China Recycling Energy Announces Energy Storage Development Cooperation Contract with Shanghai Electric and Fujian Tongyong
December 19 2017 - 08:00AM
China Recycling Energy Corp. (NASDAQ:CREG) ("CREG" or "the
Company"), a leading industrial waste-to-energy solution provider
in China, today announced that its wholly owned subsidiary Shanghai
TCH Energy Technology signed a Cooperation Contract (the “Contact”)
for Energy Storage Power Station Development with Shanghai Electric
Distributed Energy Sources Technology Co., LTD. (“Shanghai
Electric”) and Fujian Tongyong Hengtai Electrical Equipment Co.,
Ltd. (“Fujian Tongyong”) to jointly promote the development of
energy storage industry. Based on the common understanding,
the parties will use their respective advantages in investment,
construction, operation, technology research and development of
power station to promote and develop energy storage businesses,
which shows the Company has formally started its business
development in the energy storage industry.
In accordance with the Contract, the three
parties intend to develop industrial and commercial energy storage
power stations with total capacity of 100 MWH in Fujian, Guangdong
and Jiangsu provinces in 2018. Shanghai Electric will be
responsible for providing the most advanced commercialized energy
storage technologies and equipment supporting services. CREG will
be responsible for overall investment, construction, operation and
maintenance of storage stations with combination of its own power
plant technologies and construction experience. Fujian Tongyong
will use its advantages as a local electric company in Fujian
province to actively develop energy storage projects.
Ms. Li Ouyang, the general manager of Shanghai
Electric comments: "We are pleased to sign this cooperation
agreement. With the guidance and support of national industrial
policy, we will apply currently the most feasible technologies into
the commercialization of energy storage projects and seize the good
opportunity of energy storage industry development."
Mr. Ku, the Chairman of board of directors of
CREG comments: "Relying on our wealthy experience in the investment
and operation of traditional recycling energy industry and ability
to introduce overseas investment and capitals to this industry,
this is a win-win cooperation with Shanghai Electric and Fujian
Tongyong to exert the respective resources and advantages of each
party to accelerate the development of the commercial market of
energy storage power station and jointly create energy storage
industry ecosystems in China."
About Shanghai Electric Distributed
Energy Sources Technology Co., LTD.Shanghai Electric
Distributed Energy Sources Technology Co., Ltd. was established by
Shanghai Electric Group Co., Ltd. (“Shanghai Electric Group”) and
the R & D team of Distributed Energy Sources of Central
Research Institute of Shanghai Electric Group. It consists of the
energy experts and domestic leading technical team of Shanghai
Electric Central Research Institute. The business scope of
Shanghai Electric Distributed Energy Sources Technology Co., Ltd.
includes energy investment services, technology development,
consulting, design, core product supply, system integration and
operation maintenance, to develop clean energy in domestic and
international markets.
About Fujian Tongyong Hengtai Electrical
Equipment Co., Ltd. Fujian Tongyong Hengtai Electrical
Equipment Co., Ltd. is an entity with the capacities of scientific
research and development, manufacturing, and sales. It has obtained
production license for high and low pressure switch equipment
issued by Ministry of Commerce and Ministry of Industry and
Information of China. It is a manufacturer with the approval of the
central government to produce fixed-point of complete set of
electric equipment and high and low pressure switch equipment. It
has 8,000 square meters of workshop, 250 employees including 50
senior technicians, over 100 sets of professional production
equipment and testing equipment. It has established good client
relationships in power supply system industry.
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:
Ms. Adeline Gu, Chief Financial Officer China
Recycling Energy Corp. Tel: +86 29 8765
1098Email: sunny@creg-cn.com
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