Business
TGI Enters into Joint Development Agreement with Classi-Tec to Develop and Manufacture Mechanical Energy Storage Systems
TGI Enters into Joint Development Agreement with Classi-Tec to Develop and Manufacture Mechanical Energy Storage Systems.
About this update from Tgi Solar Power Group, Inc.
[{"type":"text","content":"NORTH BRUNSWICK, NJ / ACCESSWIRE / July 9, 2020 / TGI SOLAR POWER GROUP INC. (OTC PINK:TSPG) ("TGI"), a diversified technology company, announced today that it has entered into a joint development agreement with Classi-Tec LTD ("CTEC"), an Israel-based technology company established in 1994 by its CEO Mr. Eitan Lustig. CTEC is a holder of certain technologies in the field of mechanical energy storage devices. Their expertise will provide TGI with guidance and logistical support in establishing manufacturing facilities for the production of mechanical batteries and other storage units to be utilized, and used in conjunction with, solar, wind and EV (electric vehicles) charging stations."We are excited to partner with TGI Group and look forward to working with the TGI team. Our partnership is key to unlocking the value of our technology and we are eager to begin a successful development program and manufacturing of our mechanical batteries for energy storage," said Eitan Lustig, CTEC president."The experience of the CTEC team along with the opportunities offered by our recent agreement with Lucent Energy Management, which offers sales, marketing and installations of storage technology systems, allows us to enter the energy storage market. TGI is seeing significant interest by the "cleantech" community, which continues to show an acceleration in growth and expansion of new green technologies with vast commercial opportunities. We look forward to working with such a talented team," said Henry Val, TGI ‘s Chairman.About Classi-Tec Ltd. Classi -Tec was established in 1994 by its CEO Mr. Eitan Lustig, who recognized the growing need for customized technological solutions in the electro-mechanical industry..Classi-Tec offers unique products and solutions, utilizing various electronic and electro-mechanical technologies. The company has high technological capabilities, particularly in finding solutions and materializing non-standard items and products. Classi-Tec provides services from the first stages of product design, through component definitions and up to manufacturing, testing and shipping to the client. We also provide cost-reduction services and product improvements in the electronics, mechanics and electro-mechanical fields.Production is conducted by select plants using var...