific Green Technologies International Ltd. (“PGTIL”)		Wholly-owned subsidiary
Pacific Green Technologies Asia Ltd.(“PGTA”)		Wholly-owned subsidiary of PGTIL
Pacific Green Technologies Engineering Services Limited (Formerly Pacific Green Technologies China Ltd. (“PGTESL”)		Wholly-owned subsidiary of PGTA
Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd)		Wholly-owned subsidiary
Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”)		Wholly-owned subsidiary of ENGIN
Pacific Green Energy Parks Inc. (“PGEP”)		Wholly-owned subsidiary
Pacific Green Energy Storage Technologies Inc. (“PGEST”)		Wholly-owned subsidiary of PGEP
Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Parks (UK) Ltd. (“PGEPU”)		Wholly-owned subsidiary of PGEP
Pacific Green Portland West Pty Ltd. (“PGPW”)		Wholly-owned subsidiary of PGBEP
Pacific Green Portland East Pty Ltd. (“PGPE”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Portland Pty Ltd. (“PGEPP”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks Australia Pty Ltd. (“PGEPA”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast North Pty Ltd. (“PGEPLCN”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast West Pty Ltd. (“PGEPLCW”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Limestone Coast Pty Ltd. (“PGLC”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks (Italia) srl (“PGEPI”)		Wholly-owned subsidiary of PGEPU
Sphera Australe		51% owned subsidiary of PGEPI
Sphera Levante		51% owned subsidiary of PGEPI
Sphera Ponente		51% owned subsidiary of PGEPI
Sphera Boreale		51% owned subsidiary of PGEPI
Pacific Green Future Energy Inc (“PGFE”)		Wholly-owned subsidiary
Pacific Green Portland North Pty Ltd (“PGPNP”)		Wholly-owned subsidiary of PGEPA
Pacific Green Portland Northeast Pty Ltd (“PGPNEP”)		Wholly-owned subsidiary of PGEPA

All inter-company balances and transactions have been eliminated upon consolidation.

F-7

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

2.	Significant Accounting Policies (continued)

(b)

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. As a smaller reporting company, this ASU is effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. The Company calculated an effect of $51,000 upon adoption of this guidance on April 1, 2023. Given the immaterial nature of the effect, the adoption was booked as an expense in the current period statement of income rather than a cumulative effect through retained earnings.

The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and management does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

3.	Short-term Investments and Amounts in Escrow

At December 31, 2023, the Company has a $nil (March 31, 2023 - $56,483) Guaranteed Investment Certificate (“GIC”) held as security against a corporate credit card. The GIC bore interest at 0.5% per annum and matured on December 13, 2023. The account was closed on May 30, 2023.

At December 31, 2023, the Company’s solicitor is holding $nil (March 31, 2023 – $nil) as all the proceeds under customer contracts have been released after satisfying performance obligations.

4.	Assets held for Sale

In the prior quarter ended September 30, 2023, the Company reallocated $13.6 million of assets and $10.6 million liabilities, primarily related to the Sheaf project, from assets held for sale to projects under development in current assets, due to the change in business strategy from investing in BESS projects to develop, own and operate, to the strategy of developing and selling the projects. Following the change in strategy, all new BESS projects are recorded within projects under development within current assets.

		Pre- Reclassification			Reclassification			December 31, 2023		March 31, 2023
Cash			115,024			(115,024	)		–		113,380
Prepaid expenses, parts inventory, and advances			286,266			(286,266	)		–		4,454
Other receivables			531,717			(531,717	)		–		61,576
Projects under development			12,607,479			(12,607,479	)		–		46,674,258
Security Deposits & Other Advances			99,640			(99,640	)		–		495,602
Rights of use asset			–						–		2,302,049
Accounts payable and accrued liabilities (Note 12)			(3,276,778	)		3,276,778			–		(638,156	)
Loans payable (*) Note 13			(11,192,035	)		11,192,035			–		(10,312,906	)
Long term loan payable			–			–			–		(17,771,173	)
Long-term operating lease obligation			–			–			–		(2,360,024	)
Reclassification	Total		(828,687	)		828,687			–		18,569,060

(*)

Loans payable relates to project specific loan and has therefore been reclassified from Loans payable to Loans of Projects Under Development (Note 13)

F-8

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

5.	Projects Under Development

	BESS – SHEAF Project			BESS – Australian Projects		BESS – Italian Projects		FOWE (Fuel Oil Water Emulsification) Development		Total Projects Under Development (PUD)
Balance at October 01, 2023		12,607,479			1,201,970		2,439,757		53,648		16,302,854
Additions		34,342,264			958,281		457,368		–		35,747,913
Disposals		(46,949,743	)		–		–		–		(46,949,743	)
Balance at December 31, 2023		–			2,160,251		2,897,125		53,648		5,111,024

Capitalized costs for Sheaf Project in the current quarter comprise primarily initial payments under the battery supply agreement and balance of plant subcontract, as well as fees for establishment of lending facilities for the project: committed to on November 02, 2023. Capitalized projects under development costs for the BESS Sheaf Project were charged to cost of sales on December 22, 2023 on sale of the project to Sosteneo.

6.	Property and Equipment

	Cost $		Accumulated depreciation $			December 31, 2023 Net carrying value $		March 31, 2023 Net carrying value $
Building		919,797		(286,262	)		633,535		708,979
Furniture and equipment		399,788		(294,142	)		105,646		137,352
Computer equipment		23,417		(15,002	)		8,415		885
Leasehold improvements		9,963		(9,464	)		499		1,993
Total		1,352,965		(604,870	)		748,095		849,209

For the three and nine months ended December 31, 2023, the Company recorded $39,912 (2022 – $45,600) and $ 115,327 (2022 – $148,671) respectively in depreciation expense on property and equipment.

F-9

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

7.	Intangible Assets

	Cost $		Accumulated amortization $			Cumulative impairment $			December 31, 2023 Net carrying value $		March 31, 2023 Net carrying value $
Patents and technical information		36,340,057		(9,907,820	)		(20,457,255	)		5,974,982		6,700,921
Software licensing		11,455		(8,025	)		-			3,430		5,563
Total		36,351,204		(9,915,845	)		(20,457,255	)		5,978,412		6,706,484

For the three and nine months ended December 31, 2023, the Company recorded $237,202 (2022 – $220,006) and $727,873 (2022 – $660,090) respectively in amortization expense on intangible assets.

For the three and nine months ended December 31, 2023, the Company has allocated $236,573 (2022 - $219,367) and $725,939 (2022 - $658,101) respectively of amortization of patents and technical information to cost of goods sold. The amount remaining in amortization expense is $629 (2022 - $639) and $1,934 (2022 - $1,989) for the three and nine months ended December 31, 2023.

Future amortization of intangible assets is as follows based on fiscal year:

	$
2024 (remaining)		237,213
2025		949,081
2026		946,291
2027		946,291
2028		946,291
Thereafter		1,953,244
Total		5,978,412

F-10

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

8.	Acquisitions

(a)

Acquisition of Sheaf Energy Ltd

On December 6, 2022, the Company acquired all the issued and outstanding stock of Sheaf Energy Ltd., a United Kingdom company in the business of battery energy storage systems. The purchase consideration included cash payments of a deposit of $415,855 (£373,500) made on July 26, 2021 and $8,710,145 (£7,126,500) made on December 15, 2022.

Total purchase consideration was therefore $9,126,000 (£7,500,000). The value attributed to the identifiable assets acquired and liabilities assumed are net working capital of $0, and project under development of $9,126,000 (£7,500,000).

(b)

Acquisition of BESS Italian Project Companies

On September 27 2023, the Company through its indirectly wholly owned subsidiary, Pacific Green Energy Parks (Italia) S.r.l. (“EPI”) purchased 51% of the capital in Sphera Australe S.r.l., Sphera Levante S.r.l., Sphera Ponente S.r.l., and Sphera Boreale S.r.l. (the “Italy Project Companies”) from Sphera Energy S.r.l. (“Sphera”). Sphera established the Italy Project Companies for the development of five BESS projects in Italy.

The Company paid Sphera €1.0 million ($1.06 million) on the closing date for a 51% interest in the Italy Project Companies. The Company also made a partial advance of €2.0 million ($2.01 million) against its purchase of the remaining 49% of the capital of the Italy Project Companies on the closing date and a further €0.3 million ($0.35 million) to pay off the liabilities held in the Italy Project Companies to its shareholders.

The total consideration recognized of €3.36 million ($3.42 million) is attributed between net working capital of $nil, projects under development representing the rights acquired of $2.42 million and investment advance treated as a non-current asset of $2.01 million. A noncontrolling interest of $1.01 million has been recorded in relation to the 49% not held by the Company. Since acquisition, a further €0.4 million ($0.44 million) has been invested into the projects as an advance.

Under the terms of the purchase agreement, the Company agreed to advance Sphera a further €2.0 million upon the filing of the application for a license from the Ministry for the Environment and Energy Security (“MASE”).

The Company has also agreed to acquire the remaining 49% capital in each of the Italy Project Companies upon achievement of ready to build status. The purchase price for the remaining capital in each Project Company will be equal to the difference between €55,500 per MW installable and authorized under the license and €200,000 less €2,000 per MW installable.

The Company has also signed development service agreements for the Italian Project Companies with Sphera.

F-11

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

9.	Disposal / Sale of Project Assets

(a)

Disposal of Subsidiaries (REP & PGBEP1)

On June 9, 2023, Pacific Green Energy Storage (UK) Ltd (“PGES”) and Green Power Reserves Ltd (“GPR”), a third party investor entered into a sale and purchase agreement to sell their 50% controlling interest and 50% nonredeemable noncontrolling interest respectively in BEP1 and its fully owned subsidiary, Richborough Energy Park Ltd (“REP”), (together, “REP Project”) to Sosteneo Fund 1 Holdco Sarl (“Sosteneo”). The disposal became unconditional on June 26, 2023.

The purchase price paid by Sosteneo to PGES (UK) and GPR consisted of £29.9 million ($37.4 million) in initial consideration and an additional £15.1 million ($18.9 million) in performance milestone payments upon successful completion and operations of the BESS projects.

As a result of the sale, the Company recognized a net gain on disposal of $12.1 million during the quarter ended June 30, 2023. As the sale of REP Project did not represent a strategic shift that would have a major effect on the Company’s operations or financial results, REP and PGBEP 1 are not presented as a discontinued operation. The net income of REP and PGBEP 1 is included in the consolidated statement of operations through the June 26, 2023, disposal date. The assets, liabilities and equity (including non-controlling interest) of PGBEP 1 were deconsolidated effective June 26, 2023.

No gain was recorded in relation to the prospective milestone payments in the quarter ended June 30, 2023, as it was considered that the Company did not have the information needed to reasonably estimate whether or not performance milestones will be met.

In the quarters ended September 30, 2023 and December 31, 2023, the Company has re-evaluated the performance milestones. Of the £15.1 million ($19.0 million) gross deferred consideration, a reduction of £1.75 million ($2.2 million) has been reserved for negotiated and anticipated changes to the total milestone payments. After deduction of 1.2% agent fees and 49.4% share of the minority investor, this gives a total projected receivable of £6.7 million ($8.4 million). Offsetting this are actual delay liquidated damages incurred of £385,000 ($486,000).

In the quarter ended September 30, 2023, milestones with value of £4.3 million ($5.4 million) were assessed as not being at risk of reversal in future reporting periods were recorded as gain on disposal. Of the milestones recognized, £0.8 million ($1.0 million) cash proceeds were received in the quarter ended December 31, 2023. In the quarter ended December 31, 2023, further milestones with value of £0.8 million ($0.9 million) were assessed as not being at risk of reversal in future reporting periods, and recorded as gain on disposal in the current quarter.

Backlog revenue for milestones that have not yet been recorded as gain on disposal amounts to £1.5 million ($1.9 million) as at December 31, 2024. Level of confidence of meeting remaining milestones will be re-assessed in future reporting periods.

F-12

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

9.	Disposal / Sale of Project Assets (continued)

(a)	Disposal of Subsidiaries (REP & PGBEP1) (continued)

The Company also incurred £0.3 million ($0.4 million) of legal fees and £0.4 million ($0.5 million) of broker fees related to the sale.

The gain on sale of PGBEP 1 shares recognized in the quarter ended June 30, 2023 is calculated as follows:

	GBP		FX		USD
Consideration received (A)		11,258,370		1.2519		14,094,907

Net assets:
Cash						116,057
Projects under development						43,642,826
Other assets						3,992,999
Long term AP and accruals						(24,830,942	)
Other liabilities & Non-controlling interest						(23,406,419	)
Total (B)						(485,479	)
Initial Investment in PGBEP (C)						2,461,289
Gain (A)-(B)-(C)						12,119,097

In addition to the derecognition of the balances sold and recognition of the gain on sale of subsidiary, the SPA also includes certain contingent assets and liabilities which were not recorded in the statement of financial position as at June 30, 2023, due to their remote nature.

(b)

Sale of project assets (Sheaf Energy Ltd and Pacific Green Battery Energy Parks 2 Limited).

On November 2, 2023, the Company entered into a transaction committing to sell 100% of the shares in Pacific Green Battery Energy Parks 2 Limited (“PGBEP2”) and its 100% subsidiary, Sheaf Energy Limited, to Sosteneo Fund 1 HoldCo S.à.r.l. (“Sosteneo”). Under the terms of the transaction, the Company and Sosteneo granted each other respective options to buy or sell the shares in PGBEP2. The option was exercised on December 22, 2023.

Upon making the commitment to sale, the Company received a deposit of £12.2 million ($14.9 million) less legal fees of £0.3 million ($0.4 million), a £3.75 million ($4.6 million ) advance payment of construction management fee, a £1.64 million ($2.0 million ) repayment of an intercompany loan balance, and settlement of the $9.26 million (£7.5 million) loan principal and $2.3 million (£1.9 million) 25% repayment fee from PGBEP2 to Sheaf Storage Ltd, a third party. The Company is liable for an 18% profit share fee to Sheaf Storage Ltd, payable following receipt of each element of sale proceeds.

Prior to sale of the project on December 22, 2023, a total £54.9 million ($69.9 million) of loans and leases, less £7.4 million ($9.4 million) outstanding cash balances were invested in the project, the liabilities for which have been taken on by Sosteneo, and included as consideration on sale as net debt forgiveness. Of these amounts, £9.6 million related to the Sheaf Storage Ltd loan and accrued interest was repaid on November 2, 2023.

The Company is also entitled to receive further deferred consideration upon achieving certain post sale construction milestones, being milestone 1: £7.26 million ($8.9 million) on batteries delivery to site, milestone 2: £4.96 million ($6.1 million) upon reaching commercial operation date prior to March 31, 2026, and milestone 3: £1.3 million ($1.6 million) upon receipt of a land remediation tax credit of this amount.

F-13

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

9.	Disposal / Sale of Project Assets (continued)

(b)

Sale of project assets (Sheaf Energy Ltd and Pacific Green Battery Energy Parks 2 Limited). (continued)

Under the construction management agreement, the Company is also entitled to receive a maximum £3.0 million contingency payment (“CMA Contingency”) if commercial operation date is achieved prior June 2025, and subject to reduction where commercial operation date is achieved at a later date and for any project contingency forecasted and spent over and above the budgeted amount.

Milestones 1,2, 3 and the CMA Contingency are assessed as having material risk of reversal. Accordingly no revenue is recognized in relation to these constrained price components in the current quarter. Level of confidence of meeting remaining milestones that have not yet been recorded as revenue will be re-assessed in future reporting periods. Total contingent revenue backlog associated with the constrained price elements on Sheaf project at December 31, 2023 amounts to £16.5 ($21.0) million.

	GBP			FX		USD
Cash payment on closing		12,215,318			1.2743		15,565,980

Debt of SHEAF
Sheaf Storage Loan		9,571,128					11,825,437
Capex Loan		36,003,329					45,879,042
NatWest loan		1,685,838					2,148,263
Leases		7,614,876					9,703,637
Less: Cash		(7,390,806	)				(9,418,104	)
Total revenue		59,699,682					75,704,254

On October 16, 2023, the board of directors approved a performance-related bonus for Scott Poulter, Chief Executive Officer in relation to the commitment to the Sheaf project, which comprises 4,500,000 shares in the Company which are issuable immediately upon the commitment being made, and $3,664,000 (£3,000,000) in cash, of which $3,053,000 (£2,500,000) is payable immediately upon the commitment being made, and $611,000 (£500,000) is payable in monthly instalments over 24 months.

10.

Noncontrolling Interest

On December 2, 2020, the Company signed a Joint-Venture Agreement with Amr Khashoggi Trading Company Limited (“Amkest Group”) to incorporate a company in the Kingdom of Saudi Arabia for the sale of Pacific Green’s environmental technologies within the region. The Company holds 70% interest in the joint venture.

Between March 2022 and September 2022, Green Power Reserves Limited (“GPR”) made an equity investment of a total $16.0 million (£13.0 million) for a fifty percent shareholding in Pacific Green Battery Energy Parks 1 Limited (“BEP1”), and its fully owned subsidiary, Richborough Energy Park Ltd (“REP”) (together: “REP Project”). The Company retained control over BEP1 by virtue of holding 65% of the voting rights and appointing two of the three directors.

On September 27, 2023, the Company purchased 51% of the capital of four Italy Project Companies from Sphera. The Company paid Sphera €1.0 million ($1.06 million) and recorded noncontrolling interest of €0.96 million ($1.01 million) on the €1.96 million ($2.07 million) gross capitalized asset value.

Details of the carrying amount of the noncontrolling interests are as follows:

	December 31, 2023 $			March 31, 2023 $
Non-redeemable noncontrolling interest		–			16,140,339
Net (loss)/ income attributable to noncontrolling interest (BESS REP)		–			(354,987	)
Net (loss)/ income attributable to noncontrolling interest (JV)		(216,162	)		(121,677	)
Acquired noncontrolling interest (BESS Italy)		1,009,784			–
Non-controlling interest		793,622			15,663,675

As of December 31, 2023, net income attributable to noncontrolling interest was $392,903 split as follows; Net income attributable to noncontrolling interest – BESS was $298,417 and $94,486 was attributable to non-controlling interest - JV.

F-14

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

11.

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities

The Company derives revenue from the sale of products, delivery of services. Revenue disaggregated by type for the three and nine months ended December 31, 2023, and 2022 is as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Products		84,057,183		2,253,221		84,057,183		4,607,668
Services		1,904,449		1,386,771		4,258,276		2,251,553
Total		85,961,632		3,639,992		88,315,459		6,859,221

Revenue from services include specific services provided to marine scrubber systems as well as design and engineering services for Concentrated Solar Power. Contracts for specific services provided to marine scrubber systems represent maintenance services. Contracts for Concentrated Solar Power include design and engineering services provided to clients. Revenue for Marine service contracts is recognized as the services are provided.

Revenue for BESS includes sale of project assets recognized on project sale, with deferred consideration constrained to amounts not at significant risk of future reversal. Revenue for BESS construction management fees is recognized on a cost to costs basis over the duration of the contract.

Product revenue by type for the three and nine months ended December 31, 2023, and 2022 is as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Sale of marine scrubbers		8,352,929		2,253,221		8,352,929		4,607,668
Sale of BESS projects		75,704,254		–		75,704,254		–
Total		84,057,183		2,253,221		84,057,183		4,607,668

Service revenue by type for the three and nine months ended December 31, 2023, and 2022 is as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Specific services provided to marine scrubber systems		1,196,223		1,237,663		3,176,025		1,889,215
BESS construction management agreement		524,605		–		524,605		–
Design and engineering services for Concentrated Solar Power		183,621		149,108		557,646		362,338
Total		1,904,449		1,386,771		4,258,276		2,251,553

F-15

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

11.

