No-Name Solar Firm Latest to Tap Blockchain Craze for 233% Rally
This penny stock plans to get involved in the Blockchain and Crypto hot commodity market.
(Bloomberg) -- A little-known New Jersey firm that, as recently as 2011, specialized in renewable energy projects just became the latest to join the blockchain and cryptocurrency craze.
The penny stock TGI Solar Power Group Inc. said in a statement Tuesday that it planned to get involved in the “Blockchain and Crypto hot commodity market.” The news sent TGI’s shares more than tripling to as much as 0.2 cent, marking the biggest gain for the company since May 19. It closed at 0.1 cent.
It wasn’t quite the spectacular surge that Long Island Iced Tea Corp. enjoyed after rebranding itself as Long Blockchain Corp., but it underscores the boost companies are continuing to see by mentioning the decentralized ledgers known as blockchain, the technology that underpins the virtual currency bitcoin.
According to TGI Solar’s statement and company filings, the firm is a holding company that has in the past invested in renewable energy projects including solar farms and waste-gasification plants. The company said it will use a platform known as Databoss to invest in blockchain markets and would provide an update “in coming days.”
Henry Val, listed as the company’s chief executive officer, didn’t respond to telephone and emailed requests for comment.
To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Will Wade
©2018 Bloomberg L.P.
