Xian, China, March 28, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced that today, Shanghai TCH Energy Technology Co., Ltd. (“Shanghai TCH”), a wholly-owned subsidiary of the Company, entered into an Agreement of Intent with Qingzhou Taihuacheng Real Estate Development and Management Co., Ltd. (“Taihuacheng”) to build an energy storage power station with total capacity of 50 MWH.
According to the agreement of intent, we will build an energy storage power station for Taihuacheng to realize three functions of reliable electricity consumption, high quality electricity consumption and economical electricity consumption.Our energy storage power station uses the energy storage battery to charge power from the grid during peak-off hours and discharge to their electrical equipment during peak hours, so as to save the cost of electricity by taking advantage of the difference in electricity prices between the peak and peak-off hours. At the same time, ensure that the important load of Taihuacheng won’t power outages as well as guarantee high quality power supply for its equipped precision equipment.
Mr. Guohua Ku, Chairman and CEO of the Company, commented: “We are very pleased to announce the good news. This will be our first energy storage power station and represents a substantial step forward in our entry into the energy storage market. By virtue of our market resources and advanced energy storage technology the company will be bound to quickly seize the frontier position of energy storage, promote new profit growth, and finally achieve both revenue and profit growth.”
About Qingzhou Taihuacheng Real Estate Development and Management Co., Ltd.
Qingzhou Taihuacheng is affiliated to Shandong Century Taihua Group, with a total construction scale of 330,000 square meters, and is a one-stop comprehensive shopping center integrating shopping, catering, leisure, business, culture, art and experience functions.With a total investment of 2.3 billion yuan, the project covers an area of 600 mu with a planned area of 1.47 million square meters.The commercial complex covers 120,000 square meters of one-stop super large shopping park, 20,000 square meters of style street, more than 30,000 square meters of children's amusement park, is the largest collection of shopping, leisure, entertainment, catering, sports, business, culture and other functions as one of the urban commercial complex.
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
China Recycling Energy Corp.
Tel: +86 29 8765 1098