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (continued)

The Company has analyzed its sales contracts under ASC 606 and has identified that the percentage of completion of the contract often is not directly correlated with contractual billing terms with customers. As a result of the timing differences between customer sales invoices and percentage of completion of the contract, contractual assets and contractual liabilities have been recognized.

As of December 31, 2023, contract liabilities included $4,245,313 related to BESS construction management agreement (March 31, 2023 - $nil). Contract liabilities also included $nil (March 31, 2023 - $8,038,674) for aggregate cash receipts from one customer relating to scrubber units for thirteen vessels included within a postponement agreement that lapsed in December 2023, resulting in $8.0 million revenue recognized in the quarter ended December 31, 2023.

Changes in the Company’s contract assets and liabilities for the periods are noted as below:

	Accrued Revenue $			Prepaid Manufacturing Costs $			Sales (Cost of Goods Sold) $			Contract Liabilities $
Balance, March 31, 2022		531,947			38,010						(8,143,109	)

Customer receipts and receivables		–			–			–			(5,325,921	)
Scrubber sales recognized in revenue		–						4,717,905			4,717,905
Payments and accruals under contracts		(27,181	)		4,202,264			–			–
Cost of goods sold recognized in earnings		–			(3,776,459	)		(3,776,459	)		–
Balance, March 31, 2023		504,766			463,815						(8,751,125	)

Customer receipts and receivables		–			–			–			(4,767,993	)
Scrubber sales recognized in revenue		–						8,352,929			8,352,929
Payments and accruals under contracts		(67,209	)		935,893			–			–
Cost of goods sold recognized in earnings		–			(863,985	)		(863,985	)		–
Balance, December 31, 2023		437,557			535,723						(5,166,189	)

F-16

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

11.

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (continued)

Cost of goods sold for the period ended December 31, 2023 is comprised as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Scrubber costs recognized		160,632		1,670,574		70,364		2,713,475
BESS project costs recognized		59,249,778		–		59,249,778		–
Salaries and wages		142,619		235,799		406,480		322,119
Amortization of intangibles		236,573		219,367		725,939		658,101
Commission type costs		10,522		73,531		39,604		205,824
Design and engineering services for CSP		51,681		104,545		220,690		246,490
Specific services provided to marine scrubber systems		904,624		713,688		2,423,340		1,154,718
BESS construction management services		464,680		–		902,710		–
Total		61,221,109		3,017,504		64,038,906		5,300,727

12.

Accounts Payable and Accrued Liabilities

	December 31, 2023 $		March 31, 2023 $
Accounts payable		1,495,093		692,526
Accrued liabilities		5,400,073		2,349,083
Other liabilities		–		127,973
Payroll liabilities		400,820		219,151
Total short-term accounts payable and accrued liabilities		7,295,986		3,388,733
Balance, end of period		7,295,986		3,388,733

F-17

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

13.

Loans Payable

On December 15, 2022, the Company signed a Loan Agreement with Sheaf Storage Limited, for a total of $9,261,789 (£7,500,000) for the acquisition of Sheaf Energy Ltd. The loan was secured on a share pledge over the entire share capital of Sheaf Energy Limited. The loan had a repayment date of September 15, 2023, with a fixed repayment fee of 20%. The lender was entitled to 8% of the net equity proceeds received by the Company from the sale of Sheaf Energy Ltd.

On September 14, 2023, the Company signed an addendum to the Loan Agreement, extending the term of the loan to be repayable on November 15, 2023, with revised repayment fee of 25% due and payable on repayment. Upon the sale of Pacific Green Sheaf Energy Ltd, the lender was entitled to 18% of the net equity proceeds received by the Company. The loan was repaid November 02, 2023 as part of the consideration for sale of Pacific Green Battery Energy Parks 2 Limited (“PGBEP2”) and its 100% subsidiary, Sheaf Energy Limited, to Sosteneo Fund 1 HoldCo S.à.r.l. (“Sosteneo”).

On September 20, 2023, the Company entered into a number of separate loan agreements, six under English law and one under US Law with seven independent third party lenders for a total of £1,050,000 and $2,500,000 (total equivalent $3,782,000), to provide additional short-term working capital to the Company in funding BESS projects. The loans have identical terms.

Each loan is split into two equal tranches and in the absence of a prior liquidity event, is repayable on March 20, 2024, or has a longstop date of June 20, 2024. Tranche 1 liquidity event occurs when the Company receives net funds in excess of £4 million from the disposal of Sheaf Project, and results in a repayment of Tranche 1 principal plus a repayment fee of 20%. Tranche 2 liquidity event occurs when the Company receives deferred consideration due on reaching commercial operation under the REP sale and purchase agreement, and results in a repayment of Tranche 2 principal plus a repayment fee of 25% of Tranche 2. The loans do not bear other interest apart from the “Repayment Fee”. Tranche 1 was repaid on November 09, 2023. Tranche 2 remained outstanding at December 31, 2023, but was repaid on January 03, 2024.

On November 02, 2023, the Company reached financial close on a £120 million (US$146 million) senior debt facility provided to Sheaf Energy Ltd by National Westminster Bank plc (“NatWest”) and UK Infrastructure Bank Limited (“UKIB”), contributing £60 million ($73 million) each. The facility will be used to fund the development and construction of Sheaf Energy Park, following which repayment will occur on a 10-year amortization profile upon the start of commercial operations. Drawdowns on the loan prior to sale of Sheaf Energy Ltd on December 22, 2023, amounted to £1.7 million. Interest is charged at the Bank of England base rate plus a margin of 3.0%. The loan balance was sold to Sosteneo on December 22, 2023 as part of the sale of Sheaf Energy Ltd as outlined in note 9.

On November 02, 2023, PGBEP2 entered into a £70 million ($85 million) capital expenditure loan facility with Sosteneo, which together with the senior debt facility, will fund the development and construction of Sheaf Energy Park. Interest rate on the loan facility is 10% per annum. Drawdowns on the loan prior to sale of PGBEP2 on December 22, 2023 totaled £36.0 million. The loan balance was sold to Sosteneo on December 22, 2023 as part of the sale of Sheaf Energy Ltd as outlined in note 9.

	December 31, 2023 $		March 31, 2023 $
Loans payable		2,403,812		1,667,484
Long term loans payable		–		791,662
Balance, end of period		2,403,812		2,459,146

F-18

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

14.

Warranty Costs

During the nine months ended December 31, 2023, the Company recorded a net warranty recovery of $18,778 (2022 - an expense of $201,340). During the same period, $167,437 of warranty costs were incurred and applied against amounts previously provided for. The Company provides warranties to customers for the design, materials, and installation of scrubber units. Product warranty is recorded at the time of sale and will be revised based on new information as system performance data becomes available.

A summary of the changes in the warranty costs is shown below:

	December 31, 2023 $			March 31, 2023 $
Balance, beginning of period		580,530			865,451
Warranty expense / (recovery)		(18,778	)		(625,664	)
Warranty (invoiced costs) / recovery		(167,437	)		340,743
Balance, end of period		394,315			580,530

15.

Related Party Transactions

(a)

At December 31, 2023, the Company owed $1,774,782 (March 31, 2023 – $213,020) to companies controlled by a director and officer of the Company. The amounts owing are unsecured, non-interest bearing, and payable over a 24 month period.

(b)

During the three and nine months ended December 31, 2023, the Company incurred $8,172 (2022 – $26,218) and $38,147 (2022 – $112,180) in commissions to companies controlled by a director of the Company.

(c)

During the three and nine months ended December 31, 2023, the Company incurred $4,526,794 (2022– $168,500) and $8,673,724 (2022– $495,500) in consulting fees and bonus to a director, or companies controlled by a director of the Company. This includes $8,039,358 (2022 - $nil) bonus paid to a director of the Company.

F-19

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

16.

Stock Options

The following table summarizes the continuity of stock options:

	Number of options			Weighted average exercise price $		Weighted average remaining contractual life (years)		Aggregate intrinsic value $
Balance, March 31, 2022		537,500			0.56		1.43		170,125
Granted		285,000			0.66		–		–
Forfeited		(337,500	)		0.18		–
Balance, March 31, 2023 and June 30, 2023		485,000			0.89		1.41		84,900
Granted		100,000			0.60		–		–
Balance, September 30, and December 31, 2023, vested and exercisable		585,000			0.84		1.22		108,400	*

(*)	Value represents weighted average of those options in-the-money as at December 31, 2023.

Additional information regarding stock options outstanding as at December 31, 2023 is as follows:

Issued and Outstanding
Number of shares	Weighted average remaining contractual life (years)	Exercise price $
25,000	0.04	1.03
50,000	0.25	1.50
25,000	0.67	0.90
20,000	1.21	1.20
40,000	1.21	1.20
40,000	1.59	1.20
10,000	0.75	0.01
25,000	0.75	2.50
25,000	0.75	3.75
200,000	0.84	0.10
25,000	0.67	0.50
20,000	2.58	0.60
40,000	3.08	0.60
40,000	3.58	0.60
585,000

Unless otherwise noted, the Company estimates the fair value of its stock options using the Black-Scholes option pricing model, assuming no expected dividends, applying a risk-free interest rate of 4.54%, average expected life of 3.5 years and expected volatility 122%.

The estimated fair value of the stock options is recorded over the requisite period to vesting. For the three and nine months ended December 31, 2023, the fair value of $14,282 (2022 - $162,566) and $31,572 (2022 – 189,478) was recorded as salaries expense.

F-20

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

17.

Segmented Information

The Company is located and operates in North America and its subsidiaries are primarily located and operating in Europe, Asia, Oceania, and South America.

	December 31, 2023
	North America $		Europe $		Asia $		Oceania $		Total $
Property and equipment		3,053		103,091		634,089		7,862		748,095
Intangible Assets		5,974,982		–		3,430		–		5,978,412
Right of use assets		–		984,161		78,153		–		1,062,314
Projects under development		–		2,897,125		53,648		2,160,251		5,111,024
		5,978,035		3,984,377		769,320		2,168,113		12,899,845

	March 31, 2023
	North America $		Europe $		Asia $		Total $
Property and equipment		5,343		134,001		709,865		849,209
Intangible Assets		6,700,921		–		5,563		6,706,484
Right of use assets		–		226,860		123,569		350,429
		6,706,264		360,861		838,997		7,906,122

	Three months ended December 31, 2023
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		38,752			85,326,948			595,932			–			85,961,632
COGS by customer region		25,159			60,648,725			547,225			–			61,221,109
Gross Profit by customer region		13,593			24,678,223			48,707			–			24,740,523
GP% by customer region		35	%		29	%		8	%		0	%		29	%

F-21

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

17.

Segmented Information (continued)

	Three Months Ended December 31, 2022
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		34,170			1,082,175			2,523,647			–			3,639,992
COGS by customer region		26,954			803,963			2,186,587			–			3,017,504
Gross Profit by customer region		7,216			278,212			337,060			–			622,488
GP% by customer region		21	%		26	%		13	%		0	%		17	%

	Nine months ended December 31, 2023
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		55,699			86,642,836			1,616,924			–			88,315,459
COGS by customer region		41,431			62,253,187			1,744,288			–			64,038,906
Gross Profit by customer region		14,268			24,389,649			(127,364	)		–			24,276,553
GP% by customer region		26	%		28	%		(8	)%		0	%		27	%

	Nine Months Ended December 31, 2022
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		54,653			3,239,954			3,535,920			28,694			6,859,221
COGS by customer region		37,190			2,083,243			3,172,039			8,255			5,300,727
Gross Profit by customer region		17,463			1,156,711			363,881			20,439			1,558,494
GP% by customer region		32	%		36	%		10	%		71	%		23	%

For the three and nine months ended December 31, 2023, 89% (2022 – 35%) and 86% (2022 – 29%) of the Company’s revenues were derived from the largest customer.

F-22

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

18.

Commitments

(a)

The Company’s subsidiaries have entered into two long-term operating leases for office premises in London, United Kingdom, and Shanghai, China. These lease assets are categorized as right of use assets under ASU No. 2016-02. The lease for the office premises in London was extended on December 26, 2023.

Long-term premises lease

Lease
commencement

Lease
expiry

Term
(years)

Discount rate*

London, United Kingdom

December 26, 2023

December 25, 2026

3.00

8.25

Shanghai, China

March 1, 2020

May 31, 2025

5.25

4.65

*	The Company determined the discount rate with reference to mortgages of similar tenure and terms.

Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company’s operating lease does not provide an implicit rate, the discount rate used to determine the present value of the lease payments is the collateralized incremental borrowing rate based on the remaining lease term. The operating lease asset excludes lease incentives. The operating leases do not contain an option to extend or terminate the lease term at the Company’s discretion, therefore no probable renewal has been added to the expiry date when determining lease term. Operating lease expense is recognized on a straight-line basis over the lease term.

Lease cost for the three and nine months are summarized as follows:

		Three Months Ended December 31, 2023 $				Three Months Ended December 31, 2022 $				Nine Months Ended December 31, 2023 $				Nine Months Ended December 31, 2022 $
Operating lease expense *			728,860				231,789				946,219				440,779

*	Lease payments include maintenance, operating expense, and tax.

The Company has entered into premises lease agreements with minimum annual lease payments expected over the remaining three fiscal years of the lease as follows:

	$
2024		103,167
2025		407,616
2026		352,025
Thereafter		176,014
Total future minimum lease payments		1,038,822
Imputed interest		(64,567	)
Operating lease obligations		974,255

(b)

Neither party had funded the joint venture at March 31, 2022 and there had been no revenue and expense associated with it for the year ending March 31, 2022. Since April 1, 2022 the Company has paid in share capital and intercompany loans and accrued interest amounting to $970,547 to fund operational expenses to December 31, 2023.

F-23

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

19.

Income Taxes

The majority of our revenues from international Marine sales are invoiced from and collected by our U.S. entity and recognized as a component of income before taxes in the United States as opposed to a foreign jurisdiction. BESS revenues are invoiced and collected by our U.K. entities. The components of income before income taxes by U.S. and foreign jurisdictions were as follows:

	December 31, 2023 $			December 31, 2022 $
United States		(10,875,742	)		(4,205,331	)
Foreign		23,513,169			(3,499,784	)
Net profit / (loss) before taxes		12,637,428			(7,705,115	)

The following table reconciles the income tax expense (benefit) at the statutory rates to the income tax (benefit) at the Company’s effective tax rate.

	December 31, 2023 $			December 31 2022 $
Net profit / (loss) before taxes		12,637,428			(7,705,115	)
Statutory tax rate		21	%		21	%

Expected income tax expense / (recovery)		2,653,860			(1,618,074	)
Tax exemption on share sale		(7,905,011	)		–
Subpart F inclusion		6,027,488			–
Permanent differences and other		2,451,576			151,871
Foreign tax rate difference		(73,458	)		6,686
Change in valuation allowance		(1,988,816	)		1,459,517
Income tax provision		1,165,639			–

Current		1,165,639			–
Deferred		–			–
Income tax provision		1,165,639			–

At December 31, 2023, the Company is current with statutory corporate income tax filings. Certain of the amounts presented above are based on estimates and what management believes are prudent filing positions. The actual losses available could differ from these estimates upon assessment and review by taxation authorities. U.S. federal and state income tax returns filed by us remain subject to examination for income tax years 2014 and subsequent. Canadian federal and provincial income tax returns filed by us remain subject to examination for income tax years 2019 and subsequent. Income tax returns associated with our operations located in the United Kingdom and China are subject to examination for income tax years 2018 and subsequent.

F-24

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

19.

Income Taxes (continued)

Tax positions are evaluated for recognition using a more-likely than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information.

The Company estimates that it has brought forward accumulated estimated net operating losses of approximately $25.3 million which were incurred mainly in the U.S, and which don’t begin to expire until 2033. Historical losses in the U.S., are subject to limitations on use due to deemed changes in control for tax purposes. This impacts the timing and opportunity to use certain losses. In arriving at the tax liability for the current period, a total of $24.8 million of historical net operating losses were offset, leaving $0.5 million carried forward into future reporting periods. In addition, the Company estimates that it has approximately $12.7 million in losses available in the United Kingdom.

20.

Subsequent events

On January 03, 2024, the Company repaid a total $2.4 million Tranche 2 short term loans including 25% repayment fees.

F-25

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors”, that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

As used in this quarterly report and unless otherwise indicated, the terms “we”, “us”, “our”, the “Company”, and “our company” mean Pacific Green Technologies Inc., a Delaware corporation, and our wholly owned subsidiaries, (1) Pacific Green Innoergy Technologies Ltd., a United Kingdom company, (2) Pacific Green Marine Technologies Group Inc., a Delaware corporation, (3) Pacific Green Marine Technologies Inc., a Delaware corporation, (4) Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.), a United Kingdom company, (5) Pacific Green Technologies (Middle East) Holdings Ltd., a United Arab Emirates company, (6) Pacific Green Technologies Arabia LLC, 70% owned, a Kingdom of Saudi Arabia company, (7) Pacific Green Technologies (Canada) Inc. (Formerly Pacific Green Marine Technologies Inc.), a Canadian corporation, (8) Pacific Green Solar Technologies Inc., a Delaware corporation, (9) Pacific Green Technologies International Ltd., a British Virgin Islands company, (10) Pacific Green Technologies Asia Ltd., a Hong Kong company, (11) Pacific Green Technologies Engineering Services Limited (Formally Pacific Green Technologies China Ltd.), a Hong Kong company, (12) Pacific Green Technologies (Australia) Pty Ltd., an Australia company, (13) Pacific Green Technologies (Shanghai) Co. Ltd. (Formerly Shanghai Engin Digital Technology Co. Ltd.), a Chinese company, (14) Guangdong Northeast Power Engineering Design Co. Ltd., a Chinese company, (15) Pacific Green Energy Parks Inc., a Delaware corporation, (16) Pacific Green Energy Storage Technologies Inc., a Delaware corporation, (17) Pacific Green Energy Storage (UK) Ltd. (Formerly Pacific Green Marine Technologies Trading Ltd.), a United Kingdom company, (18) Pacific Green Portland West Pty Ltd., an Australian company, (19) Pacific Green Portland East Pty Ltd., an Australian company, (20) Pacific Green Energy Park Portland Pty Ltd., an Australian company, (21) Pacific Green Energy Parks Australian Pty Ltd., an Australian company, (22) Pacific Green Energy Park Limestone Coast North Pty Ltd., an Australian company, (23) Pacific Green Energy Park Limestone Coast West Pty Ltd., an Australian company, (24) Pacific Green Limestone Coast Pty Ltd., an Australian company, (25) Pacific Green Battery Energy Parks 2 Ltd., a United Kingdom company, (26) Sheaf Energy Ltd., a United Kingdom company, (27) Pacific Green Energy Parks (UK) Ltd., a United Kingdom company, (28) Pacific Green Energy Parks (Italia) srl, an Italian company, (29) Sphera Australe Srl, 51% owned, an Italian company, (30) Sphera Levante Srl, 51% owned, an Italian company, (31) Sphera Ponente Srl, 51% owned, an Italian company, (32) Sphera Boreale Srl, 51% owned, an Italian company, (33) Pacific Green Future Energy Inc, a Delaware corporation, (34) Pacific Green Portland North Pty Ltd., an Australian company, (35) Pacific Green Portland Northeast Pty Ltd., an Australian company, unless otherwise indicated.

