CREG Establishes Energy Recycling Fund with China State-Owned Unit To Invest
In Coke Dry Quenching Energy Recovery
XI'AN, China, Aug. 13, 2013
XI'AN, China, Aug. 13, 2013 /PRNewswire-FirstCall/ -- China Recycling Energy
Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial
waste-to-energy solution provider in China, is pleased to announce that the
Company has recently received approval to jointly establish an energy
recycling fund to invest in coke dry quenching (CDQ) energy recovery and waste
heat power generation projects with Hongyuan Huifu Venture Capital Co., Ltd (
Beijing Hongyuan Recycling Energy Investment Center, LLP ("HYREF Fund") and
Hongyuan Recycling Energy Investment Management (Beijing) Co., Ltd. ("Fund
Management Company") have recently been incorporated to undertake CDQ project
investments and their management respectively.
An initial amount of RMB 460 million ($74 million) for HYREF Fund has been
In conjunction with this, Xi'an TCH has formed a new 90% owned subsidiary
company, Xi'an Zhonghong New Energy Technology Co., Ltd" ("Zhonghong"), with
registered capital of RMB 30 million ($4.85 million), to undertake the energy
recycling projects which will be funded by HYREF Fund.
Xi'an Zhonghong has recently entered into cooperative agreements of Coke Dry
Quenching (CDQ) and CDQ waste heat power generation projects with both Boxing
County Chengli Gas Supply Co., Ltd. ("Chengli") and Jiangsu Tianyu Energy and
Chemical Group Co., Ltd.("Tianyu").
The Chengli project is a 25MW CDQ system and a CDQ waste heat power generation
system while the Tianyu project consists of 2 units of 25 MW CDQ system and a
CDQ waste heat power generation systems.
Further details will be included in the Company's upcoming second quarter Form
10Q financial statement.
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 .
About Hongyuan Huifu
Hongyuan Huifu Venture Capital Co., Ltd. is a wholly owned subsidiary of
Hongyuan Securities Incorporated Company, which is pilot institution of direct
equity investment by broker approved by China Securities Regulatory
Commission. The company was established in March 2010 with RMB 300 million of
registered capital and RMB 500 million of authorized capital. Its registered
place is Beijing.
Hongyuan Securities Incorporated Company (stock code: 000562) is a national,
comprehensive, and innovative securities broker approved by China Securities
Regulatory Commission, as well as one of first batch of sponsors of China. The
company has comprehensive qualifications for all kinds of securities business.
The biggest shareholder of Hongyuan Securities is China Jianyin Investment. In
June 2012, Hongyuan Securities completed its directional seasoned offerings.
Its net asset is RMB 15 billion. China Jianyin Investment is a subsidiary
under Central Huijin Investment Ltd. "Central Huijin" is a state-owned
investment company incorporated in accordance with China's Company Law. It is
mandated to exercise the rights and the obligations as an investor in major
state-owned financial enterprises, on behalf of the State, as authorized by
the State Council.
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:
Mr. David Chong
Chief Financial Officer
China Recycling Energy Corp.
SOURCE China Recycling Energy Corp.
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