China Recycling Energy Announces its Intention of Strategic Transformation into Energy Storage Areas
November 21 2017 - 9:29AM
China Recycling Energy Corp. (NASDAQ:CREG) ("CREG" or "the
Company"), a leading industrial waste-to-energy solution provider
in China, today announce that to conform to megatrends of domestic
and international new energy and distributed energy sources,
relying on its customer resources, rich professional experience and
technical resources, which have accumulated over years, and
alliance with other strategic partners, the Company plans to
transform into “an energy storage integrated solution provider”.
At present, the global energy storage industry
development has broad prospects. Many research institutions from
different fields predicted future capacity of energy storage
systems and showed confidence in the future market of energy
storage, though with different definitions. According to Navigant
Research data, in 2016 installed capacity of the global new energy
storage and renewable energy was around 161 MW; with continuous
falling of energy storage costs and the implementation of
compensation mechanism, it is predicted that installed capacity of
global new energy storage and renewable energy will break through
12.7 GW by 2025. Yano Economy Research Institute’s research results
show that due to household energy storage market driven, the energy
storage market will have rapid growth and the size of the market in
2017 and 2020 will reach 1.196 GW and 3.307 GW respectively. Morgan
Stanley predicted that energy storage market in Australia will be
$24 billion Australian dollars and 2.4 million subscribers will use
light-preserved system.
On October 11, 2017 the National Development and
Reform Commission, the National Energy Administration and other
three ministries of China jointly issued "Guidance for Promoting
the Development of Energy Storage Industry and Technology". This is
the first domestic development guidance for the energy storage
industry. The guidance further clarifies the significance of
promoting the development of energy storage technology and industry
in China, establish the key position of energy storage in today's
energy system development and energy transformation. With the
rising government support for the energy storage industry, a
growing number of demonstration projects are running in China.
According to incomplete statistics from China Energy Storage
Alliance ("CNESA") project libraries, by the end of 2016, China's
energy storage market scale has reached 24.3 GW with a 4.7%
year-on-year growth. It is predicted that China’s energy storage
market will reach 66.8GW by 2020. China’s energy storage industry
has wide prospect of market.
The board of directors of the Company believe
that energy storage technology is the strategic supporting
technology for the transformation of future energy structure and
electric power consumption, which can effectively solve the
intermittent and stochastic volatility during renewable energy
generation, ease the demand of the peak load of power supply, and
improve the utilization rate of existing grid equipment and power
grid operation efficiency. Energy storage systems can deal with
sudden failure of grid, improve power quality, and satisfy economic
social development requirements for high quality, safe and reliable
power supply. In brief, energy storage technology would be a
most feasible alternative to wind power and solar energy in
China.
"During the important period of transformation
from old kinetic energy to new kinetic energy promoted by the
national government, energy storage has become an important
supporting system of modern energy," commented by Board of
directors of the Company. "As an emerging industry, with the
loosening of the power sales restrictions and the promotion of
ladder price policy for electricity, the price difference between
peak and trough may be widening in future, which brings greater
arbitrage space for energy storage. From the point of view of
reduction of grid peak power usage, the user-side-market size
of energy storage power station is about 170 billion kWh in
China."
"With the driving force of pressing terminal
application demands and strong policy support, our company will
make full use of market opportunity to enter into the energy
storage industry. The company will cooperate with other strategic
cooperation partners, including but not limited to, domestic top
energy storage companies and science research institutions to
engage in the rapid development of the energy storage industry, and
to provide clean, high-quality power supporting services for
Chinese users," continued by board of directors.
About China Recycling Energy
Corp.
China Recycling Energy Corp. (NASDAQ: CREG or
"the Company") is based in Xi'an, China and provides
environmentally friendly waste-to-energy technologies to recycle
industrial byproducts for steel mills, cement factories and coke
plants in China. Byproducts include heat, steam, pressure, and
exhaust to generate large amounts of lower-cost electricity and
reduce the need for outside electrical sources. The Chinese
government has adopted policies to encourage the use of recycling
technologies to optimize resource allocation and reduce pollution.
Currently, recycled energy represents only an estimated 1 percent
of total energy consumption and this renewable energy resource is
viewed as a growth market due to intensified environmental concerns
and rising energy costs as the Chinese economy continues to expand.
The management and engineering teams have over 20 years of
experience in industrial energy recovery in China. For more
information about CREG, please
visit http://www.creg-cn.com.
Safe Harbor Statement
This press release may contain certain
"forward-looking statements" relating to the business of China
Recycling Energy Corp. and its subsidiary companies. All
statements, other than statements of historical fact included
herein are "forward-looking statements." These forward-looking
statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions,
involve known and unknown risks and uncertainties. Although the
Company believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Company's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in the Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its website
at http://www.sec.gov. All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
For more information, please
contact:
Mr. Xiaoshan He, Executive Vice President
China Recycling Energy Corp. Tel: +86 29 8765
1098Email: sunny@creg-cn.com
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