Corporate History

Our company was incorporated in Delaware on March 10, 1994, under the name of Beta Acquisition Corp. In September 1995, we changed our name to In-Sports International, Inc. In August 2002, we changed our name from In-Sports International, Inc. to ECash, Inc. In 2007, due to limited financial resources, we discontinued our operations. Over the course of the ensuing five years, we sought out new business opportunities.

On June 13, 2012, we changed our name to Pacific Green Technologies Inc. and effected a reverse split of our common stock following which we had 27,002 shares of common stock outstanding with $0.001 par value.

Effective December 4, 2012, we filed with the Delaware Secretary of State a Certificate of Amendment of Certificate of Incorporation, wherein we increased our authorized share capital to 510,000,000 shares of stock as follows:

	●	500,000,000 shares of common stock with a par value of $0.001; and

	●	10,000,000 shares of preferred stock with a par value of $0.001.

The increase of authorized capital was approved by our board of directors on July 1, 2012 and by a majority of our stockholders by a resolution dated July 1, 2012.

Original Strategy and Recent Business

Since 2012, the Company has focused on marketing, developing and acquiring technologies designed to improve the environment by reducing pollution. The Company has acquired and registered its own technologies, patents and intellectual property from acquisitions and organic growth, and pursued opportunities globally for the development and marketing of the emission control technologies, including the ENVI-Systems™ emission control technologies: ENVI-Marine ^TM, ENVI-Pure ^TM and ENVI-Clean ^TM.

Since October 2020, the Company has developed Battery Energy Storage Systems (BESS) capabilities, initially through acquisition of Innoergy Limited. Since March 2021, the Company has acquired and developed two BESS projects of total 350MW in the United Kingdom, from early-stage origination and development through to financing, financial close of sale to an equity investor, and continued construction management towards commercial operation. In Q1 FY24 the Company closed the sale of REP project in the United Kingdom to Sosteneo, and on November 02, 2023, committed to the sale of Sheaf project to Sosteneo.

The Company has also added further origination stage projects to its portfolio, including a portfolio of 500MW of projects in Italy and 1GW of projects in Australia.

Vision & Strategy

Pacific Green envisions a world of rapidly growing demand for renewable energy technological solutions to address the challenges presented by a changing climate. Our business provides turnkey and scalable end-to-end environmental and renewable technology solutions in the energy sector. Our technological platform has two main divisions:

●

Battery Energy Storage Systems (“BESS”); and

●

Environmental Technologies (“ET”);

Pacific Green plans to execute this vision by a strategy of equipment sales and proactive infrastructure development and ownership, each is led by acquisitions of technology capabilities and project investment opportunities, highlighted to date by the following events:

●

On October 20, 2020, the Company closed the acquisition of Innoergy Limited (“Innoergy”), a UK based designer of BESS whose clients included Osaka Gas Co. Ltd, in Japan, and Limejump Limited in the UK, a subsidiary of Shell plc. The acquisition has enabled our entry into the BESS market;

●

On March 18, 2021, the Company acquired Richborough Energy Park Limited (“REP”), a BESS development project to deliver 99MW of energy in Kent, UK and subsequently sold the entity under the terms of a Sale and Purchase Agreement on June 26, 2023; and

●

On December 6, 2022 the Company acquired Sheaf Energy Limited which is being developed into our second BESS 249MW facility project. On November 02, 2023, the Company committed to sell the project to Sosteneo Fund 1 Holdco s.a.r.l. on November 02, 2023, and completed the sale on December 22, 2023. The Company will continue to participate and earn revenue from the project under the terms of a construction management agreement and milestone payments included in the sale agreement.

●

On 27 September 27 2023, the Company purchased 51% of the equity capital in four Italian entities (the Italy Project Companies) with preliminary land agreements secured and preliminary grid interconnection offers accepted for five BESS projects in Italy, with total development potential of 500MW. The Company also paid an advance towards its future purchase of the remaining 49% of the Italy Project Companies.

In support of this strategy, we have adopted a Human Resource approach that seeks to hire the best talent in the core areas of our business. At September 30, 2023, the Company employed approximately 42 staff excluding full time consultants and contractors across a network of offices around the world. Our hiring plan includes the addition of sales and project execution specialists.

Strategic Partnerships

Pacific Green has forged global partnerships with private and state-owned energy providers and owners. This strategic alignment with leading energy industry platforms empowers Pacific Green to provide quickly scalable solutions in the core areas of our business, to gather unique insights on cutting-edge trends and leverage recurring revenue opportunities that enable us to cross-sell products and services.

The Company has entered into several partnership and framework agreements in the core areas of our business.

Battery Energy Storage Systems (“BESS”)

●

On January 14, 2021, the Company signed a framework agreement with Shanghai Electric Gotion New Energy Technology Co., Ltd (“SEG”). The agreement provides for the supply of lithium-ion BESS. SEG is a joint-venture between Shanghai Electric Group Co., Ltd. (“Shanghai Electric”) with operating revenues in excess of USD$20 billion, and Guoxuan High-tech Co., Ltd. With multiple production facilities and a long-established history in technology manufacturing and supply-chain management, SEG is well-positioned to provide lithium-ion BESS technology around the world, has supplied the batteries for the Richborough Energy Park and is contracted to supply the batteries for Sheaf project.

●

On March 18, 2021, the Company signed a framework agreement with TUPA Energy Limited (“TUPA”) to gain exclusive rights BESS projects in the UK. TUPA is a UK-based company with expertise in planning, grid connections and land acquisition. The Company has to date executed 99MW in relation to the Richborough Energy Park project and 249MW in relation to the Sheaf Energy project. The framework agreement was terminated after the completion of the Sheaf Energy acquisition in December 2022.

●

On June 13, 2023, the Company signed consulting agreements with GSMT consulting Pty Ltd to provide GPS studies and connection agreement support in the development of Limestone and Portland BESS sites in Australia.

●

In addition to the agreement to purchase 51% of the Italy Project Companies from Sphera Energy S.r.l., on September 27, 2023 the Company signed a development services agreement with Sphera Energy S.r.l. to develop each of the five BESS projects owned by the Italy Project Companies, with the objective of issuance of a license to each Project Company that will allow the Italy Project Companies to build and operate the proposed BESS projects, and to reach ready to build status.

●

On October 31, 2023, the Company signed a balance of plant subcontract with Keltbray Built Environment Limited, and a battery supply agreement with Hefei Gotion High-Tech Power Energy Co Ltd for the Sheaf project in the UK

In addition to supply agreements, on December 2, 2020, the Company signed a joint venture and marketing agreement with AMKEST to assist with the promotion of the Company’s business activities in the Kingdom of Saudi Arabia and the wider Middle East. Amkest Group is overseen by its founder, Amr Khashoggi, who holds board positions in numerous influential companies and government bodies across the Kingdom and is currently serving as Strategic Advisor to the Kingdom’s prominent new development city, King Abdullah Economic City (KAEC). Amkest Group’s leadership team is led by Chief Executive Officer, Salman Alireza, whose background includes various founding, executive and director-level positions in the business development sector within the Kingdom of Saudi Arabia, in addition to an MBA from London Business School.

Significant Events

On January 16, 2023, a postponement agreement with a major client, in which 13 marine scrubber units had been deferred, was extended from the original expiration date of February 9, 2023, to December 31, 2023. The postponement expired in December 2023 and $8.0 million revenue was recognized for this in the quarter-ended December 31, 2023 accordingly.

On February 6, 2023, 250,000 ordinary shares in the Company were issued to McClelland Management Inc. at a price of $0.73 as part of the consideration for intellectual property transferred from McClelland Management Inc. to the Company under the terms of an IP transfer deed dated January 4, 2023. A further 250,000 shares will be issued in February 2024 and 250,000 shares in January 2025.

On May 4, 2023, the Company entered into land option agreements with BZ Renewables Holdings PTY, in relation to sites with potential for BESS projects of 1GW capacity in Portland and Limestone Coast in Southern Australia.

On June 8, 2023, the Company approved the cancellation of 56,162 shares of Treasury stock it had previously repurchased during the year ended March 31, 2022 under an authorized share buy-back program.

On June 26, 2023 the Company sold Richborough Energy Park (“REP”), a 99 MW BESS project in Kent, UK. The project is anticipated to begin operations in January 2024.

On June 9, 2023, the board of directors approved a performance-related bonus for Scott Poulter, Chief Executive Officer, which comprises 2,750,000 shares in the Company, $1,957,340 (£1,550,000) in cash and a 10% increase in salary backdated to April 1, 2023. The shares are issuable and cash payable immediately. The cash bonus was paid on June 15, 2023. The shares were issued on June 23, 2023.

On July 3, 2023, the board of directors approved a performance-related bonus for Scott Poulter, Chief Executive Officer, which comprises 2,250,000 shares in the Company which are issuable immediately and $2,567,200 (£2,000,000) in cash, of which $1,797,040 (£1,400,000) is payable immediately and $770,160 (£600,000) payable pro rata with the remaining consideration of the Richborough sale.

On September 27, 2023, the Company purchased 51% of the capital in four Italy Project Companies from Sphera Energy S.r.l. (“Sphera”). Sphera established the Italy Project Companies for the development of five BESS projects in Italy of total 500 MW capacity.

On November 02, 2023, the company committed via a put and call option to the sale of Sheaf Energy Park, a 249 MW BESS project in Kent, England. The project is anticipated to begin commercial operations in mid-2025. On December 22, 2023 the Company exercised the option and sold the project to Sosteneo Fund 1 Holdco s.a.r.l..

Results of Operations

The following summary of our results of operations should be read in conjunction with our unaudited interim financial statements for the three and nine months ended December 31, 2023, and 2022.

Revenue for the three and nine months ended December 31, 2023 was $85,961,632 and $88,315,459 versus $3,639,992 and $6,859,221 for the three and nine months ended December 31, 2022. The Company’s revenues were derived from BESS project sales, BESS construction management services, scrubber sales, and scrubber services. During the three months ended December 31, 2023, revenue from BESS project sales was $75,704,255 (2022 - $nil), and the Company was in the process of commissioning 2 (2022 – 2) marine scrubber units which contributed to revenue of $314,255 (2022 – $699,289). During the three and nine months ended December 31, 2023, revenue from environmental technology services in the BESS, marine and solar businesses was $1,904,449 and $4,258,276 as compared to $1,386,771 and $2,251,553 for the three and nine months ended December 31, 2022.

During the nine months ended December 31, 2023, the gross profit margin for products and services were 28% (2022- 20%) and 8% (2022- 28%), respectively. Overall, the gross profit margin for the nine months ended December 31, 2023 was approximately 27% (2022 – 23%).

Expenses for the three and nine months ended December 31, 2023, were $12,322,409 and $27,267,740 as compared to $2,665,734 and $9,054,688 for the three and nine months ended December 31, 2022. Management and technical consulting fees increased due to increased activity in arising from the sale of REP/ BEP1 and SHEAF/BEP2 BESS Projects. Management and technical consulting fees were comprised of fees paid to our directors, officers and advisors for business development efforts and advisory services. Office-based costs, travel expenses, and professional fees also increased due to increased business activities and increased bonuses paid following the sale of REP/BEP1 and SHEAF/BEP2.

During the three and nine months ended December 31, 2023, our company recorded a net income of $ 11,311,505 ($0.21 per share) and $12,445,507 ($0.22 per share) as compared to net loss of $2,052,361 ($0.05 per share) and $7,735,406 ($0.16 per share) for the three and nine months ended December 31, 2022.

Our financial results for the three months and nine months ended December 31, 2023 and 2022 are summarized as follows:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2023 $			2022 $			2023 $			2022 $
Revenues
Products		84,057,183			2,253,221			84,057,183			4,607,668
Services		1,904,449			1,386,771			4,258,276			2,251,553
Total revenues		85,961,632			3,639,992			88,315,459			6,859,221
Cost of goods sold
Products		59,670,077			1,986,344			60,113,764			3,686,591
Services		1,551,032			1,031,160			3,925,142			1,614,136
Total cost of goods sold		61,221,109			3,017,504			64,038,906			5,300,727
Gross profit / (loss)		24,740,523			622,488			24,276,553			1,558,494

Expenses
Advertising and promotion		131,303			120,230			334,286			421,903
Amortization of intangible assets		629			639			1,934			1,989
Bad Debts Expense (recovery)		3,766			36,341			59,990			(10,193	)
Depreciation		39,912			45,600			115,327			148,671
Foreign exchange (gain) / loss		330,448			(5,776	)		1,394,647			98,545
Management and technical consulting		8,619,840			802,533			17,903,758			2,106,857
Office and miscellaneous expense		701,906			509,864			1,656,308			1,499,940
Operating lease expense		728,860			231,789			946,219			440,779
Professional fees		563,098			547,538			826,255			1,295,198
Research and development		112,323			-			256,664			13,772
Salaries and wages		619,837			909,364			3,063,107			2,957,988
Transfer agent and filing fees		111,213			15,278			147,539			46,075
Travel and accommodation		342,732			197,252			580,484			596,482
Warranty and related (income) / expense		16,542			(744,918	)		(18,778	)		(563,318	)
Total expenses		12,322,409			2,665,734			27,267,740			9,054,688

Other income / (expense)											–
Provision for loan or debt		(951	)		–			(951	)		–
Financing interest income		(856	)		32,790			188			89,090
Gain on derecognition of a subsidiary		944,938			–			18,567,829
Interest (expense) and other		(1,309,469	)		(220,300	)		(3,330,822	)		(298,011	)

Income tax expense		(1,165,639	)					(1,165,639	)

Net income/(loss) for the period before noncontrolling interest		10,886,137			(2,230,756	)		11,079,418			(7,705,115	)
Net (loss) /income attributable to noncontrolling interest		(34,063	)		(6,577	)		(392,903	)		20,165

Net income/ (loss)for the period		10,920,200			(2,224,179	)		11,472,321			(7,725,280	)

Liquidity and Capital Resources

Working Capital

	December 31, 2023 $		March 31, 2023 $
Current assets		25,804,927		3,757,334
Current liabilities		18,536,948		15,537,991
Working capital (deficit)		7,267,979		(11,780,657	)

Cash Flows

	Nine Months Ended December 31, 2023 $			Nine Months Ended December 31, 2022 $
Net cash used in operating activities		(426,738	)		(6,094,070	)
Net cash used in investing activities		(35,065,772	)		(31,902,457	)
Net cash provided by financing activities		46,272,906			34,947,926
Effect of exchange rate changes on cash		1,010,106			(737,456	)
Net change in cash and cash equivalents		11,790,502			(3,786,057	)

As of December 31, 2023, we had $13,064,240 in cash and cash equivalents, $25,804,927 in total current assets, $ 18,536,948 in total current liabilities and a working capital of $ 7,267,979. compared to a working capital deficit of $11,780,657 as at March 31, 2023. The Company’s working capital increased primarily due to generation of cash and receivables from sale of REP and Sheaf projects.

During the nine months ended December 31, 2023, we used $426,738 in operating activities, whereas we used $6,094,070 from operating activities for the nine months period ended December 31, 2022. The operating cash flow for the nine months ended December 31, 2023, resulted primarily from the sale of Sheaf project, offset by a rise in account receivables and other receivables.

During the nine months ended December 31, 2023, we used $35,065,772 in investing activities, whereas we used $31,902,457 in investing activities during the nine months ended December 31, 2022. Our investing activities for the nine months ended December 31, 2023, comprised primarily additions of projects under development for Sheaf and Australian projects, also investment in Italian Project Companies, offset by proceeds from disposal of REP project.

During the nine months ended December 31, 2023, we received $46,272,906 in financing activities, whereas we received $34,947,926 in financing activities for the nine months ended December 31, 2022. Our financing activities for the nine months ended December 31, 2023 were related to drawdown on debt facilities for REP and Sheaf projects prior to project sales, proceeds from short term loans, offset by repayment of short-term loans.

Anticipated Cash Requirements

The Company expects to collect a further $6 million from milestone payments on REP project as the project achieves commercial operation and further testing results. The Company expects to raise development finance for Australia portfolio in early 2024, and also raise further corporate capital of more than $10 million, to support growth of the BESS projects in particular.

These sources of funds will enable the Company to meet budgeted development expenditure plans of the Australian and Italian project portfolios, support BESS related business development activity in Europe and provide working capital to cover all operating costs and overheads.

As of December 31, 2023, the Company had $13.1 million cash on hand. After careful consideration we believe current operations, anticipated deliveries and services expected profit from such deliveries, sales of products and services in our BESS and environmental technology businesses and the raising of short-term funds to be sufficient to cover expected cash operating expenses over the next 12 months.

Our cash requirement estimates may change significantly depending on the nature of our business activities and our ability to raise capital from our shareholders or other sources.

We currently have office locations in the United States, Canada, United Kingdom, China, Hong Kong, Abu Dhabi, Kingdom of Saudi Arabia, Australia and Italy. We have hired staff in various regions and rely heavily upon the use of contractors and consultants. Our general and administrative expenses for the period will consist primarily of technical consultants, management, salaries and wages, professional fees, transfer agent fees, bank and interest charges and general office expenses. The professional fees relate to matters such as contract review, business acquisitions, regulatory filings, patent maintenance, and general legal, accounting and auditing fees.

Going Concern

Our financial statements for the quarter ended December 31, 2023 have been prepared on a going concern basis.

The assessment of the liquidity and going concern requires the Company to make judgments about the existence of conditions or events that raise substantial doubt about the ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. This includes judgments about the Company’s future activities and the timing thereof and estimates of future cash flows. Significant assumptions used in the Company’s forecasted model of liquidity include forecasted sales, costs, and capital expenditures. Changes in the assumptions could have a material impact on the forecasted liquidity and going concern assessment.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Critical Accounting Estimates

The preparation of these consolidated financial statements in conformity with United States Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Our company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by our company may differ materially and adversely from our company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Accounting estimates and assumptions discussed in this section are those that we consider to be the most critical to an understanding of our financial statements because they inherently involve significant judgments and uncertainties.

Impairment of Long-lived Assets

We review long-lived assets such as property and equipment and intangible assets with finite useful lives for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. The determination of whether impairment indicators exist requires significant judgment in evaluating underlying significant assumptions including expected sales contracts, operating costs, and current market value of assets. If an indication is identified, and the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the excess of the carrying amount over the fair value of the asset.

Revenue Recognition

We account for revenue under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) using the five step approach. The most significant estimates and assumptions within the five-step approach are related to identification of performance obligations in the contract and the calculations inherent in the revenue recognition as or when performance obligations are satisfied.

Our marine scrubber sales contracts contain a single performance obligation satisfied over time, based on percentage of completion of the contract. The conclusion for a single performance obligation is based on management’s assessment of these contracts, whereby customers purchase the entire marine scrubber system and do not benefit from the separate components on their own. Revenue is recognized over time based on the percentage of completion of the contract, using the input method.

According to ASC 606-10-25-27, if the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date, revenue should be recognized over time. Our scrubber system is customized to each vessel at the detailed design level, so the performance under the contract does not create an asset with an alternative use. According to our contracts signed with customers under English law, the customers are contractually and legally obliged to pay for performance completed to date that covers cost plus a reasonable profit margin. Therefore, the revenue is recognized over time based on the input method and it is the change in cost of goods sold (using a percentage of costs to complete) that has driven the change in revenues. Significant estimates are involved in using the input method as it relates to estimation of total costs and overall gross margins, and any change in these factors could lead to a difference in timing or amount of revenue and profit.

