Greenergy forming tech incubation firm in China

Manila Times.net
Published : Thursday, March 15, 2012 00:00 Written by : KRISTA ANGELA M. MONTEALEGRE


GREENERGY Holdings Inc. will establish an incubation company in China that will support start-up firms in economic zones for science and technology, renewable energy and environment-friendly products.


In a disclosure to the Philippine Stock Exchange, Greenergy said that its board authorized management to invest up to 100 million renminbi for the formation of the joint venture China-based science and technology incubation firm.


Antonio Tiu, Greenergy president and chief executive officer, said in a text message that the joint venture will enable the Philippine firm to “capture Chinese technology and market and generate long-term equity appreciation for the holding company.”


The company’s board also authorized the company or its subsidiary to enter into agreements with government agencies and local government units in relation to solid waste recycling and biomass generation.


Greenergy has a 51-percent stake in waste management firm Total Waste Management Recovery System Inc. It is also in talks for the acquisition of Grateful Strategic Marketing Consultants Co. Ltd., a Taiwanese biomass management firm which currently operates two biomass plants.


The company is also set to establish a new subsidiary to engage in renewable energy and apply for accreditation with the Department of Energy. It is also considering the possible acquisition of Puncture Rescue Agent, a modern technology for tire puncture repair.


The listed company recently entered into a P250-million private placement transaction with Earthright Holdings Inc. Bulk of the proceeds will be earmarked to augment the funding requirements of its operations and possible acquisition of biomass plants and investments in renewable energy projects.


Formerly MUSX Corp., the semiconductor firm was renamed Greenergy Holdings to reflect the company’s new business direction after Tiu, who also chairs AgriNurture Inc., bought into the former. Its shares were unchanged at P0.017 each on Wednesday.