TGI Solar Power Group Inc. (Red Bank) announced Monday that it had signed a letter of intent to acquire certain assets of Eliho Energy Systems Inc. (Henderson, Nev.), a renewable energy company. According to news reports, those assets include two Florida waste gasification projects. Both are already permitted by that state and ready for construction, reports indicate.
TGI is a holding company whose strategy is to acquire new patented or proprietary technologies, components, processes, designs and methods with commercial value that will provide market advantage and generate shareholder value, the firm says.
Earlier this year TGI went on a buying spree, snapping up a number of computer technology firms and then divesting them quickly to focus on its core green energy projects. In April, the firm entered into a strategic alliance agreement with Eliho Energy for testing, sales and installation of Ekoplaz equipment. Ekoplaz equipment uses high-frequency disruption in electromagnetic microwave fields for medical waste treatment, pesticide remediation and industrial waste processing, turning waste into energy. The company then said that Eliho management members had joined TGI’s advisory board.
Eliho is an environmental solutions provider offering a next-generation technology platform transforming municipal, industrial, forestry and agricultural waste into solid, liquid and gas-based renewable energy components. It says it uses a proprietary process without negative effects on the environment. The process includes a decentralized renewable-energy platform that converts waste into gas, liquid and solid-based energy components using a two-stage, moderate-temperature, slow-gasification procedure meeting all EPA, European and California air quality standards.
Edward Stanojev, president of Eliho, commented: “We believe our proposed energy projects and services will be of great value to our future customers in combination with TGI’s Ekoplaz proprietary technology.”
Earlier this year, Eliho closed a $350,000 loan with Jermyn Street Capital, LLC (JSCP) (La Jolla, Calif.). The loan proceeds were to be used to construct and entitle suitable sites for the firm. The loan bears interest at a rate of 10 percent per annum, payable monthly. Eliho also paid a commitment fee equal to 8 percent of the loan amount and issued 600,000 common shares to the lender as payment in kind (PIK). As of this writing there was no word on how this loan might be handled during the asset sale.