Last week, Red Bank-based TGI Solar said it would sell several of its non-strategic assets. TGI expects the sale will generate cash for TGI Solar Power Group (TSPG) and help the company focus on its core business, renewable energy.
The assets TGI Solar says it will divest are the same ones the company began accumulating in March of this year. The firm made a number of moves to diversify into the computer area, first acquiring trading source code from Edgetech Systems, a California company, then entering into a joint venture with U.K.-based Wordlink Group PLC, which offers a free mobile sports news service. Wordlink had acquired a mobile sports technology platform that TGI Solar said would accelerate the launch of its sports betting service.
In June the TGI noted that Edgetech had added precious metals to its trading platform portfolio. The firm also noted that Edgetech’s marketing department might move to New York City. In addition, a news report had TGI acquiring 25 percent of Livingston, N.J.-based ManageVision Inc.,.formerly Gnosis, a business systems software company.
Prior to this time, TGI Solar had branched out beyond solar into other green energy areas, including an alliance with Ukrania’s Ekoplaz, for testing, sales and installation of Ekoplaz equipment. That equipment uses high-frequency “disruption” in electromagnetic microwave fields for medical waste treatment, pesticide remediation and industrial waste processing, turning waste into energy.
Previously, when reached by phone, Henry Val, CEO of TGI Solar, said his company was “looking for value, whether technology or alternative energy.” Now he says in a statement, “We know that there is a great potential in the high tech sector and Edgetech Systems, ManageVision Inc. and Worldlink Group PLC have a great future. However, these high-tech assets cause TSPG’s interests to be spread too broadly, whereas TGI wants to maintain its focus. This is why we are undergoing this radical transformation. To protect our interests, we are divesting our technology group with reasonable profit. This will also allow us to focus solely on the renewable energy sector, which is our core business interest.”
In this latest press release, Val says that while TGI will continue to pursue its interests in the Philippines, the company has received inquiries from a “certain large South American country for cooperation. If we reach an agreement, we are looking at producing solar panels in the country with one of the largest silicon production capabilities on the planet.”