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HONG KONG - Wang & Lee Group, Inc. (NASDAQ: WLGS), a leader in sustainable technology, has announced the acquisition of Solar (HK) Limited for HK$15 million, paid through a convertible promissory note. The deal, completed on Tuesday, aims to enhance the company’s renewable energy projects, including a solar battery-powered crypto mine in Queensland, Australia, and initiatives in Hong Kong’s New Territories.
SolarHK, founded in 2019, has established a strong presence in Hong Kong’s New Territories, completing over 50 projects in collaboration with local landowners and industrial facilities. The acquisition will allow WLGS to deploy hybrid solar-battery systems in a flagship US$100 million project, powering crypto mining operations and supplying excess energy to the grid, thereby creating dual revenue streams for landowners.
The strategic move is expected to leverage SolarHK’s regional network and WLGS’s lithium-ion battery technology and blockchain solutions, developed in partnership with the City University of Hong Kong. This synergy will transform rural and industrial land into sustainable crypto mining hubs, in line with the Hong Kong SAR government’s goal for carbon neutrality by 2050.
Globally, WLGS will incorporate SolarHK’s expertise in its US$71 million project with NQ Marble in Queensland, Australia. This project aims to set a new standard for sustainable blockchain infrastructure by operating a large-scale solar battery crypto mine that minimizes carbon footprints and is powered entirely by renewable energy.
Wang & Lee Group, Inc. is a Hong Kong-based construction firm specializing in the installation of various electrical and mechanical systems. The company offers design and contracting services across the construction industry, catering to a diverse client base from startups to large corporations.
The press release includes forward-looking statements which indicate plans for the company’s growth and future business endeavors. While WLGS has demonstrated strong market performance with a 358.82% return over the past year, InvestingPro analysis suggests the stock is currently trading above its Fair Value. These statements are subject to various risks and uncertainties that could affect actual results.
This acquisition highlights Wang & Lee Group’s commitment to expanding its sustainable technology footprint both locally and globally, marking a significant step towards a greener future. The information in this article is based on a press release statement from Wang & Lee Group, Inc.
In other recent news, Wang & Lee Group has entered into a $71 million contract with NQ Marble Pty Ltd to manage marble exploration and develop a solar battery crypto farm in Queensland, Australia. This project will utilize 25.42 square kilometers of land to integrate marble production with renewable energy generation. The initiative aims to capitalize on Queensland’s abundant solar resources, with the solar farm powering crypto mining operations and storing surplus energy. Additionally, Wang & Lee Group is set to build Hong Kong’s first solar-powered cryptocurrency battery farm in collaboration with Sino Wealth Limited and local landowners. This venture, valued at $100 million in revenue, will use advanced lithium-ion battery storage and high-efficiency panels to harness solar energy. The project aligns with Hong Kong’s 2050 Carbon Neutrality goals and aims to provide renewable electricity to local communities. Wang & Lee’s proprietary technology, developed with the City University of Hong Kong, will ensure a continuous power supply for both crypto-mining and local energy needs. These developments reflect Wang & Lee Group’s ongoing commitment to sustainable energy solutions and innovative infrastructure projects.
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