XI'AN, China, Dec. 17, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation (Nasdaq: CREG) ("CREG" or "the Company"), an industrial waste-to-energy solution provider in China, today provided an update on the Company’s potential acquisition of Xi’an Yineng Zhihui Technology Co., Ltd. ("YNZH"), a next generation energy storage solution provider in China.
The Company has formally completed its evaluation and due diligence on YNZH. The Company engaged Beijing Zhongqin Yongli Asset Evaluation Co., Ltd., an independent valuation advisor, to conduct the valuation appraisal of YNZH. Subsequently, the Company will negotiate a definitive purchase agreement (“Agreement”) for the acquisition.
Mr. Guohua Ku, Chairman and Chief Executive Officer of CREG, said, “Our acquisition plan for YNZH is proceeding as scheduled. With our extensive investment and operational experience in recycling power stations, we are delighted to, join forces with what we believe to be the next generation of advanced energy storage solutions provided by YNZH. With this collaboration, CREG will be poised to pursue new growth opportunities, and secure a leading position in the energy storage industry, which will eventually maximize shareholder value.”
About Xi’an Yineng Zhihui Technology Co., Ltd.
Xi’an Yineng Zhihui Technology Co., Ltd. is a leading comprehensive high-tech intelligent energy service company integrated with energy efficiency improvement and storage management in China. The energy efficiency management is to fully use big data cloud computing technology, effectively adopt the combination of the mature international and domestic clean energy technologies to make the customers’ energy management more efficient, more economical, more secure and more scientific.
Xi’an Yineng Zhihui Technology Co., Ltd. has a research and development team consisting of domestic first-class intelligent energy experts and experienced technical engineers who have many years of experience in energy efficiency reform and improvement and have strong strengths in project implementation, research and development, and innovation of technology. It has established long-term cooperative relations with BTR (the largest supplier of anode and cathode materials in the world controlled by China Bao’an Group), the National Electric Power Investment Group, TGOOD (China's largest operator of charging stations) and other well-known universities and national level research institutes in China. It is an intelligent energy service provider with comprehensive project execution ability.
Application scenarios of YNZH products and services: (1) In the industrial areas, it has signed orders for energy storage projects for nearly RMB 2 billion (approximately $285 million), accounting for about 1% of the total energy storage technology applications in the industrial areas in China. After these projects are completed, they could generate RMB 300 million (approximately $42 million) of cash flow for YNZH every year; (2) In the area of new energy vehicle charging - storage technology application, YNZH has developed business with its strategic partner TGOOD to install energy storage module unit for nearly 110,000 charging stations invested and built by TGOOD as well as its platform management service, which accounts for 41% of the total charging stations built in China with an annual electricity charging for nearly 1.5 billion kilowatt-hour; (3) Reduce the problems of "solar and wind power generation systems" for new energy power generation enterprises in northwest and north China by reducing the impact of sudden changes of electricity generated by photovoltaic and wind power generation systems to the power grid through energy storage technology.