Revenue from services includes specific services provided to marine scrubber systems as well as design and engineering services for Concentrated Solar Power. Contracts for specific services provided to marine scrubber systems represent maintenance services. Contracts for Concentrated Solar Power include design and engineering services provided to clients. Revenue for service contracts is recognized as the services are provided at a point in time.

Any changes to our conclusions around single or multiple performance obligations for either or products or services could result in a timing difference in our revenue recognition. For example, in 2022 we re-assessed our contracts for the sale of marine scrubbers and determined there was only one performance obligation, which had previously been recognized as three distinct performance obligations. As a result, we restated the March 31, 2021 financial statements, with adjustments to revenue, accrued revenue, and prepaid manufacturing costs. Additionally, we have one contract with a significant financing component, where assumptions and estimates are made to separate the financing from revenue and record interest. Any changes in the discount rate or payment schedules could impact the timing of revenue recognized.

Following the sale of the REP project to Sosteneo in June 2023, the Company has implemented a new strategy of originating, developing and selling battery energy storage systems (BESS) projects, as opposed to the prior policy of developing and owning such projects. Under the new strategy, the Company has identified the following income streams from BESS projects:

For sale of BESS projects (Including Sales of Ownership Interests in Project Companies) developed by the Company through to Ready to Build (RtB) stage, where risks and rewards of ownership fully pass to the buyer of the projects on sale, projects are deconsolidated on sale in accordance with ASC 810. For BESS projects sold prior to becoming operational, that do not contain a workforce, and are non-financial assets, the sale is considered sale of an asset under ASC 610, rather than sale of a business. As a result of the change in strategy as discussed above, sale of BESS projects is considered to be the entity's normal operating activity and is recorded under revenue from operations using the 5-step approach under ASC 606 to identify performance obligations and allocate transaction price. Where risk and reward of ownership have fully passed to the buyer on sale, proceeds from sale of projects are recognized as revenue on the transfer of control to the buyer. Sale proceeds contingent on achieving future milestones that have a material risk of not being achieved are constrained and not recognized initially at the point of disposal. Such amounts will be reviewed in each reporting period to assess risk of reversal, and adjustments to constrained amounts and revenue made accordingly.

The Company has also evaluated the impact of sale of BESS projects with significant project financing components included within the assets and liabilities of the project entities disposed of. This includes debt and cash financial instruments remaining outstanding and payable in the project entities at disposal, and so taken on as financial instruments by the acquiring company. Under the terms of sale, where no net debt repayment prior to disposal has occurred, management have made the assessment that the debt less cash financial instruments included within the entities disposed of, forgiven by the acquiror, should be recorded as additional consideration on sale and hence included in revenue.

In the quarter ended December 31, 2023, this resulted in a gross up of revenues of $60.1 million in relation to the net debt at disposal of the Sheaf project, that would otherwise have been recorded as an offset to cost of sales, being the cost of the project assets financed by the financing arrangements.

Total revenue recognized for sale of BESS projects includes therefore:

●

Cash proceeds paid by purchaser;

●

Net debt forgiven by purchaser;

●

Deferred consideration receivable for future milestones post project sale, less constrained amounts where risk of revenue reversal due to partial / non achievement of milestone criteria is material.

Under the new strategy, project assets and liabilities are not being held as long-term assets of the company, and are expected to be sold within 12 months. As a result, balances in consolidated BESS project entities are included in the appropriate balance sheet line items, instead of assets held for sale. Project costs incurred prior to sale are capitalized as projects under development within current assets, and treated as cost of sales on disposal. Project financing liabilities are capitalized as separately identified loans, in liabilities of projects under development within current liabilities. Loan forgiveness on disposal is included as part of consideration within revenue as above.

Revenue from construction management fees is recognized as the services are performed over time, using a cost to cost method.

Warranty Provision

The Company reserves a 2% warranty provision on the completion of a contract following the commissioning of marine scrubbers. The specific terms and conditions of those warranties vary depending upon the product sold and geography of sale. The Company’s product warranties generally start from the commissioning date and continue for up to twelve to twenty-four months. The Company provides warranties to customers for the design, materials, and installation of scrubber units. The Company has a back-to-back manufacturing guarantee from its major supplier, which covers materials, production, and installation. Factors that affect the Company’s warranty obligation include product failure rates, anticipated hours of product operations and costs of repair or replacement in correcting product failures. These factors are estimates that may change based on new information that becomes available each period. Similarly, the Company also accrues the estimated costs to address reliability repairs on products no longer in warranty when, in the Company’s judgment, and in accordance with a specific plan developed by the Company, it is prudent to provide such repairs. The Company intends to assess the adequacy of recorded warranty liabilities quarterly and adjusts the liability as necessary.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation (pursuant to Rule 13a-15(b) of the Exchange Act) of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act as of December 31, 2023.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our company’s reports filed under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Based on the evaluation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2023.

Management’s Report on Internal Control Over Financial Reporting

Our management, including our Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with United States Generally Accepted Accounting Principles. Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with United States Generally Accepted Accounting Principles , and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of March 31, 2023, based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) (2013 framework). Based on this evaluation our Chief Executive Officer and Chief Financial Officer have concluded that as of March 31, 2023, the Company has maintained effective internal control over financial reporting.

This Quarter Report on Form 10-Q does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting pursuant to an exemption for non-accelerated filers from the internal control audit requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002.

Changes in Internal Control over Financial Reporting

There has been no significant change in the Company’s internal control over financial reporting during the quarter ended December 31, 2023, which were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

As a “smaller reporting company” we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

(31)		Rule 13a-14 (d)/15d-14d) Certifications
31.1*		Section 302 Certification by the Principal Executive Officer
31.2*		Section 302 Certification by the Principal Financial Officer and Principal Accounting Officer
(32)		Section 1350 Certifications
32.1*		Section 906 Certification by the Principal Executive Officer
32.2*		Section 906 Certification by the Principal Financial Officer and Principal Accounting Officer
101*		Interactive Data Files
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PACIFIC GREEN TECHNOLOGIES INC.
	(Registrant)

Dated: February 20, 2024	By:	/s/ Scott Poulter
		Scott Poulter
		Chief Executive Officer and Director
		(Principal Executive Officer)

Dated: February 20, 2024	By:	/s/ James Tindal Robertson
		James Tindal-Robertson
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Dated: February 20, 2024	By:	/s/ Scott Poulter
		Scott Poulter
		Chief Executive Officer and Director
		(Principal Executive Officer)

Dated: February 20, 2024	By:	/s/ James Tindal-Robertson
		James Tindal-Robertson
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

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Exhibit 31.1

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott Poulter, certify that:

1.	I have reviewed this quarterly report on Form 10-Q for December 31, 2023 of Pacific Green Technologies Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 20, 2024

/s/ Scott Poulter
Scott Poulter
Chief Executive Officer and Director
(Principal Executive Officer)
Pacific Green Technologies Inc.

Exhibit 31.2

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James Tindal-Robertson, certify that:

1.	I have reviewed this quarterly report on Form 10-Q for December 31, 2023 of Pacific Green Technologies Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 20, 2024

/s/ James Tindal-Robertson
James Tindal-Robertson
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
Pacific Green Technologies Inc.

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott Poulter, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	the Quarterly Report on Form 10-Q of Pacific Green Technologies Inc. for the period ended December 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Pacific Green Technologies Inc.

Dated: February 20, 2024	/s/ Scott Poulter
	Scott Poulter
	Chief Executive Officer and Director (Principal Executive Officer)
	Pacific Green Technologies Inc.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Pacific Green Technologies Inc. and will be retained by Pacific Green Technologies Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, James Tindal-Robertson, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	the Quarterly Report on Form 10-Q of Pacific Green Technologies Inc. for the period ended December 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Pacific Green Technologies Inc.

Dated: February 20, 2024	/s/ James Tindal-Robertson
	James Tindal-Robertson
	Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
	Pacific Green Technologies Inc.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Dec. 31, 2023	Feb. 20, 2024
Document Information Line Items
Entity Registrant Name	PACIFIC GREEN TECHNOLOGIES INC.
Trading Symbol	PGTK
Document Type	10-Q
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		52,345,724
Amendment Flag	false
Entity Central Index Key	0001553404
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-54756
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4966163
Entity Address, Address Line One	Suite 10212
Entity Address, Address Line Two	8 The Green
Entity Address, City or Town	Dover
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19901
City Area Code	(302)
Local Phone Number	601-4659
Title of 12(b) Security	Common Stock
Security Exchange Name	NONE
Entity Interactive Data Current	Yes

Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
ASSETS
Cash and cash equivalents	$ 13,064,240	$ 1,160,358
Short-term investments and amounts in escrow (Note 3)		56,483
Accounts receivable, net of allowance for doubtful accounts of $174,042 and $97,640 at December 31, 2023 and March 31, 2023, respectively	520,164	886,663
Other receivable, net of allowance for doubtful accounts of $nil and $3,951 at December 31, 2023 and March 31, 2023, respectively (Note 4)	5,254,942	359,461
Accrued revenue (Note 11)	437,557	504,766
Prepaid expenses, parts inventory and advances (Note 4)	881,277	325,788
Prepaid manufacturing costs (Note 11)	535,723	463,815
Projects under development (Note 5)	5,111,024
Total current assets	25,804,927	3,757,334
Asset held for sale (Note 4)		18,569,060
Project under development		39,970
Property and equipment (Note 6)	748,095	849,209
Intangible assets (Note 7)	5,978,412	6,706,484
Right of use asset	1,062,314	350,429
Security deposits and other advances (Note 4)	2,885,580	293,680
Total assets	36,479,328	30,566,166
Current liabilities
Accounts payable and accrued liabilities (Note 4), (Note 12)	7,295,986	3,388,733
Warranty provision (Note 14)	394,315	580,530
Contract liabilities (Note 11)	5,166,189	8,751,125
Loans payable (Note 13)	2,403,812	2,459,146
Loans of Projects Under Development (Note 13)
Current portion of lease obligations	336,225	145,437
Income taxes	1,165,639
Due to related parties (Note 15)	1,774,782	213,020
Total current liabilities	18,536,948	15,537,991
Other long-term obligation		127,974
Long-term operating lease obligation	638,030	84,621
Total liabilities	19,174,978	15,750,586
Stockholders’ Equity
Preferred stock, 10,000,000 shares authorized, $0.001 par value nil and nil shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively
Common stock, 500,000,000 shares authorized, $0.001 par value 52,345,724 and 47,276,886 shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively	52,346	47,277
Additional paid-in capital	98,019,696	93,107,946
Accumulated other comprehensive income	3,917,272	2,944,086
Deficit	(85,478,586)	(96,847,650)
Total stockholders’ equity before treasury stock	16,510,728	(748,341)
Treasury stock, at cost, nil shares and 56,162 shares at December 31, 2023 and March 31, 2023, respectively		(99,754)
Total stockholders’ equity	16,510,728	(848,095)
Noncontrolling interest (Note 10)	793,622	15,663,675
Total equity	17,304,350	14,815,580
Total liabilities and stockholders’ equity	36,479,328	30,566,166
Related Party
Current liabilities
Due to related parties (Note 15)	$ 1,774,782	$ 213,020

Condensed Consolidated Interim Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Net of allowance for doubtful account (in Dollars)	$ 174,042	$ 97,640
Other receivable for doubtful account (in Dollars)		$ 3,951
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	52,345,724	47,276,886
Common stock, shares outstanding	52,345,724	47,276,886
Treasury stock, shares		56,162

Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Total revenues

$ 85,961,632

$ 3,639,992

$ 88,315,459

$ 6,859,221

Total cost of goods sold

61,221,109

3,017,504

64,038,906

5,300,727

Gross profit / (loss)

24,740,523

622,488

24,276,553

1,558,494

Expenses

Advertising and promotion

131,303

120,230

334,286

421,903

Amortization of intangible assets (Note 7)

629

639

1,934

1,989

Bad debts expense / (recovery)

3,766

36,341

59,990

(10,193)

Depreciation (Note 6)

39,912

45,600

115,327

148,671

Foreign exchange loss / (gain)

330,448

(5,776)

1,394,647

98,545

Management and technical consulting

8,619,840

802,533

17,903,758

2,106,857

Office and miscellaneous

701,906

509,864

1,656,308

1,499,940

Operating lease expense (Note 18)

^[1]

728,860

231,789

946,219

440,779

Professional fees

563,098

547,538

826,255

1,295,198

Research and development

112,323

256,664

13,772

Salaries and wage expenses

619,837

909,364

3,063,107

2,957,988

Transfer agent and filing fees

111,213

15,278

147,539

46,075

Travel and accommodation

342,732

197,252

580,484

596,482

16,542

(744,918)

(18,778)

(563,318)

Total expenses

12,322,409

2,665,734

27,267,740

9,054,688

Income / (loss) before other income (expense)

12,418,114

(2,043,246)

(2,991,187)

(7,496,194)

Other income / (expenses)

Provision for loan or debt

(951)

Financing interest income

(856)

32,790

188

89,090

Gain on derecognition of a subsidiary

944,938

18,567,829

Interest expense and other

(1,309,469)

(220,300)

(3,330,822)

(298,011)

Total other (expense) / income

(366,338)

(187,510)

15,236,244

(208,921)

Income tax provision

(1,165,639)

Net income/(loss) for the period before noncontrolling interest

10,886,137

(2,230,756)

11,079,418

(7,705,115)

Net income/(loss) attributable to noncontrolling interest (Note 10)

(34,063)

(6,577)

(392,903)

20,165

Net income/(loss)for the period

10,920,200

(2,224,179)

11,472,321

(7,725,280)

Foreign currency translation gain / (loss)

391,305

171,818

973,186

(10,126)

Comprehensive income/(loss) for the period

$ 11,311,505

$ (2,052,361)

$ 12,445,507

$ (7,735,406)

Net income per share, basic (in Dollars per share)

$ 0.21

$ (0.05)

$ 0.22

$ (0.16)

Weight average number of common shares outstanding, basic (in Shares)

^[2]

52,463,332

47,339,386

50,615,724

47,339,386

Weight average number of dilutive shares outstanding, diluted (in Shares)

52,464,374

47,339,386

50,616,766

47,339,386

Products

Total revenues

$ 84,057,183

$ 2,253,221

$ 84,057,183

$ 4,607,668

Total cost of goods sold

59,670,077

1,986,344

60,113,764

3,686,591

Services

Total revenues

1,904,449

1,386,771

4,258,276

2,251,553

Total cost of goods sold

$ 1,551,032

$ 1,031,160

$ 3,925,142

$ 1,614,136

[1]	Lease payments include maintenance, operating expense, and tax.
[2]	The period ended December 31, 2023, includes 210,000 (2022 – 312,500) stock options as they are exercisable at any time and for nominal cash consideration.

Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net income per share, diluted	$ 0.21	$ (0.05)	$ 0.22	$ (0.16)

Condensed Consolidated Interim Statements of Stockholders Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Treasury Stock	Noncontrolling Interest	Deficit	Total
Balance at Mar. 31, 2022	$ 47,027	$ 92,429,203	$ 2,035,666	$ (99,754)	$ 10,361,701	$ (85,530,306)	$ 19,243,537
Balance (in Shares) at Mar. 31, 2022	47,026,886
Fair value of options granted		17,718					17,718
Noncontrolling interest					67,571		67,571
Foreign exchange translation gain/ (loss)			(384,835)				(384,835)
Net Profit (loss) for the period						(3,259,230)	(3,259,230)
Balance at Jun. 30, 2022	$ 47,027	92,446,921	1,650,831	(99,754)	10,429,272	(88,789,536)	15,684,761
Balance (in Shares) at Jun. 30, 2022	47,026,886
Balance at Mar. 31, 2022	$ 47,027	92,429,203	2,035,666	(99,754)	10,361,701	(85,530,306)	19,243,537
Balance (in Shares) at Mar. 31, 2022	47,026,886
Net Profit (loss) for the period							(7,725,280)
Balance at Dec. 31, 2022	$ 47,027	92,618,681	2,025,540	(99,754)	16,160,504	(93,255,586)	17,496,412
Balance (in Shares) at Dec. 31, 2022	47,026,886
Balance at Jun. 30, 2022	$ 47,027	92,446,921	1,650,831	(99,754)	10,429,272	(88,789,536)	15,684,761
Balance (in Shares) at Jun. 30, 2022	47,026,886
Fair value of options granted		9,194					9,194
Noncontrolling interest					5,737,809		5,737,809
Foreign exchange translation gain/ (loss)			202,891				202,891
Net Profit (loss) for the period						(2,241,871)	(2,241,871)
Balance at Sep. 30, 2022	$ 47,027	92,456,115	1,853,722	(99,754)	16,167,081	(91,031,407)	19,392,784
Balance (in Shares) at Sep. 30, 2022	47,026,886
Fair value of options granted		162,566					162,566
Noncontrolling interest					(6,577)		(6,577)
Foreign exchange translation gain/ (loss)			171,818				171,818
Net Profit (loss) for the period						(2,224,179)	(2,224,179)
Balance at Dec. 31, 2022	$ 47,027	92,618,681	2,025,540	(99,754)	16,160,504	(93,255,586)	17,496,412
Balance (in Shares) at Dec. 31, 2022	47,026,886
Balance at Mar. 31, 2023	$ 47,277	93,107,946	2,944,086	(99,754)	15,663,675	(96,847,650)	14,815,580
Balance (in Shares) at Mar. 31, 2023	47,276,886
Shares issued for employee services	$ 2,750	1,509,750					1,512,500
Shares issued for employee services (in Shares)	2,750,000
Cancellation of treasury stock	$ (56)	(99,698)		99,754
Cancellation of treasury stock (in Shares)	(56,162)
Elimination of Noncontrolling interest					(15,915,645)		(15,915,645)
Transfer					103,257	(103,257)
Foreign exchange translation gain/ (loss)			155,907				155,907
Net Profit (loss) for the period						3,288,239	3,288,239
Balance at Jun. 30, 2023	$ 49,971	94,517,998	3,099,993		(148,713)	(93,662,668)	3,856,581
Balance (in Shares) at Jun. 30, 2023	49,970,724
Balance at Mar. 31, 2023	$ 47,277	93,107,946	2,944,086	(99,754)	15,663,675	(96,847,650)	14,815,580
Balance (in Shares) at Mar. 31, 2023	47,276,886
Net Profit (loss) for the period							11,472,321
Balance at Dec. 31, 2023	$ 52,346	98,019,696	3,917,272		793,622	(85,478,586)	17,304,350
Balance (in Shares) at Dec. 31, 2023	52,345,724
Balance at Jun. 30, 2023	$ 49,971	94,517,998	3,099,993		(148,713)	(93,662,668)	3,856,581
Balance (in Shares) at Jun. 30, 2023	49,970,724
Shares issued for employee services	$ 2,250	1,370,250					1,372,500
Shares issued for employee services (in Shares)	2,250,000
Fair value of options granted		17,291					17,291
Noncontrolling interest					976,398		976,398
Foreign exchange translation gain/ (loss)			425,974				425,974
Net Profit (loss) for the period						(2,736,118)	(2,736,118)
Balance at Sep. 30, 2023	$ 52,221	95,905,539	3,525,967		827,685	(96,398,786)	3,912,626
Balance (in Shares) at Sep. 30, 2023	52,220,724
Shares issued for employee services	$ 125	2,099,875					2,100,000
Shares issued for employee services (in Shares)	125,000
Fair value of options granted		14,282					14,282
Noncontrolling interest					(34,063)		(34,063)
Foreign exchange translation gain/ (loss)			391,305				391,305
Net Profit (loss) for the period						10,920,200	10,920,200
Balance at Dec. 31, 2023	$ 52,346	$ 98,019,696	$ 3,917,272		$ 793,622	$ (85,478,586)	$ 17,304,350
Balance (in Shares) at Dec. 31, 2023	52,345,724

