Wang & Lee Group, Inc. Announces Acquisition of Solar (HK) Limited, Paving the Way for Global Renewable Crypto Mining
Wang & Lee Group (NASDAQ: WLGS) has announced the acquisition of Solar (HK) for HK$15 million, to be paid through a convertible promissory note. The acquisition aims to enhance WLGS's renewable energy and crypto mining initiatives.
SolarHK, established in 2019, brings expertise from over 50 completed projects in Hong Kong's New Territories, including Yuen Long, Tai Po, Tuen Mun, and Fanling. The merger will support WLGS's US$100 million flagship project to implement hybrid solar-battery systems for crypto mining operations in Hong Kong.
The strategic acquisition will also strengthen WLGS's US$71 million Queensland project with NQ Marble Pty , focusing on solar battery-powered crypto mining. The company plans to combine SolarHK's regional network with its lithium-ion battery technology, developed in partnership with City University of Hong Kong, to create sustainable blockchain infrastructure.
Wang & Lee Group (NASDAQ: WLGS) ha annunciato l'acquisizione di Solar (HK) per 15 milioni di HK$, che sarà pagata tramite una cambiale convertibile. L'acquisizione mira a potenziare le iniziative di WLGS nel campo delle energie rinnovabili e del mining di criptovalute.
SolarHK, fondata nel 2019, porta con sé competenze da oltre 50 progetti completati nei Nuovi Territori di Hong Kong, tra cui Yuen Long, Tai Po, Tuen Mun e Fanling. La fusione supporterà il progetto di punta da 100 milioni di dollari USA di WLGS per implementare sistemi ibridi solare-batteria per le operazioni di mining di criptovalute a Hong Kong.
L'acquisizione strategica rafforzerà anche il progetto da 71 milioni di dollari USA in Queensland con NQ Marble Pty, focalizzandosi sul mining di criptovalute alimentato da batterie solari. L'azienda prevede di combinare la rete regionale di SolarHK con la sua tecnologia delle batterie agli ioni di litio, sviluppata in collaborazione con la City University di Hong Kong, per creare un'infrastruttura blockchain sostenibile.
Wang & Lee Group (NASDAQ: WLGS) ha anunciado la adquisición de Solar (HK) por 15 millones de HK$, que se pagará a través de un pagaré convertible. La adquisición tiene como objetivo mejorar las iniciativas de WLGS en energía renovable y minería de criptomonedas.
SolarHK, establecida en 2019, aporta experiencia de más de 50 proyectos completados en los Nuevos Territorios de Hong Kong, incluyendo Yuen Long, Tai Po, Tuen Mun y Fanling. La fusión apoyará el proyecto insignia de 100 millones de dólares USA de WLGS para implementar sistemas híbridos de energía solar y baterías para operaciones de minería de criptomonedas en Hong Kong.
La adquisición estratégica también fortalecerá el proyecto de 71 millones de dólares USA en Queensland con NQ Marble Pty, centrado en la minería de criptomonedas alimentada por baterías solares. La empresa planea combinar la red regional de SolarHK con su tecnología de baterías de iones de litio, desarrollada en colaboración con la City University de Hong Kong, para crear una infraestructura blockchain sostenible.
Wang & Lee Group (NASDAQ: WLGS)는 Solar (HK)를 1,500만 홍콩달러에 인수한다고 발표했으며, 이는 전환사채를 통해 지급될 예정입니다. 이번 인수는 WLGS의 재생 가능 에너지 및 암호화폐 채굴 프로젝트를 강화하는 것을 목표로 합니다.
2019년에 설립된 SolarHK는 홍콩 신계에서 완공된 50개 이상의 프로젝트에 대한 전문성을 가지고 있으며, 여기에는 유엔 롱, 타이포, 튠문, 팬링이 포함됩니다. 이번 합병은 WLGS의 1억 달러 미국 프로젝트를 지원하여 홍콩에서 암호화폐 채굴 작업을 위한 하이브리드 태양광-배터리 시스템을 구현할 것입니다.
전략적 인수는 또한 NQ Marble Pty와 함께하는 7100만 달러 미국 퀸즐랜드 프로젝트를 강화하여 태양광 배터리 기반의 암호화폐 채굴에 중점을 두고 있습니다. 이 회사는 SolarHK의 지역 네트워크와 홍콩 시립대학교와 협력하여 개발한 리튬 이온 배터리 기술을 결합하여 지속 가능한 블록체인 인프라를 구축할 계획입니다.
Wang & Lee Group (NASDAQ: WLGS) a annoncé l'acquisition de Solar (HK) pour 15 millions de HK$, qui sera payée par le biais d'une note de prêt convertible. L'acquisition vise à renforcer les initiatives de WLGS dans le domaine des énergies renouvelables et du minage de cryptomonnaies.
SolarHK, fondée en 2019, apporte une expertise issue de plus de 50 projets réalisés dans les Nouveaux Territoires de Hong Kong, y compris Yuen Long, Tai Po, Tuen Mun et Fanling. La fusion soutiendra le projet phare de 100 millions de dollars US de WLGS pour mettre en œuvre des systèmes hybrides solaire-batterie pour les opérations de minage de cryptomonnaies à Hong Kong.
L'acquisition stratégique renforcera également le projet de 71 millions de dollars US dans le Queensland avec NQ Marble Pty, axé sur le minage de cryptomonnaies alimenté par des batteries solaires. L'entreprise prévoit de combiner le réseau régional de SolarHK avec sa technologie de batteries lithium-ion, développée en partenariat avec la City University de Hong Kong, pour créer une infrastructure blockchain durable.
