China Energy Recovery Completes a Series of Waste Heat Recovery Boilers for a New Methanol Plant of Sopo Chemical
March 10 2009 - 7:00AM
PR Newswire (US)
A Successful Showcase of Expansion Into the Coal Chemical Segment
SHANGHAI, March 10 /PRNewswire-Asia/ -- China Energy Recovery, Inc.
(OTC Bulletin Board: CGYV) (ISIN: US16943V2060; "CER"), a leader in
the waste heat energy recovery sector of the industrial energy
efficiency industry, today announced the completion of the order to
make a series of waste heat recovery boilers for Jiangsu Sopo
Chemical Group ("Sopo Group"), a repeat customer of CER. These
waste heat recovery boilers are for Sopo Group's new methanol
production facility to support its main acetic acid manufacturing
plant. Sopo Group is a leading Chinese integrated chemical company
and China's largest and world's third largest producer of acetic
acid (glacial), one of the major basic chemicals for industrial
uses. The total contract value of the order amounts to RMB13.6
million (approximately US$2.0 million at the prevailing exchange
rate on the date of release), among which RMB7.3 million
(approximately US$1.1 million) were completed in 2008. The new
methanol facility has an annual production capacity of 600,000
tons. The series of waste heat recovery boilers that CER makes will
altogether generate roughly a total of 200 tons of steam per hour
from waste heat energy captured from methanol production. The steam
will be reused in the production processes. The utilization of the
steam generated could roughly translate into a 44 MW power
generation capacity. Based on the steam to be utilized, it is
expected to help achieve an annual saving of roughly 95,040 tons of
coal (coal equivalent), which would otherwise be required to
produce the same amount of power, and subsequently the reduction of
roughly 252,800 tons of carbon dioxide emission each year. "We are
happy to see that our long-term customer, Sopo Group, is growing in
the current difficult market environment," commented Mr. Qinghuan
Wu, CER's CEO, "the successful completion of this order
demonstrates that our company has the necessary capabilities to
supply waste heat recovery systems to the coal chemical segment
that has been identified as one of China's strategically focused
fields to develop in the years to come." The numbers presented
above are the contract value and include a 17% Value Added Tax and
the retainage amount for product warranty purposes which is 5% of
the contract value and will be recognized as deferred revenue. The
numbers presented represent values based on current exchange rates.
Changes in the currency exchange rates would result in a
commensurate change in contract value. What is Waste Heat Energy
Recovery? Industrial facilities release significant amounts of
excess heat into the atmosphere in the form of hot exhaust gases or
high-pressure steam. Energy recovery is the process of recovering
vast amounts of that wasted energy and converting it into usable
heat energy or electricity, dramatically lowering energy costs.
Energy recovery systems are also capable of capturing harmful
pollutants that would otherwise be released into the environment.
It is estimated that if energy currently wasted by all the U.S.
industrial facilities could be recovered, it could produce power
equivalent to 20% of U.S. electricity generation capacity without
burning any additional fossil fuel, and could help many industries
to meet stringent environmental regulations. About China Energy
Recovery, Inc. CER is an international leader in designing,
manufacturing and installing waste heat energy recovery systems
which provide facilities with greater energy efficiency. The
company's primary focus is on the Chinese market. CER's technology
captures industrial waste energy to produce low-cost electrical
power, enabling industrial manufacturers to reduce their energy
costs, shrink their emissions footprint, and generate sellable
emissions credits. CER has deployed its systems throughout China
and in such international markets as Egypt, Korea, Vietnam and
Malaysia. CER focuses on numerous industries in which a rapid
payback on invested capital is achieved by its customers,
including: chemical, paper manufacturing, refining (including
methanol refining), etc. CER continues to invest in R&D and
plans to build China's first state-of-the-art energy recovery
system research and fabrication facility to allow it to meet the
increased demand for its products and services. For more
information on CER, please visit:
http://www.chinaenergyrecovery.com/s/Home.asp . Information on
CER's website does not comprise a part of this press release.
Forward-Looking Statement Disclaimer This press release includes
"forward-looking statements" within the meaning of the Securities
Litigation Reform Act of 1995, as amended. All statements, other
than statements of historical fact, included in the press release
that address activities, events or developments that CER believes
or anticipates will or may occur in the future are forward-looking
statements. These statements are based on certain assumptions made
based on experience, expected future developments and other factors
that CER believes are appropriate under the circumstances. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of CER and may
not materialize, including, without limitation, the efficacy and
market acceptance of CER's products and services, and CER's ability
to successfully complete orders and collect revenues therefrom.
Investors are cautioned that any such statements are not guarantees
of future performance. Actual results or developments may differ
materially from those projected in the forward-looking statements
as a result of many factors. Furthermore, CER does not intend (and
is not obligated) to update publicly any forward-looking
statements, except as required by law. The contents of this release
should be considered in conjunction with the warnings and
cautionary statements contained in CER's filings with the SEC,
including CER's Current Report on Form 8-K filed with the
Securities and Exchange Commission on April 21, 2008. For further
information, please contact: Media Sean Mahoney Tel:
+1-310-867-0670 Email: Investor Relations Jim Blackman Tel:
+1-713-256-0369 Email: DATASOURCE: China Energy Recovery, Inc.
CONTACT: Media, Sean Mahoney, +1-310-867-0670, and Investor
Relations, Jim Blackman, +1-713-256-0369, , both for China Energy
Recovery, Inc. Web site:
http://www.chinaenergyrecovery.com/s/Home.asp
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