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Activities
Net profit /(loss) for the period	$ 11,472,321	$ (7,725,280)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets (Note7)	727,873	660,090
Bad debt expense/ (recovery)	59,990	(10,193)
Depreciation (Note 6)	115,327	148,671
Fair value of share-based payments	5,016,573	189,478
Financing interest	1,242,406
Loss / (gain) on unrealized foreign exchange	4,323	772,985
Lease finance charge
Operating lease expense	506,839	440,779
Share of Noncontrolling interest	793,622
Other adjustments relating to disposal of subsidiary	(534,205)
Gain on disposal of REP and BEP1	(18,717,068)
Changes in operating assets and liabilities:
Short-term investments and amounts held in trust	56,483	1,830,966
Accounts receivable and other receivables	(4,458,991)	3,193,455
Accrued revenue	67,209	(414,081)
Prepaid expenses, parts inventory and advances	(706,735)	(516,117)
Security deposit and other advances	(2,621,605)	334,365
Lease payments	(553,181)	(537,384)
Prepaid manufacturing costs	(71,908)	(24,736)
Accounts payable and accrued liabilities	8,217,739	(5,075,754)
Income tax	1,165,639
Warranty provision	(186,215)	(218,185)
Contract liabilities	(3,584,936)	765,369
Due to related parties	1,561,762	91,502
Net cash used in operating activities	(426,738)	(6,094,070)
Investing Activities
Additions of property and equipment	(55,257)	(1,055)
Projects under development	(47,590,484)	(31,901,402)
Proceeds from disposal of subsidiaries (Net Proceeds)	13,978,850
Acquisition of BESS Italy SPV’s	(1,398,881)
Net cash provided by/(used in) investing activities	(35,065,772)	(31,902,457)
Financing Activities
Noncontrolling interest (Note 7(a) and (b))		16,160,505
Proceeds from loan facility (Note 13)	1,919,000	18,787,421
Loans Paid – Principal	(129,189)
Loans Paid – Interest	(857,088)
Proceeds from project loan facilities (Note 13)	45,340,183
Net cash provided by financing activities	46,272,906	34,947,926
Effect of foreign exchange rate changes on cash	1,010,106	(737,456)
Change in cash and cash equivalents	11,790,502	(3,786,057)
Cash and cash equivalents, beginning of period	1,273,738	6,286,468
Cash and cash equivalents, end of period	13,064,240	2,500,411
Cash and cash equivalents	$ 13,064,240	$ 2,500,411

Nature of Operations

9 Months Ended

Dec. 31, 2023

Nature of Operations [Abstract]

Nature of Operations

1.	Nature of Operations

●

Sale of projects (Including Sales of Ownership Interests in Project Companies)

●

Construction management agreement fees

●

Asset management fees

Significant Accounting Policies

9 Months Ended

Dec. 31, 2023

Significant Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

(a)

Basis of Presentation

Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.)		Wholly-owned subsidiary
Pacific Green Marine Technologies Group Inc. (“PGMG”)		Wholly-owned subsidiary
Pacific Green Marine Technologies Inc. (“PGMT US”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc.)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Middle East) Holdings Ltd. (“PGTME”)		Wholly-owned subsidiary
Pacific Green Technologies Arabia LLC (“PGTAL”)		70% owned subsidiary of PGTME
Pacific Green Marine Technologies (USA) Inc. (inactive)		Dissolved, December 21, 2022
Pacific Green Solar Technologies Inc. (“PGST”)		Wholly-owned subsidiary
Pacific Green Corporate Development Inc. (“PGCD”) (Formerly Pacific Green Hydrogen Technologies Inc.)		Dissolved, December 21, 2022
Pacific Green Wind Technologies Inc (“PGWT”)		Dissolved, December 21, 2022
Pacific Green Technologies International Ltd. (“PGTIL”)		Wholly-owned subsidiary
Pacific Green Technologies Asia Ltd.(“PGTA”)		Wholly-owned subsidiary of PGTIL
Pacific Green Technologies Engineering Services Limited (Formerly Pacific Green Technologies China Ltd. (“PGTESL”)		Wholly-owned subsidiary of PGTA
Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd)		Wholly-owned subsidiary
Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”)		Wholly-owned subsidiary of ENGIN
Pacific Green Energy Parks Inc. (“PGEP”)		Wholly-owned subsidiary
Pacific Green Energy Storage Technologies Inc. (“PGEST”)		Wholly-owned subsidiary of PGEP
Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Parks (UK) Ltd. (“PGEPU”)		Wholly-owned subsidiary of PGEP
Pacific Green Portland West Pty Ltd. (“PGPW”)		Wholly-owned subsidiary of PGBEP
Pacific Green Portland East Pty Ltd. (“PGPE”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Portland Pty Ltd. (“PGEPP”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks Australia Pty Ltd. (“PGEPA”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast North Pty Ltd. (“PGEPLCN”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast West Pty Ltd. (“PGEPLCW”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Limestone Coast Pty Ltd. (“PGLC”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks (Italia) srl (“PGEPI”)		Wholly-owned subsidiary of PGEPU
Sphera Australe		51% owned subsidiary of PGEPI
Sphera Levante		51% owned subsidiary of PGEPI
Sphera Ponente		51% owned subsidiary of PGEPI
Sphera Boreale		51% owned subsidiary of PGEPI
Pacific Green Future Energy Inc (“PGFE”)		Wholly-owned subsidiary
Pacific Green Portland North Pty Ltd (“PGPNP”)		Wholly-owned subsidiary of PGEPA
Pacific Green Portland Northeast Pty Ltd (“PGPNEP”)		Wholly-owned subsidiary of PGEPA

All inter-company balances and transactions have been eliminated upon consolidation.

(b)

Recent Accounting Pronouncements

Short-Term Investments and Amounts in Escrow

9 Months Ended

Dec. 31, 2023

Short-Term Investments and Amounts in Escrow [Abstract]

Short-term Investments and Amounts in Escrow

3.	Short-term Investments and Amounts in Escrow

At December 31, 2023, the Company’s solicitor is holding $nil (March 31, 2023 – $nil) as all the proceeds under customer contracts have been released after satisfying performance obligations.

Assets Held for Sale

9 Months Ended

Dec. 31, 2023

Assets Held for Sale [Abstract]

Assets held for Sale

4.	Assets held for Sale

		Pre- Reclassification			Reclassification			December 31, 2023		March 31, 2023
Cash			115,024			(115,024	)		–		113,380
Prepaid expenses, parts inventory, and advances			286,266			(286,266	)		–		4,454
Other receivables			531,717			(531,717	)		–		61,576
Projects under development			12,607,479			(12,607,479	)		–		46,674,258
Security Deposits & Other Advances			99,640			(99,640	)		–		495,602
Rights of use asset			–						–		2,302,049
Accounts payable and accrued liabilities (Note 12)			(3,276,778	)		3,276,778			–		(638,156	)
Loans payable (*) Note 13			(11,192,035	)		11,192,035			–		(10,312,906	)
Long term loan payable			–			–			–		(17,771,173	)
Long-term operating lease obligation			–			–			–		(2,360,024	)
Reclassification	Total		(828,687	)		828,687			–		18,569,060

(*)

Loans payable relates to project specific loan and has therefore been reclassified from Loans payable to Loans of Projects Under Development (Note 13)

Projects Under Development

9 Months Ended

Dec. 31, 2023

Projects Under Development [Abstract]

Projects Under Development

5.	Projects Under Development

	BESS – SHEAF Project			BESS – Australian Projects		BESS – Italian Projects		FOWE (Fuel Oil Water Emulsification) Development		Total Projects Under Development (PUD)
Balance at October 01, 2023		12,607,479			1,201,970		2,439,757		53,648		16,302,854
Additions		34,342,264			958,281		457,368		–		35,747,913
Disposals		(46,949,743	)		–		–		–		(46,949,743	)
Balance at December 31, 2023		–			2,160,251		2,897,125		53,648		5,111,024

Property and Equipment

9 Months Ended

Dec. 31, 2023

Property and Equipment [Abstract]

Property and Equipment

6.	Property and Equipment

	Cost $		Accumulated depreciation $			December 31, 2023 Net carrying value $		March 31, 2023 Net carrying value $
Building		919,797		(286,262	)		633,535		708,979
Furniture and equipment		399,788		(294,142	)		105,646		137,352
Computer equipment		23,417		(15,002	)		8,415		885
Leasehold improvements		9,963		(9,464	)		499		1,993
Total		1,352,965		(604,870	)		748,095		849,209

Intangible Assets

9 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Intangible Assets

7.	Intangible Assets

	Cost $		Accumulated amortization $			Cumulative impairment $			December 31, 2023 Net carrying value $		March 31, 2023 Net carrying value $
Patents and technical information		36,340,057		(9,907,820	)		(20,457,255	)		5,974,982		6,700,921
Software licensing		11,455		(8,025	)		-			3,430		5,563
Total		36,351,204		(9,915,845	)		(20,457,255	)		5,978,412		6,706,484

For the three and nine months ended December 31, 2023, the Company recorded $237,202 (2022 – $220,006) and $727,873 (2022 – $660,090) respectively in amortization expense on intangible assets.

Future amortization of intangible assets is as follows based on fiscal year:

	$
2024 (remaining)		237,213
2025		949,081
2026		946,291
2027		946,291
2028		946,291
Thereafter		1,953,244
Total		5,978,412

Acquisitions

9 Months Ended

Dec. 31, 2023

Acquisitions [Abstract]

Acquisitions

8.	Acquisitions

(a)

Acquisition of Sheaf Energy Ltd

(b)

Acquisition of BESS Italian Project Companies

The Company has also signed development service agreements for the Italian Project Companies with Sphera.

Disposal / Sale of Project Assets

9 Months Ended

Dec. 31, 2023

Disposal / Sale of Project Assets [Abstract]

Disposal / Sale of Project Assets

9.	Disposal / Sale of Project Assets

(a)

Disposal of Subsidiaries (REP & PGBEP1)

The Company also incurred £0.3 million ($0.4 million) of legal fees and £0.4 million ($0.5 million) of broker fees related to the sale.

The gain on sale of PGBEP 1 shares recognized in the quarter ended June 30, 2023 is calculated as follows:

	GBP		FX		USD
Consideration received (A)		11,258,370		1.2519		14,094,907

Net assets:
Cash						116,057
Projects under development						43,642,826
Other assets						3,992,999
Long term AP and accruals						(24,830,942	)
Other liabilities & Non-controlling interest						(23,406,419	)
Total (B)						(485,479	)
Initial Investment in PGBEP (C)						2,461,289
Gain (A)-(B)-(C)						12,119,097

(b)

Sale of project assets (Sheaf Energy Ltd and Pacific Green Battery Energy Parks 2 Limited).

(b)

Sale of project assets (Sheaf Energy Ltd and Pacific Green Battery Energy Parks 2 Limited). (continued)

	GBP			FX		USD
Cash payment on closing		12,215,318			1.2743		15,565,980

Debt of SHEAF
Sheaf Storage Loan		9,571,128					11,825,437
Capex Loan		36,003,329					45,879,042
NatWest loan		1,685,838					2,148,263
Leases		7,614,876					9,703,637
Less: Cash		(7,390,806	)				(9,418,104	)
Total revenue		59,699,682					75,704,254

Noncontrolling Interest

9 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interest

10.

Noncontrolling Interest

Details of the carrying amount of the noncontrolling interests are as follows:

	December 31, 2023 $			March 31, 2023 $
Non-redeemable noncontrolling interest		–			16,140,339
Net (loss)/ income attributable to noncontrolling interest (BESS REP)		–			(354,987	)
Net (loss)/ income attributable to noncontrolling interest (JV)		(216,162	)		(121,677	)
Acquired noncontrolling interest (BESS Italy)		1,009,784			–
Non-controlling interest		793,622			15,663,675

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities

9 Months Ended

Dec. 31, 2023

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities [Abstract]

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities

11.

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities

The Company derives revenue from the sale of products, delivery of services. Revenue disaggregated by type for the three and nine months ended December 31, 2023, and 2022 is as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Products		84,057,183		2,253,221		84,057,183		4,607,668
Services		1,904,449		1,386,771		4,258,276		2,251,553
Total		85,961,632		3,639,992		88,315,459		6,859,221

Product revenue by type for the three and nine months ended December 31, 2023, and 2022 is as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Sale of marine scrubbers		8,352,929		2,253,221		8,352,929		4,607,668
Sale of BESS projects		75,704,254		–		75,704,254		–
Total		84,057,183		2,253,221		84,057,183		4,607,668

Service revenue by type for the three and nine months ended December 31, 2023, and 2022 is as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Specific services provided to marine scrubber systems		1,196,223		1,237,663		3,176,025		1,889,215
BESS construction management agreement		524,605		–		524,605		–
Design and engineering services for Concentrated Solar Power		183,621		149,108		557,646		362,338
Total		1,904,449		1,386,771		4,258,276		2,251,553

Changes in the Company’s contract assets and liabilities for the periods are noted as below:

	Accrued Revenue $			Prepaid Manufacturing Costs $			Sales (Cost of Goods Sold) $			Contract Liabilities $
Balance, March 31, 2022		531,947			38,010						(8,143,109	)

Customer receipts and receivables		–			–			–			(5,325,921	)
Scrubber sales recognized in revenue		–						4,717,905			4,717,905
Payments and accruals under contracts		(27,181	)		4,202,264			–			–
Cost of goods sold recognized in earnings		–			(3,776,459	)		(3,776,459	)		–
Balance, March 31, 2023		504,766			463,815						(8,751,125	)

Customer receipts and receivables		–			–			–			(4,767,993	)
Scrubber sales recognized in revenue		–						8,352,929			8,352,929
Payments and accruals under contracts		(67,209	)		935,893			–			–
Cost of goods sold recognized in earnings		–			(863,985	)		(863,985	)		–
Balance, December 31, 2023		437,557			535,723						(5,166,189	)

Cost of goods sold for the period ended December 31, 2023 is comprised as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Scrubber costs recognized		160,632		1,670,574		70,364		2,713,475
BESS project costs recognized		59,249,778		–		59,249,778		–
Salaries and wages		142,619		235,799		406,480		322,119
Amortization of intangibles		236,573		219,367		725,939		658,101
Commission type costs		10,522		73,531		39,604		205,824
Design and engineering services for CSP		51,681		104,545		220,690		246,490
Specific services provided to marine scrubber systems		904,624		713,688		2,423,340		1,154,718
BESS construction management services		464,680		–		902,710		–
Total		61,221,109		3,017,504		64,038,906		5,300,727

Accounts Payable and Accrued Liabilities

9 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Liabilities [Abstract]

Accounts payable and accrued liabilities

12.

Accounts Payable and Accrued Liabilities

	December 31, 2023 $		March 31, 2023 $
Accounts payable		1,495,093		692,526
Accrued liabilities		5,400,073		2,349,083
Other liabilities		–		127,973
Payroll liabilities		400,820		219,151
Total short-term accounts payable and accrued liabilities		7,295,986		3,388,733
Balance, end of period		7,295,986		3,388,733

Loans Payable

9 Months Ended

Dec. 31, 2023

Loans Payable [Abstract]

Loans Payable

13.

Loans Payable

	December 31, 2023 $		March 31, 2023 $
Loans payable		2,403,812		1,667,484
Long term loans payable		–		791,662
Balance, end of period		2,403,812		2,459,146

Warranty Costs

9 Months Ended

Dec. 31, 2023

Warranty Costs [Abstract]

Warranty costs

14.

Warranty Costs

A summary of the changes in the warranty costs is shown below:

	December 31, 2023 $			March 31, 2023 $
Balance, beginning of period		580,530			865,451
Warranty expense / (recovery)		(18,778	)		(625,664	)
Warranty (invoiced costs) / recovery		(167,437	)		340,743
Balance, end of period		394,315			580,530

Related Party Transactions

9 Months Ended

Dec. 31, 2023

Related Party Transactions

15.

Related Party Transactions

(a)

(b)

(c)

Stock Options

9 Months Ended

Dec. 31, 2023

Stock Options [Abstract]

Stock Options

16.

Stock Options

The following table summarizes the continuity of stock options:

	Number of options			Weighted average exercise price $		Weighted average remaining contractual life (years)		Aggregate intrinsic value $
Balance, March 31, 2022		537,500			0.56		1.43		170,125
Granted		285,000			0.66		–		–
Forfeited		(337,500	)		0.18		–
Balance, March 31, 2023 and June 30, 2023		485,000			0.89		1.41		84,900
Granted		100,000			0.60		–		–
Balance, September 30, and December 31, 2023, vested and exercisable		585,000			0.84		1.22		108,400	*

(*)	Value represents weighted average of those options in-the-money as at December 31, 2023.

Additional information regarding stock options outstanding as at December 31, 2023 is as follows:

Issued and Outstanding
Number of shares	Weighted average remaining contractual life (years)	Exercise price $
25,000	0.04	1.03
50,000	0.25	1.50
25,000	0.67	0.90
20,000	1.21	1.20
40,000	1.21	1.20
40,000	1.59	1.20
10,000	0.75	0.01
25,000	0.75	2.50
25,000	0.75	3.75
200,000	0.84	0.10
25,000	0.67	0.50
20,000	2.58	0.60
40,000	3.08	0.60
40,000	3.58	0.60
585,000

Segmented Information

9 Months Ended

Dec. 31, 2023

Segmented Information [Abstract]

Segmented Information

17.

Segmented Information

The Company is located and operates in North America and its subsidiaries are primarily located and operating in Europe, Asia, Oceania, and South America.

	December 31, 2023
	North America $		Europe $		Asia $		Oceania $		Total $
Property and equipment		3,053		103,091		634,089		7,862		748,095
Intangible Assets		5,974,982		–		3,430		–		5,978,412
Right of use assets		–		984,161		78,153		–		1,062,314
Projects under development		–		2,897,125		53,648		2,160,251		5,111,024
		5,978,035		3,984,377		769,320		2,168,113		12,899,845

	March 31, 2023
	North America $		Europe $		Asia $		Total $
Property and equipment		5,343		134,001		709,865		849,209
Intangible Assets		6,700,921		–		5,563		6,706,484
Right of use assets		–		226,860		123,569		350,429
		6,706,264		360,861		838,997		7,906,122

	Three months ended December 31, 2023
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		38,752			85,326,948			595,932			–			85,961,632
COGS by customer region		25,159			60,648,725			547,225			–			61,221,109
Gross Profit by customer region		13,593			24,678,223			48,707			–			24,740,523
GP% by customer region		35	%		29	%		8	%		0	%		29	%

	Three Months Ended December 31, 2022
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		34,170			1,082,175			2,523,647			–			3,639,992
COGS by customer region		26,954			803,963			2,186,587			–			3,017,504
Gross Profit by customer region		7,216			278,212			337,060			–			622,488
GP% by customer region		21	%		26	%		13	%		0	%		17	%

	Nine months ended December 31, 2023
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		55,699			86,642,836			1,616,924			–			88,315,459
COGS by customer region		41,431			62,253,187			1,744,288			–			64,038,906
Gross Profit by customer region		14,268			24,389,649			(127,364	)		–			24,276,553
GP% by customer region		26	%		28	%		(8	)%		0	%		27	%

	Nine Months Ended December 31, 2022
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		54,653			3,239,954			3,535,920			28,694			6,859,221
COGS by customer region		37,190			2,083,243			3,172,039			8,255			5,300,727
Gross Profit by customer region		17,463			1,156,711			363,881			20,439			1,558,494
GP% by customer region		32	%		36	%		10	%		71	%		23	%

For the three and nine months ended December 31, 2023, 89% (2022 – 35%) and 86% (2022 – 29%) of the Company’s revenues were derived from the largest customer.

