Gaensel Energy Group, Inc. (GEGR) Announces Acquisition Salt Lake City, Utah--(Newsfile Corp. - June 16, 2022) - Gaensel Energy Group, Inc., (OTC Pink: GEGR) ("Gaensel" or the "Company"), a diversified holding company, announces a corporate update.
The Company is pleased to announce the completion of the first of a number of Renewable Energy Projects in development with a binding Agreement to purchase thirty percent (30%) of the total assets and intellectual property of LB Energia SRL of Milano, Italy. LB Energia owns and operates an EU certified electric plant in None, Torino, Italy. The plant, which was designed by General Electric, converts recycled wood and wood related products into electricity and green warm energy. LB Energia has an existing twenty year agreement with the Italian government entity GSE in Torino, Italy, with 15 years remaining on the contract. The current productivity is 2 Megawatts/h green warm energy (heat) and 125 Kilowatts/h pallets (electricity).
The electricity is sold now to GES at euro 0,21/kwh and the residual electricity is being sold to brokers at euro 0,290/ kwh. Gaensel and LB Energia, under the agreement, will be deploying additional equipment throughout Italy. The Company revenue for 2021, in spite of the pandemic, was over $2,000,000 USD. Peter Koley, our CEO, stated that given the current global energy crisis the acquisition of LB Energia and development of additional acquisitions and partnerships with existing proven energy companies has the potential of substantial return to our shareholders.
https://www.newsfilecorp.com/release/128033