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HONG KONG - WANG & LEE GROUP, Inc. (NASDAQ: WLGS), a leader in sustainable infrastructure and energy storage technologies, has announced the completion of its acquisition of Solar (HK) Limited, a move that is set to bolster Hong Kong’s transition to renewable energy. The deal, which was initially announced on March 3, 2025, was finalized today, enhancing WLGS’s capabilities in delivering integrated solar and energy storage solutions.
The acquisition enables WLGS to merge SolarHK’s expertise in solar photovoltaic (PV) systems with its own advanced lithium-ion battery technology. This strategic move is expected to provide comprehensive renewable energy solutions to the commercial, industrial, and residential sectors in Hong Kong. The company’s strong financial position, evidenced by a healthy current ratio of 1.91 and impressive revenue growth of 67% in the last twelve months, suggests robust operational capacity for this expansion. SolarHK’s notable projects, such as those at Tsing Yi Shipyard and In n Out Storage Aberdeen, will now benefit from WLGS’s energy storage innovations aimed at optimizing energy efficiency and grid resilience.
With SolarHK’s network extending to over 50 locations across Hong Kong, WLGS gains immediate access to a significant client base and localized expertise. Post-acquisition, WLGS plans to integrate SolarHK’s solar infrastructure with its proprietary battery storage systems. This integration will allow businesses and households to store excess solar energy, thereby reducing their reliance on traditional power grids.
In addition, the partnership between WLGS and Linko Smart Technology Limited will offer SolarHK’s clients access to AI-driven smart energy management systems and IoT-enabled devices, which are anticipated to further enhance energy savings and operational efficiency.
Mr. Ho, CEO of WANG & LEE GROUP, commented on the acquisition, stating, "The closing of this acquisition is a milestone in our commitment to building a cleaner, smarter energy ecosystem." Mr. Gary Chik, Founder of SolarHK, also expressed enthusiasm for the new chapter, highlighting the potential to scale their impact as part of WLGS.
WLGS is set to expand SolarHK’s service offerings immediately, rolling out next-generation energy storage systems and smart grid solutions. These initiatives align with the Hong Kong SAR government’s 2050 Carbon Neutrality Strategy and support global efforts to combat climate change.
The company also plans to launch joint community outreach programs to educate businesses and residents on the advantages of renewable energy, including participation in the Feed-in Tariff (FiT) scheme and government sustainability incentives.
This news is based on a press release statement from WANG & LEE GROUP, Inc. and has not been independently verified. Forward-looking statements in the release are subject to risks and uncertainties and should not be taken as guarantees of future performance.
In other recent news, Wang & Lee Group has been actively expanding its portfolio with several strategic moves. The company secured a $71 million contract with NQ Marble Pty Ltd in Queensland, Australia, for marble quarrying and the development of a solar battery crypto farm. This project is anticipated to harness Queensland’s solar resources and contribute to sustainable industrial practices. Additionally, Wang & Lee Group acquired SolarHK for HK$15 million, aiming to boost its renewable energy projects, including a solar-powered crypto mine in Queensland and initiatives in Hong Kong.
The acquisition of SolarHK is expected to leverage its regional network and expertise, enhancing Wang & Lee’s green technology footprint. In a separate development, the company raised approximately $12 million through a direct offering with institutional investors. Maxim Group LLC acted as the sole placement agent for this offering, which involves the sale of over 3.5 million ordinary shares and warrants.
Furthermore, Wang & Lee Group announced plans to build Hong Kong’s first solar-powered cryptocurrency battery farm in collaboration with Sino Wealth Limited and local landowners. This project, valued at $100 million, aims to utilize Hong Kong’s solar energy potential and aligns with the city’s carbon neutrality goals. These developments highlight Wang & Lee Group’s commitment to sustainable infrastructure and resource management, reflecting its ongoing expansion into green energy sectors.
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