Wang & Lee Group Awarded US$71 Million Contract by NQ Marble with Exclusive Rights to Pioneer Dual-Purpose Marble Quarrying and Solar Crypto Farm Operations in Queensland
Rhea-AI Summary
Wang & Lee Group (NASDAQ: WLGS) has secured a US$71 million contract from NQ Marble to conduct marble quarrying operations and develop a solar crypto farm in Queensland, Australia. The deal includes a US$1 million non-refundable deposit and covers 25.42 km² of land.
The project combines marble extraction with renewable energy generation, leveraging Queensland's superior solar resources with 300+ days of sunshine annually and solar irradiance of 5.5-6.0 kWh/m²/day. NQ Marble currently possesses 141 marble blocks weighing 2,800 tonnes, valued at AUD800-1,000 per tonne.
The dual-purpose model aims to maximize land utility by repurposing idle quarry areas for solar-powered cryptocurrency mining operations, with excess energy stored in battery systems. The initiative will serve Australia's home building sector while advancing sustainable industrial practices.
Positive
- Secured major US$71M contract with US$1M non-refundable deposit
- Dual revenue streams from marble sales and crypto mining
- Access to 141 premium marble blocks worth AUD800-1,000/tonne
- Exclusive rights to 25.42 km² land development
Negative
- High dependence on solar conditions for crypto operations
- Significant capital investment required for dual operations
- Crypto mining revenue subject to cryptocurrency market volatility
News Market Reaction
On the day this news was published, WLGS declined 25.25%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Historic partnership combines sustainable resource extraction with renewable energy innovation, driving growth in Australia’s marble quarrying and green tech sectors
Hong Kong, March 06, 2025 (GLOBE NEWSWIRE) -- Wang & Lee Group, Inc. (Nasdaq: WLGS), a multinational leader in sustainable infrastructure and resource development, today announced it has been awarded a US
Synergizing Marble Production and Renewable Energy
Under the agreement, WLGS will leverage its expertise to extract high-value marble from NQ Marble’s existing sites while simultaneously developing a state-of-the-art solar battery crypto farm across idle portions of the land. Queensland’s exceptional solar exposure—averaging over 300 days of sunshine annually—positions the region as an ideal hub for renewable energy projects. The solar farm will power cryptocurrency mining operations, with excess energy stored in advanced battery systems to ensure uninterrupted productivity and reduce reliance on fossil fuels.
Key Benefits of the Dual-Purpose Model:
- Maximizing Land Utility: By repurposing idle quarry areas for solar energy, the project avoids leaving vast tracts of land underutilized, generating dual revenue streams from marble sales and crypto mining operations.
- Sustainable Growth: The solar crypto farm aligns with Australia’s renewable energy targets, reducing carbon emissions while supporting the booming demand for “green” blockchain technologies.
- Economic Value: WLGS will derive revenue from both marble sales and crypto mining, enhancing profitability across the project’s lifecycle.
Capitalizing on NQ Marble’s Existing Assets and Market Position
NQ Marble has around 141 large natural marble blocks, weighing approximately 2,800 tonnes (priced at AUD800–1,000 per tonne), which are prized for their use in premium architectural projects globally, including Adelaide University’s installations and Jowin Group’s luxury “BIANCO FANIELLO” hotel developments in China. WLGS will expand production to meet surging demand from Australia’s home building sector, which is experiencing record growth driven by urbanization and infrastructure investments.
Strategic Collaboration for “Made in Australia” Excellence
WLGS and NQ Marble are actively seeking partnerships with marble quarrying experts and industry professionals to optimize site operations and develop premium “Made in Australia” marble products. This collaboration aims to:
- Enhance technical expertise in marble extraction, processing, and design.
- Expand market share in Asia-Pacific luxury construction markets.
- Drive innovation in sustainable quarrying practices.
Quotes from Leadership
Mr. Ho, CEO of Wang & Lee Group, stated: “This contract represents a transformative step for WLGS, merging traditional resource extraction with cutting-edge renewable technology. Queensland’s solar potential and NQ Marble’s premium assets create a unique opportunity to deliver value to shareholders while advancing global sustainability goals.”
Mr. Cheng, Managing Director of NQ Marble, added: “Partnering with WLGS allows us to maximize the potential of our sites without compromising on environmental stewardship. The solar crypto farm ensures every hectare contributes to our financial and ecological objectives.”
For media inquiries, contact:
WANG & LEE GROUP, Inc.
Website: https://www.wangnleegroup.com/
Email: ir@wangleegroup.com
This press release contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially.
Attachments
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FAQ
What is the value of Wang & Lee Group's (WLGS) new contract with NQ Marble?
How much marble inventory does NQ Marble currently have for WLGS to process?
What is the size of the Queensland land area covered in WLGS's dual-purpose project?
How does WLGS plan to generate dual revenue streams in the Queensland project?
What are the solar energy advantages for WLGS's crypto mining operations in Queensland?
