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HONG KONG - Wang & Lee Group, Inc. (NASDAQ:WLGS), a firm specializing in sustainable infrastructure, announced today that it has entered into a $71 million contract with NQ Marble Pty Ltd, a Queensland-based marble quarrying company. The contract stipulates that Wang & Lee Group will be responsible for marble exploration and quarrying, as well as the development of a solar battery crypto farm in Queensland, Australia.
The project aims to utilize 25.42 square kilometers of land by combining marble production with renewable energy generation, tapping into Queensland’s significant solar resources. This initiative is expected to contribute to Australia’s sustainable industrial practices and aligns with the nation’s renewable energy targets.
Under the terms of the agreement, Wang & Lee Group will extract marble from NQ Marble’s sites and develop a solar-powered crypto mining operation on idle land. Queensland’s abundant sunshine, with over 300 days of solar exposure annually, makes it an ideal location for renewable energy ventures. The solar farm will not only supply power to the crypto mining operations but also store surplus energy in advanced battery systems, which could lead to a reduction in fossil fuel dependence.
The dual-purpose model of the project is designed to maximize land use by generating revenue from both marble sales and cryptocurrency mining. The company’s revenue has grown by 67% over the last twelve months, with a healthy current ratio of 1.91, indicating strong short-term financial stability. InvestingPro analysis reveals 14 additional key insights about the company’s financial health and growth prospects. NQ Marble currently possesses approximately 141 large natural marble blocks, estimated to weigh around 2,800 tonnes and valued between AUD 800 to 1,000 per tonne. These marble blocks are sought after for high-end architectural projects worldwide. Wang & Lee Group plans to ramp up production to meet the increasing demand from Australia’s burgeoning home building sector.
In pursuit of excellence in Australian-made products, Wang & Lee Group and NQ Marble are looking to form partnerships with marble quarrying experts to enhance site operations and foster innovation in sustainable quarrying practices.
The CEO of Wang & Lee Group, Mr. Ho, remarked on the contract as a transformative step that combines traditional resource extraction with advanced renewable technology. Mr. Cheng, Managing Director of NQ Marble, highlighted the partnership’s ability to maximize site potential while maintaining environmental responsibility.
This news is based on a press release statement and actual results may vary due to risks and uncertainties inherent in forward-looking statements. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading above its estimated Fair Value. Subscribers to InvestingPro can access detailed valuation metrics, comprehensive financial analysis, and real-time alerts to make more informed investment decisions.
In other recent news, Wang & Lee Group has announced a significant collaboration to establish Hong Kong’s first solar-powered cryptocurrency battery farm. This project, in partnership with Sino Wealth Limited and local landowners, is valued at $100 million in revenue. The initiative will utilize seven plots of land and has already secured a $1 million non-refundable deposit from the landowners. This development aims to harness Hong Kong’s solar energy potential, which is comparable to Japan’s, to support sustainable crypto-mining operations and provide renewable electricity to local communities. Wang & Lee’s proprietary technology, developed with the City University of Hong Kong, will play a crucial role in ensuring a continuous power supply. AI-driven panels and scalable infrastructure are key features of this project, aligning with Hong Kong’s 2050 Carbon Neutrality goals. The project is expected to attract ESG-focused investors looking for sustainable and technologically advanced revenue streams. It also sets a precedent for similar developments globally, with potential replication across additional sites in Hong Kong.
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