Commitments

9 Months Ended

Dec. 31, 2023

Commitments [Abstract]

Commitments

18.

Commitments

(a)

Long-term premises lease

Lease
commencement

Lease
expiry

Term
(years)

Discount rate*

London, United Kingdom

December 26, 2023

December 25, 2026

3.00

8.25

Shanghai, China

March 1, 2020

May 31, 2025

5.25

4.65

*	The Company determined the discount rate with reference to mortgages of similar tenure and terms.

Lease cost for the three and nine months are summarized as follows:

		Three Months Ended December 31, 2023 $				Three Months Ended December 31, 2022 $				Nine Months Ended December 31, 2023 $				Nine Months Ended December 31, 2022 $
Operating lease expense *			728,860				231,789				946,219				440,779

*	Lease payments include maintenance, operating expense, and tax.

The Company has entered into premises lease agreements with minimum annual lease payments expected over the remaining three fiscal years of the lease as follows:

	$
2024		103,167
2025		407,616
2026		352,025
Thereafter		176,014
Total future minimum lease payments		1,038,822
Imputed interest		(64,567	)
Operating lease obligations		974,255

(b)

Income Taxes

9 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Income Taxes

19.

Income Taxes

	December 31, 2023 $			December 31, 2022 $
United States		(10,875,742	)		(4,205,331	)
Foreign		23,513,169			(3,499,784	)
Net profit / (loss) before taxes		12,637,428			(7,705,115	)

The following table reconciles the income tax expense (benefit) at the statutory rates to the income tax (benefit) at the Company’s effective tax rate.

	December 31, 2023 $			December 31 2022 $
Net profit / (loss) before taxes		12,637,428			(7,705,115	)
Statutory tax rate		21	%		21	%

Expected income tax expense / (recovery)		2,653,860			(1,618,074	)
Tax exemption on share sale		(7,905,011	)		–
Subpart F inclusion		6,027,488			–
Permanent differences and other		2,451,576			151,871
Foreign tax rate difference		(73,458	)		6,686
Change in valuation allowance		(1,988,816	)		1,459,517
Income tax provision		1,165,639			–

Current		1,165,639			–
Deferred		–			–
Income tax provision		1,165,639			–

Subsequent Events

9 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent events

20.

Subsequent events

On January 03, 2024, the Company repaid a total $2.4 million Tranche 2 short term loans including 25% repayment fees.

Accounting Policies, by Policy (Policies)

9 Months Ended

Dec. 31, 2023

Significant Accounting Policies [Abstract]

Basis of Presentation

(a)

Basis of Presentation

Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.)		Wholly-owned subsidiary
Pacific Green Marine Technologies Group Inc. (“PGMG”)		Wholly-owned subsidiary
Pacific Green Marine Technologies Inc. (“PGMT US”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc.)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Middle East) Holdings Ltd. (“PGTME”)		Wholly-owned subsidiary
Pacific Green Technologies Arabia LLC (“PGTAL”)		70% owned subsidiary of PGTME
Pacific Green Marine Technologies (USA) Inc. (inactive)		Dissolved, December 21, 2022
Pacific Green Solar Technologies Inc. (“PGST”)		Wholly-owned subsidiary
Pacific Green Corporate Development Inc. (“PGCD”) (Formerly Pacific Green Hydrogen Technologies Inc.)		Dissolved, December 21, 2022
Pacific Green Wind Technologies Inc (“PGWT”)		Dissolved, December 21, 2022
Pacific Green Technologies International Ltd. (“PGTIL”)		Wholly-owned subsidiary
Pacific Green Technologies Asia Ltd.(“PGTA”)		Wholly-owned subsidiary of PGTIL
Pacific Green Technologies Engineering Services Limited (Formerly Pacific Green Technologies China Ltd. (“PGTESL”)		Wholly-owned subsidiary of PGTA
Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd)		Wholly-owned subsidiary
Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”)		Wholly-owned subsidiary of ENGIN
Pacific Green Energy Parks Inc. (“PGEP”)		Wholly-owned subsidiary
Pacific Green Energy Storage Technologies Inc. (“PGEST”)		Wholly-owned subsidiary of PGEP
Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Parks (UK) Ltd. (“PGEPU”)		Wholly-owned subsidiary of PGEP
Pacific Green Portland West Pty Ltd. (“PGPW”)		Wholly-owned subsidiary of PGBEP
Pacific Green Portland East Pty Ltd. (“PGPE”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Portland Pty Ltd. (“PGEPP”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks Australia Pty Ltd. (“PGEPA”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast North Pty Ltd. (“PGEPLCN”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast West Pty Ltd. (“PGEPLCW”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Limestone Coast Pty Ltd. (“PGLC”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks (Italia) srl (“PGEPI”)		Wholly-owned subsidiary of PGEPU
Sphera Australe		51% owned subsidiary of PGEPI
Sphera Levante		51% owned subsidiary of PGEPI
Sphera Ponente		51% owned subsidiary of PGEPI
Sphera Boreale		51% owned subsidiary of PGEPI
Pacific Green Future Energy Inc (“PGFE”)		Wholly-owned subsidiary
Pacific Green Portland North Pty Ltd (“PGPNP”)		Wholly-owned subsidiary of PGEPA
Pacific Green Portland Northeast Pty Ltd (“PGPNEP”)		Wholly-owned subsidiary of PGEPA

All inter-company balances and transactions have been eliminated upon consolidation.

Recent Accounting Pronouncements

(b)

Recent Accounting Pronouncements

Significant Accounting Policies (Tables)

9 Months Ended

Dec. 31, 2023

Significant Accounting Policies [Abstract]

Schedule of Consolidated Financial Statements of Company Entities

These consolidated financial statements include the accounts of the Company and the following entities:

Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.)		Wholly-owned subsidiary
Pacific Green Marine Technologies Group Inc. (“PGMG”)		Wholly-owned subsidiary
Pacific Green Marine Technologies Inc. (“PGMT US”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc.)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Middle East) Holdings Ltd. (“PGTME”)		Wholly-owned subsidiary
Pacific Green Technologies Arabia LLC (“PGTAL”)		70% owned subsidiary of PGTME
Pacific Green Marine Technologies (USA) Inc. (inactive)		Dissolved, December 21, 2022
Pacific Green Solar Technologies Inc. (“PGST”)		Wholly-owned subsidiary
Pacific Green Corporate Development Inc. (“PGCD”) (Formerly Pacific Green Hydrogen Technologies Inc.)		Dissolved, December 21, 2022
Pacific Green Wind Technologies Inc (“PGWT”)		Dissolved, December 21, 2022
Pacific Green Technologies International Ltd. (“PGTIL”)		Wholly-owned subsidiary
Pacific Green Technologies Asia Ltd.(“PGTA”)		Wholly-owned subsidiary of PGTIL
Pacific Green Technologies Engineering Services Limited (Formerly Pacific Green Technologies China Ltd. (“PGTESL”)		Wholly-owned subsidiary of PGTA
Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd)		Wholly-owned subsidiary
Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”)		Wholly-owned subsidiary of ENGIN
Pacific Green Energy Parks Inc. (“PGEP”)		Wholly-owned subsidiary
Pacific Green Energy Storage Technologies Inc. (“PGEST”)		Wholly-owned subsidiary of PGEP
Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Parks (UK) Ltd. (“PGEPU”)		Wholly-owned subsidiary of PGEP
Pacific Green Portland West Pty Ltd. (“PGPW”)		Wholly-owned subsidiary of PGBEP
Pacific Green Portland East Pty Ltd. (“PGPE”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Portland Pty Ltd. (“PGEPP”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks Australia Pty Ltd. (“PGEPA”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast North Pty Ltd. (“PGEPLCN”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast West Pty Ltd. (“PGEPLCW”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Limestone Coast Pty Ltd. (“PGLC”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks (Italia) srl (“PGEPI”)		Wholly-owned subsidiary of PGEPU
Sphera Australe		51% owned subsidiary of PGEPI
Sphera Levante		51% owned subsidiary of PGEPI
Sphera Ponente		51% owned subsidiary of PGEPI
Sphera Boreale		51% owned subsidiary of PGEPI
Pacific Green Future Energy Inc (“PGFE”)		Wholly-owned subsidiary
Pacific Green Portland North Pty Ltd (“PGPNP”)		Wholly-owned subsidiary of PGEPA
Pacific Green Portland Northeast Pty Ltd (“PGPNEP”)		Wholly-owned subsidiary of PGEPA

Assets Held for Sale (Tables)

9 Months Ended

Dec. 31, 2023

Assets Held for Sale [Abstract]

Schedule of Assets Held for Sale

		Pre- Reclassification			Reclassification			December 31, 2023		March 31, 2023
Cash			115,024			(115,024	)		–		113,380
Prepaid expenses, parts inventory, and advances			286,266			(286,266	)		–		4,454
Other receivables			531,717			(531,717	)		–		61,576
Projects under development			12,607,479			(12,607,479	)		–		46,674,258
Security Deposits & Other Advances			99,640			(99,640	)		–		495,602
Rights of use asset			–						–		2,302,049
Accounts payable and accrued liabilities (Note 12)			(3,276,778	)		3,276,778			–		(638,156	)
Loans payable (*) Note 13			(11,192,035	)		11,192,035			–		(10,312,906	)
Long term loan payable			–			–			–		(17,771,173	)
Long-term operating lease obligation			–			–			–		(2,360,024	)
Reclassification	Total		(828,687	)		828,687			–		18,569,060

(*)

Loans payable relates to project specific loan and has therefore been reclassified from Loans payable to Loans of Projects Under Development (Note 13)

Projects Under Development (Tables)

9 Months Ended

Dec. 31, 2023

Projects Under Development [Abstract]

Schedule of Projects Under Development

	BESS – SHEAF Project			BESS – Australian Projects		BESS – Italian Projects		FOWE (Fuel Oil Water Emulsification) Development		Total Projects Under Development (PUD)
Balance at October 01, 2023		12,607,479			1,201,970		2,439,757		53,648		16,302,854
Additions		34,342,264			958,281		457,368		–		35,747,913
Disposals		(46,949,743	)		–		–		–		(46,949,743	)
Balance at December 31, 2023		–			2,160,251		2,897,125		53,648		5,111,024

Property and Equipment (Tables)

9 Months Ended

Dec. 31, 2023

Property and Equipment [Abstract]

Schedule of Property and Equipment

	Cost $		Accumulated depreciation $			December 31, 2023 Net carrying value $		March 31, 2023 Net carrying value $
Building		919,797		(286,262	)		633,535		708,979
Furniture and equipment		399,788		(294,142	)		105,646		137,352
Computer equipment		23,417		(15,002	)		8,415		885
Leasehold improvements		9,963		(9,464	)		499		1,993
Total		1,352,965		(604,870	)		748,095		849,209

Intangible Assets (Tables)

9 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Schedule of Intangible Assets

	Cost $		Accumulated amortization $			Cumulative impairment $			December 31, 2023 Net carrying value $		March 31, 2023 Net carrying value $
Patents and technical information		36,340,057		(9,907,820	)		(20,457,255	)		5,974,982		6,700,921
Software licensing		11,455		(8,025	)		-			3,430		5,563
Total		36,351,204		(9,915,845	)		(20,457,255	)		5,978,412		6,706,484

Schedule of Future Amortization of Intangible Assets

Future amortization of intangible assets is as follows based on fiscal year:

	$
2024 (remaining)		237,213
2025		949,081
2026		946,291
2027		946,291
2028		946,291
Thereafter		1,953,244
Total		5,978,412

Disposal / Sale of Project Assets (Tables)

9 Months Ended

Dec. 31, 2023

Disposal / Sale of Project Assets [Abstract]

Schedule of Gain on Sale

The gain on sale of PGBEP 1 shares recognized in the quarter ended June 30, 2023 is calculated as follows:

	GBP		FX		USD
Consideration received (A)		11,258,370		1.2519		14,094,907

Net assets:
Cash						116,057
Projects under development						43,642,826
Other assets						3,992,999
Long term AP and accruals						(24,830,942	)
Other liabilities & Non-controlling interest						(23,406,419	)
Total (B)						(485,479	)
Initial Investment in PGBEP (C)						2,461,289
Gain (A)-(B)-(C)						12,119,097

Schedule of Total Contingent Revenue

Total contingent revenue backlog associated with the constrained price elements on Sheaf project at December 31, 2023 amounts to £16.5 ($21.0) million.

	GBP			FX		USD
Cash payment on closing		12,215,318			1.2743		15,565,980

Debt of SHEAF
Sheaf Storage Loan		9,571,128					11,825,437
Capex Loan		36,003,329					45,879,042
NatWest loan		1,685,838					2,148,263
Leases		7,614,876					9,703,637
Less: Cash		(7,390,806	)				(9,418,104	)
Total revenue		59,699,682					75,704,254

Noncontrolling Interest (Tables)

9 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Schedule of Noncontrolling Interests

Details of the carrying amount of the noncontrolling interests are as follows:

	December 31, 2023 $			March 31, 2023 $
Non-redeemable noncontrolling interest		–			16,140,339
Net (loss)/ income attributable to noncontrolling interest (BESS REP)		–			(354,987	)
Net (loss)/ income attributable to noncontrolling interest (JV)		(216,162	)		(121,677	)
Acquired noncontrolling interest (BESS Italy)		1,009,784			–
Non-controlling interest		793,622			15,663,675

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Tables)

9 Months Ended

Dec. 31, 2023

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities [Abstract]

Schedule of Revenue Disaggregated

The Company derives revenue from the sale of products, delivery of services. Revenue disaggregated by type for the three and nine months ended December 31, 2023, and 2022 is as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Products		84,057,183		2,253,221		84,057,183		4,607,668
Services		1,904,449		1,386,771		4,258,276		2,251,553
Total		85,961,632		3,639,992		88,315,459		6,859,221

Schedule of Product Revenue

Product revenue by type for the three and nine months ended December 31, 2023, and 2022 is as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Sale of marine scrubbers		8,352,929		2,253,221		8,352,929		4,607,668
Sale of BESS projects		75,704,254		–		75,704,254		–
Total		84,057,183		2,253,221		84,057,183		4,607,668

Schedule of Service Revenue

Service revenue by type for the three and nine months ended December 31, 2023, and 2022 is as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Specific services provided to marine scrubber systems		1,196,223		1,237,663		3,176,025		1,889,215
BESS construction management agreement		524,605		–		524,605		–
Design and engineering services for Concentrated Solar Power		183,621		149,108		557,646		362,338
Total		1,904,449		1,386,771		4,258,276		2,251,553

Schedule of Contract Assets and Liabilities

Changes in the Company’s contract assets and liabilities for the periods are noted as below:

	Accrued Revenue $			Prepaid Manufacturing Costs $			Sales (Cost of Goods Sold) $			Contract Liabilities $
Balance, March 31, 2022		531,947			38,010						(8,143,109	)

Customer receipts and receivables		–			–			–			(5,325,921	)
Scrubber sales recognized in revenue		–						4,717,905			4,717,905
Payments and accruals under contracts		(27,181	)		4,202,264			–			–
Cost of goods sold recognized in earnings		–			(3,776,459	)		(3,776,459	)		–
Balance, March 31, 2023		504,766			463,815						(8,751,125	)

Customer receipts and receivables		–			–			–			(4,767,993	)
Scrubber sales recognized in revenue		–						8,352,929			8,352,929
Payments and accruals under contracts		(67,209	)		935,893			–			–
Cost of goods sold recognized in earnings		–			(863,985	)		(863,985	)		–
Balance, December 31, 2023		437,557			535,723						(5,166,189	)

Schedule of Cost of Goods Sold

Cost of goods sold for the period ended December 31, 2023 is comprised as follows:

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Scrubber costs recognized		160,632		1,670,574		70,364		2,713,475
BESS project costs recognized		59,249,778		–		59,249,778		–
Salaries and wages		142,619		235,799		406,480		322,119
Amortization of intangibles		236,573		219,367		725,939		658,101
Commission type costs		10,522		73,531		39,604		205,824
Design and engineering services for CSP		51,681		104,545		220,690		246,490
Specific services provided to marine scrubber systems		904,624		713,688		2,423,340		1,154,718
BESS construction management services		464,680		–		902,710		–
Total		61,221,109		3,017,504		64,038,906		5,300,727

Accounts Payable and Accrued Liabilities (Tables)

9 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Liabilities [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

	December 31, 2023 $		March 31, 2023 $
Accounts payable		1,495,093		692,526
Accrued liabilities		5,400,073		2,349,083
Other liabilities		–		127,973
Payroll liabilities		400,820		219,151
Total short-term accounts payable and accrued liabilities		7,295,986		3,388,733
Balance, end of period		7,295,986		3,388,733

Loans Payable (Tables)

9 Months Ended

Dec. 31, 2023

Loans Payable [Abstract]

Schedule of Loans Payable

The loan balance was sold to Sosteneo on December 22, 2023 as part of the sale of Sheaf Energy Ltd as outlined in note 9.

	December 31, 2023 $		March 31, 2023 $
Loans payable		2,403,812		1,667,484
Long term loans payable		–		791,662
Balance, end of period		2,403,812		2,459,146

Warranty Costs (Tables)

9 Months Ended

Dec. 31, 2023

Warranty Costs [Abstract]

Schedule of Changes in the Warranty Costs

A summary of the changes in the warranty costs is shown below:

	December 31, 2023 $			March 31, 2023 $
Balance, beginning of period		580,530			865,451
Warranty expense / (recovery)		(18,778	)		(625,664	)
Warranty (invoiced costs) / recovery		(167,437	)		340,743
Balance, end of period		394,315			580,530

Stock Options (Tables)

9 Months Ended

Dec. 31, 2023

Stock Options [Abstract]

Schedule of Continuity of Stock Options

The following table summarizes the continuity of stock options:

	Number of options			Weighted average exercise price $		Weighted average remaining contractual life (years)		Aggregate intrinsic value $
Balance, March 31, 2022		537,500			0.56		1.43		170,125
Granted		285,000			0.66		–		–
Forfeited		(337,500	)		0.18		–
Balance, March 31, 2023 and June 30, 2023		485,000			0.89		1.41		84,900
Granted		100,000			0.60		–		–
Balance, September 30, and December 31, 2023, vested and exercisable		585,000			0.84		1.22		108,400	*

(*)	Value represents weighted average of those options in-the-money as at December 31, 2023.

