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

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