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Exxe acquires controlling stake in industrial heating systems provider

Exxe Group Inc., through its subsidiary, finalized and acquired a controlling stake in Mylestone Capital GmbH.

The group's controlling stake is valued at $20 million.

It will budget $10 million for the first phase of a global rollout of Mylestone's infrared heating technology. The system uses low voltage electricity and is already distributed and installed throughout Europe.

The system can be used to heat commercial and residential buildings, factories and vehicles. It can also reduce energy consumption and offer uniform heating in the industrial, aviation, aerospace and defense sectors.

Exxe plans to target oil refineries along with other outdoor opportunities in cold climates.

Exxe Group focuses on the real estate, technology, media and financial services sectors.