Schedule of Additional Information Regarding Stock Options Outstanding

Additional information regarding stock options outstanding as at December 31, 2023 is as follows:

Issued and Outstanding
Number of shares	Weighted average remaining contractual life (years)	Exercise price $
25,000	0.04	1.03
50,000	0.25	1.50
25,000	0.67	0.90
20,000	1.21	1.20
40,000	1.21	1.20
40,000	1.59	1.20
10,000	0.75	0.01
25,000	0.75	2.50
25,000	0.75	3.75
200,000	0.84	0.10
25,000	0.67	0.50
20,000	2.58	0.60
40,000	3.08	0.60
40,000	3.58	0.60
585,000

Segmented Information (Tables)

9 Months Ended

Dec. 31, 2023

Segmented Information [Abstract]

Schedule of Located and Operates

The Company is located and operates in North America and its subsidiaries are primarily located and operating in Europe, Asia, Oceania, and South America.

	December 31, 2023
	North America $		Europe $		Asia $		Oceania $		Total $
Property and equipment		3,053		103,091		634,089		7,862		748,095
Intangible Assets		5,974,982		–		3,430		–		5,978,412
Right of use assets		–		984,161		78,153		–		1,062,314
Projects under development		–		2,897,125		53,648		2,160,251		5,111,024
		5,978,035		3,984,377		769,320		2,168,113		12,899,845

	March 31, 2023
	North America $		Europe $		Asia $		Total $
Property and equipment		5,343		134,001		709,865		849,209
Intangible Assets		6,700,921		–		5,563		6,706,484
Right of use assets		–		226,860		123,569		350,429
		6,706,264		360,861		838,997		7,906,122

Schedule of Revenues by Customer Region

	Three months ended December 31, 2023
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		38,752			85,326,948			595,932			–			85,961,632
COGS by customer region		25,159			60,648,725			547,225			–			61,221,109
Gross Profit by customer region		13,593			24,678,223			48,707			–			24,740,523
GP% by customer region		35	%		29	%		8	%		0	%		29	%

	Three Months Ended December 31, 2022
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		34,170			1,082,175			2,523,647			–			3,639,992
COGS by customer region		26,954			803,963			2,186,587			–			3,017,504
Gross Profit by customer region		7,216			278,212			337,060			–			622,488
GP% by customer region		21	%		26	%		13	%		0	%		17	%

	Nine months ended December 31, 2023
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		55,699			86,642,836			1,616,924			–			88,315,459
COGS by customer region		41,431			62,253,187			1,744,288			–			64,038,906
Gross Profit by customer region		14,268			24,389,649			(127,364	)		–			24,276,553
GP% by customer region		26	%		28	%		(8	)%		0	%		27	%

	Nine Months Ended December 31, 2022
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		54,653			3,239,954			3,535,920			28,694			6,859,221
COGS by customer region		37,190			2,083,243			3,172,039			8,255			5,300,727
Gross Profit by customer region		17,463			1,156,711			363,881			20,439			1,558,494
GP% by customer region		32	%		36	%		10	%		71	%		23	%

Commitments (Tables)

9 Months Ended

Dec. 31, 2023

Commitments [Abstract]

Schedule of Lease Assets are Categorized as Right of Use Assets

Long-term premises lease

Lease
commencement

Lease
expiry

Term
(years)

Discount rate*

London, United Kingdom

December 26, 2023

December 25, 2026

3.00

8.25

Shanghai, China

March 1, 2020

May 31, 2025

5.25

4.65

*	The Company determined the discount rate with reference to mortgages of similar tenure and terms.

Schedule of Lease Cost

Lease cost for the three and nine months are summarized as follows:

		Three Months Ended December 31, 2023 $				Three Months Ended December 31, 2022 $				Nine Months Ended December 31, 2023 $				Nine Months Ended December 31, 2022 $
Operating lease expense *			728,860				231,789				946,219				440,779

*	Lease payments include maintenance, operating expense, and tax.

Schedule of Premises Lease Agreements With Minimum Annual Lease Payments

The Company has entered into premises lease agreements with minimum annual lease payments expected over the remaining three fiscal years of the lease as follows:

	$
2024		103,167
2025		407,616
2026		352,025
Thereafter		176,014
Total future minimum lease payments		1,038,822
Imputed interest		(64,567	)
Operating lease obligations		974,255

Income Taxes (Tables)

9 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes by U.S. and foreign jurisdictions were as follows:

	December 31, 2023 $			December 31, 2022 $
United States		(10,875,742	)		(4,205,331	)
Foreign		23,513,169			(3,499,784	)
Net profit / (loss) before taxes		12,637,428			(7,705,115	)

Schedule of Income Tax Benefit at the Statutory Rates

The following table reconciles the income tax expense (benefit) at the statutory rates to the income tax (benefit) at the Company’s effective tax rate.

	December 31, 2023 $			December 31 2022 $
Net profit / (loss) before taxes		12,637,428			(7,705,115	)
Statutory tax rate		21	%		21	%

Expected income tax expense / (recovery)		2,653,860			(1,618,074	)
Tax exemption on share sale		(7,905,011	)		–
Subpart F inclusion		6,027,488			–
Permanent differences and other		2,451,576			151,871
Foreign tax rate difference		(73,458	)		6,686
Change in valuation allowance		(1,988,816	)		1,459,517
Income tax provision		1,165,639			–

Current		1,165,639			–
Deferred		–			–
Income tax provision		1,165,639			–

Nature of Operations (Details)	9 Months Ended
Nature of Operations (Details)	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Incorporation date	Mar. 10, 1994

Significant Accounting Policies (Details)	Apr. 01, 2023 USD ($)
Significant Accounting Policies [Line Items]
Effect of adoption amount	$ 51,000

Significant Accounting Policies (Details) - Schedule of Consolidated Financial Statements of Company Entities	9 Months Ended
	Dec. 31, 2023
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGTIL
Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary
Pacific Green Marine Technologies Group Inc. (“PGMG”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary
Pacific Green Marine Technologies Inc. (“PGMT US”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGMG
Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc.) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Middle East) Holdings Ltd. (“PGTME”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary
Pacific Green Technologies Arabia LLC (“PGTAL”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	70% owned subsidiary of PGTME
Pacific Green Marine Technologies (USA) Inc. (inactive) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Dissolved, December 21, 2022
Pacific Green Solar Technologies Inc. (“PGST”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary
Pacific Green Corporate Development Inc. (“PGCD”) (Formerly Pacific Green Hydrogen Technologies Inc.) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Dissolved, December 21, 2022
Pacific Green Wind Technologies Inc (“PGWT”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Dissolved, December 21, 2022
Pacific Green Technologies International Ltd. (“PGTIL”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary
Pacific Green Technologies Engineering Services Limited (Formerly Pacific Green Technologies China Ltd. (“PGTESL”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGTA
Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary
Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of ENGIN
Pacific Green Energy Parks Inc. (“PGEP”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary
Pacific Green Energy Storage Technologies Inc. (“PGEST”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGEP
Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGEP
Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGEP
Pacific Green Energy Parks (UK) Ltd. (“PGEPU”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGEP
Pacific Green Portland West Pty Ltd. (“PGPW”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGBEP
Pacific Green Portland East Pty Ltd. (“PGPE”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Portland Pty Ltd. (“PGEPP”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks Australia Pty Ltd. (“PGEPA”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast North Pty Ltd. (“PGEPLCN”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast West Pty Ltd. (“PGEPLCW”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGTAPL
Pacific Green Limestone Coast Pty Ltd. (“PGLC”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks (Italia) srl (“PGEPI”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGEPU
Sphera Australe [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	51% owned subsidiary of PGEPI
Sphera Levante [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	51% owned subsidiary of PGEPI
Sphera Ponente [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	51% owned subsidiary of PGEPI
Sphera Boreale [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	51% owned subsidiary of PGEPI
Pacific Green Future Energy Inc (“PGFE”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary
Pacific Green Portland North Pty Ltd (“PGPNP”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGEPA
Pacific Green Portland Northeast Pty Ltd (“PGPNEP”) [Member]
Schedule of Consolidated Financial Statements of Company Entities [Line Items]
Company Entities	Wholly-owned subsidiary of PGEPA

Short-Term Investments and Amounts in Escrow (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Short-Term Investments and Amounts in Escrow [Line Items]
Short-term Investments		$ 56,483
Proceeds under customer contracts
Guaranteed Investment Certificate [Member]
Short-Term Investments and Amounts in Escrow [Line Items]
GIC bears interest	0.50%
GIC maturities	Dec. 13, 2023

Assets Held for Sale (Details) - BESS Projects [Member] $ in Millions	Dec. 31, 2023 USD ($)
Assets Held for Sale [Line Items]
Reallocated assets	$ 13.6
Reallocated liabilities	$ 10.6

Assets Held for Sale (Details) - Schedule of Assets Held for Sale - USD ($)

Dec. 31, 2023

Mar. 31, 2023

Schedule of Assets Held for Sale [Line Items]

Cash

$ 113,380

Prepaid expenses, parts inventory, and advances

4,454

Other receivables

61,576

Projects under development

46,674,258

Security Deposits & Other Advances

495,602

Rights of use asset

2,302,049

Accounts payable and accrued liabilities

(638,156)

Loans payable

^[1]

(10,312,906)

Long term loan payable

(17,771,173)

Long-term operating lease obligation

(2,360,024)

Reclassification

$ 18,569,060

Pre- Reclassification [Member]

Schedule of Assets Held for Sale [Line Items]

Cash

115,024

Prepaid expenses, parts inventory, and advances

286,266

Other receivables

531,717

Projects under development

12,607,479

Security Deposits & Other Advances

99,640

Rights of use asset

Accounts payable and accrued liabilities

(3,276,778)

Loans payable

^[1]

(11,192,035)

Long term loan payable

Long-term operating lease obligation

Reclassification

(828,687)

Reclassification [Member]

Schedule of Assets Held for Sale [Line Items]

Cash

(115,024)

Prepaid expenses, parts inventory, and advances

(286,266)

Other receivables

(531,717)

Projects under development

(12,607,479)

Security Deposits & Other Advances

(99,640)

Accounts payable and accrued liabilities

3,276,778

Loans payable

^[1]

11,192,035

Long term loan payable

Long-term operating lease obligation

Reclassification

$ 828,687

[1]	Loans payable relates to project specific loan and has therefore been reclassified from Loans payable to Loans of Projects Under Development (Note 13)

Projects Under Development (Details) - Schedule of Projects Under Development	3 Months Ended
	Dec. 30, 2023 USD ($)
BESS – SHEAF Project [Member]
Schedule of Projects Under Development [Line Items]
Balance	$ 12,607,479
Additions	34,342,264
Disposals	(46,949,743)
Balance
BESS – Australian Projects [Member]
Schedule of Projects Under Development [Line Items]
Balance	1,201,970
Additions	958,281
Disposals
Balance	2,160,251
BESS – Italian Projects [Member]
Schedule of Projects Under Development [Line Items]
Balance	2,439,757
Additions	457,368
Disposals
Balance	2,897,125
FOWE (Fuel Oil Water Emulsification) Development [Member]
Schedule of Projects Under Development [Line Items]
Balance	53,648
Additions
Disposals
Balance	53,648
Total Projects Under Development (PUD) [Member]
Schedule of Projects Under Development [Line Items]
Balance	16,302,854
Additions	35,747,913
Disposals	(46,949,743)
Balance	$ 5,111,024

Property and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment [Line Items]
Depreciation expense	$ 39,912	$ 45,600	$ 115,327	$ 148,671

Property and Equipment (Details) - Schedule of Property and Equipment - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Cost	$ 1,352,965
Accumulated depreciation	(604,870)
Net carrying value	748,095	$ 849,209
Building [Member]
Property, Plant and Equipment [Line Items]
Cost	919,797
Accumulated depreciation	(286,262)
Net carrying value	633,535	708,979
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	399,788
Accumulated depreciation	(294,142)
Net carrying value	105,646	137,352
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	23,417
Accumulated depreciation	(15,002)
Net carrying value	8,415	885
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	9,963
Accumulated depreciation	(9,464)
Net carrying value	$ 499	$ 1,993

Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
Intangible Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Amortization expense	$ 237,202	$ 220,006	$ 727,873	$ 660,090
Amortization of cost of goods sold	236,573	219,367	725,939	658,101
Amortization of intangible assets	$ 629	$ 639	$ 1,934	$ 1,989

Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2008
Finite-Lived Intangible Assets [Line Items]
Cost			$ 36,351,204
Accumulated amortization			(9,915,845)
Cumulative impairment			(20,457,255)
Net carrying value	$ 5,978,412	$ 6,706,484
Patents and technical information [Member]
Finite-Lived Intangible Assets [Line Items]
Cost			36,340,057
Accumulated amortization			(9,907,820)
Cumulative impairment			(20,457,255)
Net carrying value	5,974,982	6,700,921
Software licensing [Member]
Finite-Lived Intangible Assets [Line Items]
Cost			11,455
Accumulated amortization			(8,025)
Cumulative impairment
Net carrying value	$ 3,430	$ 5,563

Intangible Assets (Details) - Schedule of Future Amortization of Intangible Assets - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Schedule of Future Amortization of Intangible Assets [Abstract]
2024 (remaining)	$ 237,213
2025	949,081
2026	946,291
2027	946,291
2028	946,291
Thereafter	1,953,244
Total	$ 5,978,412	$ 6,706,484

Acquisitions (Details)						9 Months Ended
Acquisitions (Details)	Sep. 27, 2023	Dec. 15, 2022 USD ($)	Dec. 15, 2022 EUR (€)	Jul. 26, 2021 USD ($)	Jul. 26, 2021 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 EUR (€)
Acquisition of Sheaf Energy Ltd. [Member]
Acquisitions [Line Items]
Cash payments		$ 8,710,145	€ 7,126,500	$ 415,855	€ 373,500
Total purchase consideration						$ 9,126,000	€ 7,500,000
Net working capital.						0
Project under development						9,126,000	€ 7,500,000
Acquisition of BESS Italian Project Companies [Member]
Acquisitions [Line Items]
Purchased capital percentage	51.00%
Paid amount						$ 1,060,000.00		€ 1,000,000
Interest rate percentage						51.00%	51.00%
Partial advance amount						$ 2,010,000.00	€ 2,000,000
Purchase capital percentage						49.00%	49.00%
Pay off the liabilities held						$ 350,000		€ 300,000
Recognized amount						3,420,000	€ 3,360,000
Net working capital
Investment						2,420,000
Non-current asset						2,010,000.00
Noncontrolling interest						$ 1,010,000.00
Noncontrolling interest percentage						49.00%		49.00%
Invested in advance.						$ 400,000	440,000
Purchase agreement amount (in Euro) \| €							€ 2,000,000
Acquire remaining capital percentage						49.00%	49.00%
Remaining capital amount (in Euro) \| €							€ 55,500
License amount (in Euro) \| €							200,000
Less MW installable amount (in Euro) \| €							€ 2,000

Disposal / Sale of Project Assets (Details)						3 Months Ended	6 Months Ended		9 Months Ended
Disposal / Sale of Project Assets (Details)	Dec. 22, 2023 USD ($)	Dec. 22, 2023 EUR (€)	Nov. 02, 2023	Oct. 16, 2023 USD ($) shares	Oct. 16, 2023 EUR (€) shares	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 22, 2023 EUR (€)	Oct. 16, 2023 EUR (€)	Jun. 09, 2023
Disposals [Line Items]
Net gain on disposal (in Dollars) \| $						$ 12,100,000
Gross deferred consideration									$ 19,000,000	€ 15,100,000
Milestone payments									$ 2,200,000	€ 1,750,000
Agent fees									1.20%	1.20%
Share of minority investor fee									49.40%	49.40%
Projected receivable									$ 8,400,000			€ 6,700,000
Cash proceeds \| $									18,717,068
Milestones value									900,000	€ 800,000
Backlog revenue gain on disposal amount									1,900,000			1,500,000
Legal fees									400,000	300,000
Broker fees									500,000	400,000
Deposits									14,900,000			12,200,000
Construction management fee,									4,600,000	3,750,000
Repayment of loan									2,000,000	1,640,000
Loan principal									9,260,000			€ 7,500,000
Repayment fee									$ 2,300,000	€ 1,900,000
Repayment fee rate									25.00%			25.00%
Profit share rate									18.00%	18.00%
Loans and leases less outstanding cash balances	$ 69,900,000												€ 54,900,000
Outstanding cash balance	$ 9,400,000	€ 7,400,000
Loan and accrued interest \| €		€ 9,600,000
Contingency payment \| €										€ 3,000,000
Contingent revenue									$ 21,000,000	16,500,000
Issuable shares (in Shares) \| shares				4,500,000	4,500,000
Commitment being cash				$ 3,664,000										€ 3,000,000
Commitment payable				3,053,000	€ 2,500,000
Commitment payable in monthly instalments				$ 611,000										€ 500,000
Battery Energy Park 1 [Member]
Disposals [Line Items]
Controlling interest															50.00%
Noncontrolling interest															50.00%
Credit Risk [Member]
Disposals [Line Items]
Anticipated revenue							$ 5,400,000	€ 4,300,000
Cash proceeds									1,000,000	800,000
Pacific Green Battery Energy [Member]
Disposals [Line Items]
Shares rate			100.00%
Sheaf Energy Limited [Member]
Disposals [Line Items]
Shares rate			100.00%
REP 2 [Member]
Disposals [Line Items]
Liquidated damages									486,000	385,000
Sheaf Energy Limited [Member]
Disposals [Line Items]
Legal fees									400,000	300,000
Milestone one [Member]
Disposals [Line Items]
Gross deferred consideration									8,900,000	7,260,000
Milestone Two [Member]
Disposals [Line Items]
Gross deferred consideration									6,100,000	4,960,000
Milestone Three [Member]
Disposals [Line Items]
Gross deferred consideration									1,600,000	1,300,000
Pacific Green Energy Storage [Member]
Disposals [Line Items]
Purchase price									37,400,000	29,900,000
BESS [Member]
Disposals [Line Items]
Purchase price									$ 18,900,000	€ 15,100,000

Disposal / Sale of Project Assets (Details) - Schedule of Gain on Sale	12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 GBP (£)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Schedule of Gain on Sale [Abstract]
Consideration received GBP (in Pounds) \| £		£ 11,258,370
Consideration received FX	1.2519
Consideration received USD	$ 14,094,907
Cash	116,057
Projects under development	43,642,826
Other assets	3,992,999
Long term AP and accruals	(24,830,942)
Other liabilities & Non-controlling interest	(23,406,419)		$ 1,009,784
Total (B)	(485,479)
Initial Investment in PGBEP (C)	2,461,289
Gain (A)-(B)-(C)	$ 12,119,097

Disposal / Sale of Project Assets (Details) - Schedule of Total Contingent Revenue - 9 months ended Dec. 31, 2023	USD ($)	GBP (£)	GBP (£)
Schedule of Total Contingent Revenue [Line Items]
Cash payment on closing	$ 15,565,980	£ 12,215,318
Cash payment on closing FX	0.012743		0.012743
Debt of SHEAF
Less: Cash	$ (9,418,104)		£ (7,390,806)
Total revenue	75,704,254	£ 59,699,682
Sheaf Storage Loan [Member]
Debt of SHEAF
Debt of SHEAF	11,825,437		9,571,128
Capex Loan [Member]
Debt of SHEAF
Debt of SHEAF	45,879,042		36,003,329
NatWest Loan [Member]
Debt of SHEAF
Debt of SHEAF	2,148,263		1,685,838
Leases [Member]
Debt of SHEAF
Debt of SHEAF	$ 9,703,637		£ 7,614,876

