Gaensel Energy acquires 30% stakes in biomass plant based in Italy

Jun. 16, 2022 11:34 AM ETGaensel Energy Group, Inc. (GEGR)By: Shweta Agarwal, SA News Editor
  • Gaensel Energy Group (OTCPK:GEGR) stated Thursday it has signed a binding agreement to purchase 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 with revenue amounting to $2M in 2021. The plant, which was designed by General Electric (GE), converts recycled wood and wood related products into electricity and green warm energy.
  • Production stands at 2 Megawatts/h green warm energy (heat) and 125 Kilowatts/h pallets (electricity).
  • The company told LB Energia has an existing 20-year agreement with the Italian government entity GSE in Torino, Italy, with 15 years remaining on the contract.

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