Business
TGI Acquires Equity Interest in Auxilian Energy, Subsidiary of Renesys Group
TGI Acquires Equity Interest in Auxilian Energy, Subsidiary of Renesys Group.
About this update from Tgi Solar Power Group, Inc.
[{"type":"text","content":"NORTH BRUNSWICK, NJ / ACCESSWIRE / March 25, 2020 / TGI SOLAR POWER GROUP INC. (OTC PINK:TSPG) ("TGI"), a diversified technology company, announced today that it has purchased an equity stake in Auxilium Energy a ReneSys Group company headquartered in Zug, Switzerland."We are continually looking to expand our operations in Europe. Auxilium, owns proprietary battery cell storage technology, is a great opportunity and addition to our portfolio, currently operating in the Czech Republic, to start immediate construction of a state-of-the-art battery cell manufacturing plant in the United Kingdom, with future contracts to expand into Italy, Ukraine and Germany" said Henry Val, CEO of TGI Group.ReneSys Group is "excited for this new venture and sees TGI Group as a strong strategic alliance for the expansion of its Auxilium Battery plants in Europe" and is "great to see the continuous trend in the market's growth for adoption of renewable energy. Microgrids are being implemented as a flexible architecture for deploying distributed energy resources (DER's) in communities around the world and the evolvement of our company, its technologies and impact factors in the sustainable sector," said Josue Altomonte, CEO of ReneSys Group.As we stated previously, TGI's initial plan of Electric Vehicles assembly plant, will require financing Euro15-20MM combination of debt and equity. Financing is going to be done through wholly owned European subsidiary. Big Ben proposal calls for pre-IPO placement of €2.5MM ($2.9MM) and follow up financing in-order to prepare for becoming a publicly traded entity on the Nordic Growth Market NGM AB, MIC Code XNGM (NGM), a regulated Swedish Stock Exchange in Stockholm and subsidiary to Boerse Stuttgart (SWB) in Germany.About Auxilium Energy: Auxilium Energy, which also operates under the name NEWCO Ion-Battery UK Ltd in the United Kingdom has its parent company headquartered in Zug, Switzerland. The organization primarily operates in the Li-ion electrode and battery cell assembly for the Energy Storage System business / industry within the Electronic & Other Electrical Equipment & Components sector. This division has been operating for 3 years. The organization will be engaged in the design and manufacturing activities at the above-mentioned facilitie...