Wang & Lee Group (NASDAQ: WLGS) hat die Übernahme von Solar (HK) für 15 Millionen HK$ angekündigt, die durch eine wandelbare Schuldverschreibung bezahlt wird. Ziel der Übernahme ist es, die Initiativen von WLGS im Bereich erneuerbare Energien und Krypto-Mining zu stärken.
SolarHK, gegründet im Jahr 2019, bringt Fachwissen aus über 50 abgeschlossenen Projekten in den Neuen Territorien von Hongkong mit, darunter Yuen Long, Tai Po, Tuen Mun und Fanling. Die Fusion wird das Flaggschiffprojekt von 100 Millionen US-Dollar von WLGS unterstützen, um hybride Solar-Batteriesysteme für Krypto-Mining-Operationen in Hongkong zu implementieren.
Die strategische Übernahme wird auch das 71 Millionen US-Dollar Queensland-Projekt mit NQ Marble Pty stärken, das sich auf solarbetriebene Krypto-Mining konzentriert. Das Unternehmen plant, das regionale Netzwerk von SolarHK mit seiner Lithium-Ionen-Batterietechnologie zu kombinieren, die in Zusammenarbeit mit der City University of Hongkong entwickelt wurde, um eine nachhaltige Blockchain-Infrastruktur zu schaffen.
- Strategic acquisition provides immediate access to 50+ completed solar projects
- US$100 million flagship project planned for Hong Kong creates dual revenue streams
- US$71 million Queensland crypto mining project demonstrates global expansion
- Integration with existing lithium-ion battery technology enhances competitive advantage
- HK$15 million convertible note issuance may lead to future shareholder dilution
Insights
Wang & Lee Group's acquisition of Solar HK represents a strategic move to strengthen its position in the renewable energy-powered crypto mining sector. The
The financial implications are substantial relative to WLGS's
The dual revenue model is particularly noteworthy. By generating income from both crypto mining operations and selling surplus energy back to the grid, WLGS is creating a potentially more stable business model than pure crypto mining ventures, which are notoriously volatile. This hybrid approach could provide revenue stability while still capturing upside from cryptocurrency operations.
SolarHK's established relationships in Hong Kong's New Territories (50+ completed projects) represent valuable intangible assets that would be difficult and time-consuming for WLGS to develop independently. These connections should accelerate project development and reduce execution risk in the Hong Kong market.
This acquisition represents a significant technological integration that addresses one of cryptocurrency's most persistent criticisms – its enormous energy consumption. By combining WLGS's lithium-ion battery technology with SolarHK's solar expertise, the company is creating a comprehensive renewable energy solution for crypto mining that could position them as leaders in sustainable blockchain infrastructure.
The technical synergies are compelling. SolarHK brings proven solar implementation expertise from 50+ completed projects, while WLGS contributes battery technology developed with City University of Hong Kong. This combination enables a truly off-grid solution that can provide the consistent power required for mining operations without relying on fossil fuels or grid electricity during non-solar hours.
The Queensland project represents a particularly important technical showcase – a large-scale solar battery crypto mine designed as a complete renewable energy solution. Success here would demonstrate viability at scale and potentially create a replicable model for global expansion. The technology approach directly addresses two key mining operation challenges: energy costs and environmental impact.
Additionally, the Hong Kong project's focus on transforming underutilized land into productive energy+mining assets represents an innovative land use case. By deploying these systems on rural and industrial properties, WLGS is creating new value from previously low-yield assets while supporting Hong Kong's 2050 carbon neutrality goals. This alignment with government environmental initiatives potentially reduces regulatory risk while creating positive stakeholder relationships.
Hong Kong, March 13, 2025 (GLOBE NEWSWIRE) -- As disclosed in a press release dated March 3, 2025, Wang & Lee Group, Inc. (NASDAQ: WLGS), a global innovator in sustainable technology, today announced that on March 12, 2025, it entered into a sale and purchase agreement on the acquisition (the “Acquisition”) of potential Solar (HK) Limited (“SolarHK”) for a consideration of HK
SolarHK’s Legacy in the New Territories, Hong Kong
SolarHK, established in 2019, has deep roots in Hong Kong’s New Territories, having completed over 50 projects in regions such as Yuen Long, Tai Po, Tuen Mun, and Fanling. These include collaborations with rural landowners, village houses, and industrial facilities, fostering trust and long-term partnerships.
By leveraging SolarHK’s existing relationships, WLGS will collaborate with New Territories landowners in a flagship US
Strategic Synergy: Local Partnerships, Global Impact
The acquisition enables WLGS to unite SolarHK’s regional network with its lithium-ion battery technology (developed with City University of Hong Kong) and blockchain solutions. In Hong Kong, this synergy will transform rural and industrial land into hubs for sustainable crypto mining, aligned with the Hong Kong SAR government’s 2050 carbon neutrality vision.
Globally, WLGS also leverages on SolarHK’s technical prowess in its US
About WANG & LEE GROUP, Inc.
WANG & LEE GROUP, Inc. is a Hong Kong-based construction prime and subcontractor engaging in the installation of Electrical & Mechanical Systems, which includes low voltage (220v/phase 1 or 380v/phase 3) electrical system, mechanical ventilation and air-conditioning system, fire service system, water supply and sewage disposal system installation and fitting out for the public and private sectors. It is also able to provide design and contracting services to all trades in the construction industry. Their clients range from small startups to large companies.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
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WANG & LEE GROUP, Inc.
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FAQ
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