TGI Enters into Joint Development Agreement with Classi-Tec to Develop and Manufacture Mechanical Energy Storage Systems
NORTH BRUNSWICK, NJ / ACCESSWIRE / July 9, 2020 / TGI SOLAR POWER GROUP INC. (OTC PINK:TSPG) (“TGI”), a diversified technology company, announced today that it has entered into a joint development agreement with Classi-Tec LTD (“CTEC”), an Israel-based technology company established in 1994 by its CEO Mr. Eitan Lustig. CTEC is a holder of certain technologies in the field of mechanical energy storage devices. Their expertise will provide TGI with guidance and logistical support in establishing manufacturing facilities for the production of mechanical batteries and other storage units to be utilized, and used in conjunction with, solar, wind and EV (electric vehicles) charging stations.
“We are excited to partner with TGI Group and look forward to working with the TGI team. Our partnership is key to unlocking the value of our technology and we are eager to begin a successful development program and manufacturing of our mechanical batteries for energy storage,” said Eitan Lustig, CTEC president.
“The experience of the CTEC team along with the opportunities offered by our recent agreement with Lucent Energy Management, which offers sales, marketing and installations of storage technology systems, allows us to enter the energy storage market. TGI is seeing significant interest by the “cleantech” community, which continues to show an acceleration in growth and expansion of new green technologies with vast commercial opportunities. We look forward to working with such a talented team,” said Henry Val, TGI ‘s Chairman.
About Classi-Tec Ltd. Classi -Tec was established in 1994 by its CEO Mr. Eitan Lustig, who recognized the growing need for customized technological solutions in the electro-mechanical industry.
Classi-Tec offers unique products and solutions, utilizing various electronic and electro-mechanical technologies. The company has high technological capabilities, particularly in finding solutions and materializing non-standard items and products. Classi-Tec provides services from the first stages of product design, through component definitions and up to manufacturing, testing and shipping to the client. We also provide cost-reduction services and product improvements in the electronics, mechanics and electro-mechanical fields.
Production is conducted by select plants using various state-of-the-art technologies. Production processes and final products are constantly monitored by Classi-Tec to ensure the quality of our products. Classi-Tec’s clients include companies in the fields of Control & Monitoring systems, Networking & Communications, Security, Cosmetics and Medical equipment and more.
Classi-Tec’s head offices are located in Petah-Tikva, Israel, with branch offices in China and Taiwan.
The company includes the following departments and activities:
Sales and Marketing
Purchasing and Logistics
QA Testing and Assembly equipment department
Cable assembly facility including cable design and production
Classi-Tec maintains Quality assurance procedures according to ISO 9001:2008 Standard and certified by the Israel Standards Institute.
About Lucent Energy Management: Lucent Energy Management offers engineering, procurement, and construction (EPC) of renewable energy systems. Lucent’s services include: free site evaluations, renewable energy analysis, solar PV system design, LED lighting design, power factor correction services, project management, installation, operations, maintenance, and monitoring support.
For more information, please see www.otcMarkets.com under ticker symbol “TSPG”, and visit our Facebook page https://www.facebook.com/TGISolarPower/
About TGI Solar: TGI SOLAR POWER GROUP INC. is a diversified holding company. TGI’s strategy is to acquire innovative and patented technologies, components, processes, designs and methods with commercial value that will give competitive market advantage and generate shareholder value.
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1965: Those statements contained herein which are not historical are forward-looking statements, and as such, are subject to risks and uncertainties that could cause actual operating results to materially differ from those contained in the forward-looking statements. Such statements include, but are not limited to, certain delays that are beyond the company’s control, with respect to market acceptance of new technologies, or product delays in the testing and evaluation of products, and other risks, as detailed in the company’s periodic filings with the Securities and Exchange Commission
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SOURCE: TGi Solar Power Group, Inc.
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