Wang & Lee Group (WLG), a sustainable technology solutions provider specializing in energy storage systems and smart infrastructure, announced its acquisition of SolarHK, a solar energy company, through an allotment of shares valued at approximately HK$15 million (~$1.9 million).
The acquisition is expected to create synergies between WLG’s lithium-ion battery research, which was developed in collaboration with the City University of Hong Kong, and SolarHK’s solar technology and network.
Formed in 2019, SolarHK’s solutions include solar PV system design and installation, green energy project approvals, and emission reduction management. The company says it provides one-stop solutions for residential and commercial clients, enabling participation in programs like the Feed-in Tariff (FiT) scheme.
SolarHK claims its coverage spans over 50 locations across Hong Kong, allowing WLG to provide integrated energy storage and solar solutions for commercial, industrial, and residential sectors.
“Joining forces with WLG amplifies our capacity to innovate and scale. Together, we will accelerate the commercialization of renewable energy, driving tangible benefits for our clients and the community,” said Mr. Gary Chik, Founder of SolarHK.
Through WLG’s partnership with Linko Smart Technology, a company specializing in smart home systems and automation systems for commercial projects, SolarHK’s existing client base will gain access to IoT-enabled services.
“This acquisition marks a pivotal step in our mission to advance clean energy ecosystems. SolarHK’s proven track record and localized expertise complement our battery technology, enabling holistic solutions that reduce carbon footprints and empower Hong Kong’s green future,” said Mr. Ho, CEO of Wang & Lee Group.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid, corporate energy storage M&A activity increased, with 25 companies acquired in 2024 compared to 15 in 2023.
In November, MET Group, a Switzerland-based integrated energy company, announced the acquisition of 100% shareholding in Comax France, a combined heat and power and battery storage project developer. The financial terms of the transaction remained undisclosed.