BAODING, China, June 24, 2020 /PRNewswire/ -- IT Tech Packaging,
Inc. (NYSE American: ITP) ("IT Tech Packaging" or "the Company"), a
leading manufacturer and distributor of diversified paper products
in North China, today announced
that its operating entity in China, Hebei Baoding Dongfang Paper Milling
Company Limited ("Dongfang Paper"), expects to launch the
construction of a combined heat and power generation project
utilizing biomass technology ("Biomass CHP project") with the total
construction area of 80,373 square meters which is located in its
Wei County production base. The Company's biomass CHP project
included in the 13th Five-Year
Biomass Power Generation Program of Hebei
Province has
recently been approved by the Development and Reform
Commission of Xingtai Municipality.
Biomass CHP, a kind of renewable energy power and heat
generation, utilizes biomass resources, mainly crop straw and
forestry waste. As one of the key industries encouraged and
supported by the Chinese government,
biomass CHP, beneficial for
both the environment and economy,
can alleviate energy shortage,
as well as improve the environment and employment to a certain
extent.
According to the plan of the Biomass CHP project, Dongfang Paper
expects to construct two 75 t/h biomass boilers and two 4.5 MW
back-pressure type steam turbine units, as well as auxiliary
production facilities. The whole project is expected to be finished
at the end of 2021. With successful operation, the project is
expected to generate annual electricity output of 56.45 million
kw/h, from which the Company expects to generate revenue of
RMB42.9 million per year based on the
biomass electricity price of RMB0.76/kwh guided by the National Development
and Reform Commission. The project is also expected to generate
annual heating steam of 521,100 tons, from which the Company
expects to generate revenue of RMB114.64
million per year based on the heating steam's current market
price of RMB220 per ton.
Mr. Zhenyong Liu, the CEO and Chairman of the Company
commented, "The biomass CHP project is expected to not only provide
adequate power and gas supply to the Company's tissue paper
production located in Wei County Industrial Park, but also provide
bio gas for production of enterprises in the Wei County Industrial
Park, as well as heating steam and electricity supply for nearby
residents. The construction and operation of the Biomass CHP is
expected to enable us to expand to the renewable energy field and
continue to diversify our offerings of products, which we believe
will bring more stable revenue streams in the future."
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading
manufacturer and distributor of diversified paper products in
North China. Using recycled paper
as its primary raw material (with the exception of its tissue paper
products), ITP produces and distributes three categories of paper
products: corrugating medium paper, offset printing paper and
tissue paper products. With production based in Baoding and Xingtai
in North China's Hebei Province, ITP is located strategically
close to the Beijing and
Tianjin region, home to a growing
base of industrial and manufacturing activities and one of the
largest markets for paper products consumption in the country. ITP
has been listed on the NYSE American since December 2009.
Safe Harbor Statements
This press release may contain forward-looking statements.
These forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated, including risks outlined in
the Company's public filings with the Securities and Exchange
Commission, including the Company's latest annual report on Form
10-K. All information provided in this press release speaks as of
the date hereof. Except as otherwise required by law, the Company
undertakes no obligation to update or revise its forward-looking
statements.
For more information, please contact:
At the Company Email:
ir@itpackaging.cn
Tel: +86 0312 8698215
Investor Relations:
Janice Wang
+86-138-1176-8559
+1-908-510-2351
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com
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SOURCE IT Tech Packaging, Inc.