- Oops!Something went wrong.Please try again later.
BEIJING, Nov. 22, 2021 /PRNewswire/ -- Recon Technology Limited (NASDAQ: RCON) ("Recon" or the "Company") announced the Company's investment this month in Shandong Zhong You Yun Xin Information Technology Company Limited ("Zhong You Yun Xin"), a PetroChina affiliate in Shandong Province, with a 10% shareholder interest. The company's primary mission is to accelerating the transition to clean energy and sustainable technologies based on the shareholders' and management team's extensive experience sound understanding of the future trends in energy industry, and will soon deploy its first pilot project in Shandong Province in China.
About The Solutions
In June and July 2021, Tesla China opened its all-in-one solar storage charging stations in Shanghai and Lhasa, respectively. The stations generate electricity through the solar roof system and store the electricity in the charging station's battery modules which would be used for charging the Tesla electric vehicles daily and improving the efficiency of energy use along with achieving energy self-sufficiency. Solar charging panels, energy storage batteries, and charging facilities form a micro-electric grid, which altogether complete the sustainable use of clean energy.
Recon recently launched an updated energy solution based on the integrated microgrid with components of "solar + storage + charging". Compared to Tesla and other leading companies' solutions in the new energy industry, we have a significant advantage in the solar energy storage and charging integrated track which is highlighted by the number of energy station outlets and advantages with the openness in partnership selection. Recon has been cultivating the industry for decades and complying with the national policy, leading us to choose to work together with PetroChina in order to complete the upgrade and transformation of existing gas stations infrastructure through a way of "smaller, faster, asset-lightweight". In China, it is difficult and time-consuming to obtain approval of new lands for the construction of a complete new station like Tesla's model. Meanwhile, our solution has an advantage of non-significant investment, fast transformation, and most importantly, a more open charging network that is not limited to an exclusive brand.
"We are so pleased to be one of the shareholders of Zhong You Yun Xin and to work with PetroChina's Shandong branch to explore new ways to transform and upgrade the gas station industry and its profitability model," said Mr. Shenping Yin, Founder and CEO of Recon. "Our business partnership will be carried out through two main business segments: first, we will help PetroChina Shandong upgrade its operation model with its more than 1,000 gas stations and promote our smart gas station solution, which has been proved effective in Zhe Jiang Province by Future Gas Station (Beijing) Technology, Ltd ("FGS"); at the same time, we will also work with Zhong You Yun Xin to upgrade its current traditional gas stations, whose main source of income is gasoline and diesel sales, to integrated energy supply stations which would be suitable for future energy consumption trends. We will link the new energy and traditional energy markets through a software system based on cloud computing and blockchain technologies, giving full play to the cost advantages of distributed energy, and improving the operational efficiency of gas stations and reducing transition costs."
Mr. Yin added, "Shandong is a major province for the petrochemical energy supply base in China with more than 10,000 gas stations. Against the backdrop of a changing industry with an increasing share of electric vehicles, all gas stations are being challenged to transform. By partnering with PetroChina and establishing a localized branch in Shandong, we hope to promote efficient gas station management tools and integrated energy supply station solutions that are current, reliable, and provide a convenient, economical and comfortable experience for all vehicle owners. In China's "carbon peak and carbon neutral" goal, the new energy industry is not only becoming the most rapidly developing and beneficial industry under the support of the relevant national policies, but also bullish in the context of the global capital market. Recon and Shandong PetroChina will build an integrated light storage and promote a charging integrated energy station network pilot, which is also an important direction for our recent new strategic transformation to improve our profitability. We believe the "solar + storage + charging" solution for the clean energy industry is highly expected to a period of rapid development. We firmly believe that Recon will occupy a vital position in this industry.
About Recon Technology, Ltd ("RCON")
Recon Technology, Ltd (NASDAQ: RCON) is China's first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For additional information please visit: http://www.recon.cn/.
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, ; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including our Annual Report on Form 20-F, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
For more information, please contact:
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
SOURCE Recon Technology, Ltd.