Noncontrolling Interest (Details) € in Thousands	1 Months Ended	9 Months Ended
Noncontrolling Interest (Details) € in Thousands	Sep. 27, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 27, 2023 EUR (€)	Sep. 30, 2022 EUR (€)	Mar. 31, 2022 USD ($)	Dec. 02, 2020 USD ($)
Noncontrolling Interest [Line Items]
Interest in the joint venture						$ 70
Equity investment				€ 13,000	$ 16,000,000
Voting rights percentage		65.00%
Number of directors		3
Purchased capital percentage	51.00%
Noncontrolling interest		$ (392,903)
gross capitalized asset	$ 2,070,000.00		€ 1,960
Green Power Reserves Limited [Member]
Noncontrolling Interest [Line Items]
Paid amount	1,060,000.00
Green Power Reserves Limited [Member]
Noncontrolling Interest [Line Items]
Paid amount \| €			1,000
Noncontrolling interest	$ 1,010,000.00		€ 960
BESS [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interest		(298,417)
JV [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interest		$ (94,486)

Noncontrolling Interest (Details) - Schedule of Noncontrolling Interests - USD ($)	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023
Schedule of Noncontrolling Interests [Abstract]
Non-redeemable noncontrolling interest			$ 16,140,339
Net (loss)/ income attributable to noncontrolling interest (BESS REP)			(354,987)
Net (loss)/ income attributable to noncontrolling interest (JV)	(216,162)		(121,677)
Acquired noncontrolling interest (BESS Italy)	1,009,784	$ (23,406,419)
Non-controlling interest	$ 793,622		$ 15,663,675

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - USD ($)	9 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities [Line Items]
Contract with Customer, Liability, Noncurrent		$ 8,038,674
Revenue recognized	8,000,000
BESS [Member]
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities [Line Items]
Contract with Customer, Liability, Noncurrent	$ 4,245,313

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - Schedule of Revenue Disaggregated - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Schedule of Revenue Disaggregated [Line Items]
Total	$ 85,961,632	$ 3,639,992	$ 88,315,459	$ 6,859,221
Product [Member]
Schedule of Revenue Disaggregated [Line Items]
Revenue	84,057,183	2,253,221	84,057,183	4,607,668
Total	84,057,183	2,253,221	84,057,183	4,607,668
Service [Member]
Schedule of Revenue Disaggregated [Line Items]
Revenue	1,904,449	1,386,771	4,258,276	2,251,553
Total	$ 1,904,449	$ 1,386,771	$ 4,258,276	$ 2,251,553

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - Schedule of Product Revenue - Products [Member] - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Schedule of Product Revenue [Line Items]
Total Revenue	$ 84,057,183	$ 2,253,221	$ 84,057,183	$ 4,607,668
Sale of marine scrubbers [Member]
Schedule of Product Revenue [Line Items]
Total Revenue	8,352,929	$ 2,253,221	8,352,929	$ 4,607,668
Sale of BESS projects [Member]
Schedule of Product Revenue [Line Items]
Total Revenue	$ 75,704,254		$ 75,704,254

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - Schedule of Service Revenue - Services [Member] - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Schedule of Service Revenue [Line Items]
Total	$ 1,904,449	$ 1,386,771	$ 4,258,276	$ 2,251,553
Specific Services Provided to Marine Scrubber Systems [Member]
Schedule of Service Revenue [Line Items]
Total	1,196,223	1,237,663	3,176,025	1,889,215
BESS construction management agreement [Member]
Schedule of Service Revenue [Line Items]
Total	524,605		524,605
Design and engineering services for Concentrated Solar Power [Member]
Schedule of Service Revenue [Line Items]
Total	$ 183,621	$ 149,108	$ 557,646	$ 362,338

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - Schedule of Contract Assets and Liabilities - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 30, 2023
Accrued Revenue [Member]
Schedule of Contract Assets and Liabilities [Line Items]
Beginning balance		$ 531,947
Customer receipts and receivables
Scrubber sales recognized in revenue
Payments and accruals under contracts	(67,209)	(27,181)
Cost of goods sold recognized in earnings
Ending balance	437,557	504,766
Prepaid Manufacturing Costs [Member]
Schedule of Contract Assets and Liabilities [Line Items]
Beginning balance		38,010
Customer receipts and receivables
Payments and accruals under contracts	935,893	4,202,264
Cost of goods sold recognized in earnings	(863,985)	(3,776,459)
Ending balance	535,723	463,815
Contract Liabilities [Member]
Schedule of Contract Assets and Liabilities [Line Items]
Beginning balance		(8,143,109)
Customer receipts and receivables	(4,767,993)	(5,325,921)
Scrubber sales recognized in revenue	8,352,929	4,717,905
Payments and accruals under contracts
Cost of goods sold recognized in earnings
Ending balance	(5,166,189)	(8,751,125)
Sales (Cost of Goods Sold) [Member]
Schedule of Contract Assets and Liabilities [Line Items]
Customer receipts and receivables
Scrubber sales recognized in revenue	8,352,929	4,717,905
Payments and accruals under contracts
Cost of goods sold recognized in earnings	$ (863,985)	$ (3,776,459)

Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - Schedule of Cost of Goods Sold - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Schedule of Cost of Goods Sold [Abstract]
Scrubber costs recognized	$ 160,632	$ 1,670,574	$ 70,364	$ 2,713,475
BESS project costs recognized	59,249,778		59,249,778
Salaries and wages	142,619	235,799	406,480	322,119
Amortization of intangibles	236,573	219,367	725,939	658,101
Commission type costs	10,522	73,531	39,604	205,824
Design and engineering services for CSP	51,681	104,545	220,690	246,490
Specific services provided to marine scrubber systems	904,624	713,688	2,423,340	1,154,718
BESS construction management services	464,680		902,710
Total	$ 61,221,109	$ 3,017,504	$ 64,038,906	$ 5,300,727

Accounts Payable and Accrued Liabilities (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Schedule of Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 1,495,093	$ 692,526
Accrued liabilities	5,400,073	2,349,083
Other liabilities		127,973
Payroll liabilities	400,820	219,151
Total short term accounts payable and accrued liabilities	7,295,986	3,388,733
Balance, end of period	$ 7,295,986	$ 3,388,733

Loans Payable (Details)					1 Months Ended				9 Months Ended
Loans Payable (Details)	Nov. 02, 2023 USD ($)	Nov. 02, 2023 EUR (€)	Dec. 15, 2022 USD ($)	Dec. 15, 2022 EUR (€)	Nov. 15, 2023	Sep. 20, 2023 USD ($)	Sep. 20, 2023 EUR (€)	Sep. 15, 2023	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 22, 2023 EUR (€)
Loans Payable [Line Items]
Percentage of fixed repayment fee					25.00%
Net equity proceeds percentage					18.00%			8.00%
Additional short-term working capital						$ 2,500,000	€ 1,050,000
Total equivalent (in Dollars) \| $						$ 3,782,000
Number of tranches									two
Pacific Green Battery Energy Parks Two Limited [Member]
Loans Payable [Line Items]
Percentage of subsidiary	100.00%	100.00%
Tranche 1 [Member]
Loans Payable [Line Items]
Net funds in excess (in Euro) \| €									€ 4,000,000
Tranche 2 [Member]
Loans Payable [Line Items]
Repayment fee percentage									25.00%
Loan Agreements [Member] \| Tranche 1 [Member]
Loans Payable [Line Items]
Percentage of covert outstanding										20.00%
Sheaf Storage Limited [Member]
Loans Payable [Line Items]
Proceeds from Loans			$ 9,261,789	€ 7,500,000
Percentage of fixed repayment fee								20.00%
Sheaf Energy Ltd [Member]
Loans Payable [Line Items]
Amount of senior debt facility	$ 146,000,000	€ 120,000,000
Face value of loan amount \| €											€ 1,700,000
Interest rate on loan											3.00%
UK Infrastructure Bank Limited [Member]
Loans Payable [Line Items]
Amount of senior debt facility	73,000,000	60,000,000
Sosteneo [Member]
Loans Payable [Line Items]
Amount of senior debt facility	$ 85,000,000	€ 70,000,000
Pacific Green Battery Energy Parks Two Limited [Member]
Loans Payable [Line Items]
Face value of loan amount \| $										$ 36,000,000
Interest rate on loan	10.00%	10.00%

Loans Payable (Details) - Schedule of Loans Payable - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Schedule of Loans Payable [Abstract]
Loans payable	$ 2,403,812	$ 1,667,484
Long term loans payable		791,662
Balance, end of period	$ 2,403,812	$ 2,459,146

Warranty Costs (Details) - USD ($)	9 Months Ended
Warranty Costs (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Warranty Costs [Abstract]
Warrant commission	$ 18,778	$ 201,340
Warranty costs	$ 167,437

Warranty Costs (Details) - Schedule of Changes in the Warranty Costs - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Schedule of Changes in the Warranty Costs [Abstract]
Balance, beginning of period	$ 580,530	$ 865,451
Warranty expense / (recovery)	(18,778)	(625,664)
Warranty (invoiced costs) / recovery	(167,437)	340,743
Balance, end of period	$ 394,315	$ 580,530

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Related Party Transactions [Line Items]
Company owed amount	$ 1,774,782		$ 1,774,782		$ 213,020
Commissions to companies	8,172	$ 26,218	38,147	$ 112,180
Consulting fees	4,526,794	168,500	8,673,724	495,500
Bonus paid	$ 8,039,358		$ 8,039,358

Stock Options (Details) - USD ($)	3 Months Ended					9 Months Ended
Stock Options (Details) - USD ($)	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Stock Options [Abstract]
Risk-free interest rate						4.54%
Average expected life						3 years 6 months
Expected volatility						122.00%
Adjustments to Additional Paid in Capital, Fair Value	$ 14,282	$ 17,291	$ 162,566	$ 9,194	$ 17,718
Salaries expense						$ 31,572	$ 189,478

Stock Options (Details) - Schedule of Continuity of Stock Options - USD ($)

9 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2023

Mar. 31, 2023

Schedule of Continuity of Stock Options [Abstract]

Number of options, ending balance (in Shares)

537,500

485,000

Weighted average exercise price, ending balance

$ 0.56

$ 0.89

Weighted average remaining contractual life (years), ending Balance

1 year 5 months 4 days

1 year 4 months 28 days

Aggregate intrinsic value, ending balance (in Dollars)

$ 170,125

$ 84,900

Number of options, vested and Exercisable (in Shares)

585,000

Weighted average exercise price vested and Exercisable

$ 0.84

Weighted average remaining contractual life (years) vested and Exercisable

1 year 2 months 19 days

Aggregate intrinsic value vested and Exercisable (in Dollars)

^[1]

$ 108,400

Number of options Granted (in Shares)

100,000

285,000

Weighted average exercise price Granted

$ 0.6

$ 0.66

Weighted average remaining contractual life (years), Granted

Aggregate intrinsic value, Granted

Number of options, Forfeited (in Shares)

(337,500)

Weighted average exercise price Forfeited

$ 0.18

Weighted average remaining contractual life (years), Forfeited

Aggregate intrinsic value Forfeited

Number of options, ending balance (in Shares)

485,000

Weighted average exercise price, ending balance

$ 0.89

Aggregate intrinsic value, ending balance (in Dollars)

$ 84,900

[1]	Value represents weighted average of those options in-the-money as at December 31, 2023.

Stock Options (Details) - Schedule of Additional Information Regarding Stock Options Outstanding	9 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	585,000
Exercise price 1.03 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	25,000
Issued and Outstanding, remaining contractual life (years)	14 days
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 1.03
Exercise price 1.50 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	50,000
Issued and Outstanding, remaining contractual life (years)	3 months
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 1.5
Exercise price 0.90 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	25,000
Issued and Outstanding, remaining contractual life (years)	8 months 1 day
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 0.9
Exercise price 1.20 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	20,000
Issued and Outstanding, remaining contractual life (years)	1 year 2 months 15 days
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 1.2
Exercise price 1.20 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	40,000
Issued and Outstanding, remaining contractual life (years)	1 year 2 months 15 days
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 1.2
Exercise price 1.20 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	40,000
Issued and Outstanding, remaining contractual life (years)	1 year 7 months 2 days
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 1.2
Exercise price 0.01 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	10,000
Issued and Outstanding, remaining contractual life (years)	9 months
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 0.01
Exercise price 2.50 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	25,000
Issued and Outstanding, remaining contractual life (years)	9 months
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 2.5
Exercise price 3.75 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	25,000
Issued and Outstanding, remaining contractual life (years)	9 months
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 3.75
Exercise price 0.10 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	200,000
Issued and Outstanding, remaining contractual life (years)	10 months 2 days
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 0.1
Exercise price 0.50 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	25,000
Issued and Outstanding, remaining contractual life (years)	8 months 1 day
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 0.5
Exercise price 0.60 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	20,000
Issued and Outstanding, remaining contractual life (years)	2 years 6 months 29 days
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 0.6
Exercise price 0.60 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	40,000
Issued and Outstanding, remaining contractual life (years)	3 years 29 days
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 0.6
Exercise price 0.60 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Issued and Outstanding, Number of shares	40,000
Issued and Outstanding, remaining contractual life (years)	3 years 6 months 29 days
Issued and Outstanding, Exercise price (in Dollars per share) \| $ / shares	$ 0.6

Segmented Information (Details)	3 Months Ended		9 Months Ended
Segmented Information (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segmented Information [Abstract]
Revenue from customer percentage	89.00%	35.00%	86.00%	29.00%

Segmented Information (Details) - Schedule of Located and Operates - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Segment Reporting Information [Line Items]
Property and equipment	$ 748,095	$ 849,209
Intangible Assets	5,978,412	6,706,484
Right of use assets	1,062,314	350,429
Projects under development	5,111,024
Total	12,899,845	7,906,122
North America [Member]
Segment Reporting Information [Line Items]
Property and equipment	3,053	5,343
Intangible Assets	5,974,982	6,700,921
Right of use assets
Projects under development
Total	5,978,035	6,706,264
Europe [Member]
Segment Reporting Information [Line Items]
Property and equipment	103,091	134,001
Intangible Assets
Right of use assets	984,161	226,860
Projects under development	2,897,125
Total	3,984,377	360,861
Asia [Member]
Segment Reporting Information [Line Items]
Property and equipment	634,089	709,865
Intangible Assets	3,430	5,563
Right of use assets	78,153	123,569
Projects under development	53,648
Total	769,320	$ 838,997
Oceania [Member]
Segment Reporting Information [Line Items]
Property and equipment	7,862
Intangible Assets
Right of use assets
Projects under development	2,160,251
Total	$ 2,168,113

Segmented Information (Details) - Schedule of Revenues by Customer Region - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues by customer region	$ 85,961,632	$ 3,639,992	$ 88,315,459	$ 6,859,221
COGS by customer region	61,221,109	3,017,504	64,038,906	5,300,727
Gross Profit by customer region	$ 24,740,523	$ 622,488	$ 24,276,553	$ 1,558,494
GP% by customer region	29.00%	17.00%	27.00%	23.00%
North America [Member]
Segment Reporting Information [Line Items]
Revenues by customer region	$ 38,752	$ 34,170	$ 55,699	$ 54,653
COGS by customer region	25,159	26,954	41,431	37,190
Gross Profit by customer region	$ 13,593	$ 7,216	$ 14,268	$ 17,463
GP% by customer region	35.00%	21.00%	26.00%	32.00%
Europe [Member]
Segment Reporting Information [Line Items]
Revenues by customer region	$ 85,326,948	$ 1,082,175	$ 86,642,836	$ 3,239,954
COGS by customer region	60,648,725	803,963	62,253,187	2,083,243
Gross Profit by customer region	$ 24,678,223	$ 278,212	$ 24,389,649	$ 1,156,711
GP% by customer region	29.00%	26.00%	28.00%	36.00%
Asia [Member]
Segment Reporting Information [Line Items]
Revenues by customer region	$ 595,932	$ 2,523,647	$ 1,616,924	$ 3,535,920
COGS by customer region	547,225	2,186,587	1,744,288	3,172,039
Gross Profit by customer region	$ 48,707	$ 337,060	$ (127,364)	$ 363,881
GP% by customer region	8.00%	13.00%	(8.00%)	10.00%
South America [Member]
Segment Reporting Information [Line Items]
Revenues by customer region				$ 28,694
COGS by customer region				8,255
Gross Profit by customer region				$ 20,439
GP% by customer region	0.00%	0.00%	0.00%	71.00%

Commitments (Details)	9 Months Ended
Commitments (Details)	Dec. 31, 2023 USD ($)
Commitments [Line Items]
Joint venture interest percentage	70.00%
Amount of loans and accrued interest	$ 970,547

Commitments (Details) - Schedule of Lease Assets are Categorized as Right of Use Assets

9 Months Ended

Dec. 31, 2023

London, United Kingdom [Member]

Schedule of Lease Assets are Categorized as Right of Use Assets [Line Items]

December 26, 2023

December 25, 2026

3 years

8.25%

^[1]

Shanghai, China [Member]

Schedule of Lease Assets are Categorized as Right of Use Assets [Line Items]

March 1, 2020

May 31, 2025

5 years 3 months

4.65%

^[1]

[1]	The Company determined the discount rate with reference to mortgages of similar tenure and terms.

Commitments (Details) - Schedule of Lease Cost - USD ($)

3 Months Ended

9 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Schedule of Lease Cost [Abstract]

Operating lease expense

^[1]

$ 728,860

$ 231,789

$ 946,219

$ 440,779

[1]	Lease payments include maintenance, operating expense, and tax.

Commitments (Details) - Schedule of Premises Lease Agreements With Minimum Annual Lease Payments	Dec. 31, 2008 USD ($)
Schedule of Premises Lease Agreements with Minimum Annual Lease Payments [Abstract]
2024	$ 103,167
2025	407,616
2026	352,025
Thereafter	176,014
Total future minimum lease payments	1,038,822
Imputed interest	(64,567)
Operating lease obligations	$ 974,255

Income Taxes (Details) $ in Millions	9 Months Ended
Income Taxes (Details) $ in Millions	Dec. 31, 2023 USD ($)
Income Taxes [Abstract]
Percentage of tax benefit	50.00%
Net operating losses	$ 25.3
Net operating losses	24.8
Tax liability	0.5
Losses available	$ 12.7

Income Taxes (Details) - Schedule of Components of Income Before Income Taxes - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Net profit / (loss) before taxes	$ 12,637,428	$ (7,705,115)
United States [Member]
Income Tax Contingency [Line Items]
Net profit / (loss) before taxes	(10,875,742)	(4,205,331)
Foreign [Member]
Income Tax Contingency [Line Items]
Net profit / (loss) before taxes	$ 23,513,169	$ (3,499,784)

Income Taxes (Details) - Schedule of Income Tax Benefit at the Statutory Rates - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Schedule of Income Tax Benefit at the Statutory Rates [Abstract]
Net profit / (loss) before taxes					$ 12,637,428	$ (7,705,115)
Statutory tax rate					21.00%	21.00%
Expected income tax expense / (recovery)					$ 2,653,860	$ (1,618,074)
Tax exemption on share sale					(7,905,011)
Subpart F inclusion					6,027,488
Permanent differences and other					2,451,576	151,871
Foreign tax rate difference					(73,458)	6,686
Change in valuation allowance					(1,988,816)	1,459,517
Income tax provision	$ 1,165,639		$ 1,165,639		1,165,639
Current					1,165,639
Deferred

Subsequent Events (Details) - Subsequent Event [Member] $ in Millions	Jan. 03, 2024 USD ($)
Subsequent Events [Line Items]
Total repaid	$ 2.4
Repayment fees percentage	25.00%

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