TGI Solar Power Group Inc. (OTC Market: TSPG) ("TGI"), a diversified technology company, announced that it has received a draft of Manufacturing Agreement, which would allow TGI Auto Division to start production of electric vehicles and proceed with its expansion plans in Europe.
"I would like to recognize the ZAZ team, our long-term manufacturing partners for TGI AUTO project for their commitment and execution, which will be critical elements in the successful financing and implementation," said Henry Val, TGI's CEO.
TGI's initial plan of Electric Vehicles assembly plant, will require financing Euro15-20mm combination of debt and equity. Financing is going to be done through wholly owned European subsidiary, proposed name is TGI AUTO GROUP AB. Big Ben proposal calls for pre-IPO placement of €2.5MM ($2.9MM) and follow up financing in-order to prepare for becoming a publicly traded entity on the Nordic Growth Market NGM AB, MIC Code XNGM (NGM), a regulated Swedish Stock Exchange in Stockholm and subsidiary to Boerse Stuttgart (SWB) in Germany.
TGI Solar | tgipower.com