China Recycling Energy Corporation Expects to Benefit from China's Energy Saving and Environment Protection Policies
XI'AN, China, April 9, 2014 /PRNewswire-FirstCall/ -- China Recycling Energy Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced that it expects to benefit from recent policy announcements made by the Chinese government. Mr. Li Keqiang, China's Premier and Party Secretary of the State Council, chaired an executive meeting of the State Council in February to discuss environmental protection, and in particular air pollution. Environmental protection and energy conservation have become the focus of regional and local governments as they begin to make large investments in environmental protection infrastructure.
The global energy saving and environment protection industry has outpaced global economic growth in recent years with an annual growth rate of over 8%, increasing from US$250 billion in 1992 to US$600 billion last year.
The Company has developed energy-efficiency solutions aimed at reducing China's air pollution and energy shortage problems. CREG focuses on recovering and utilizing waste energy in the form of heat, pressure, and gas produced during the industrial production process. The recovered energy is used to generate electricity at low-cost that is sold back to the companies allowing them to reduce overall energy and operating costs as well as emissions to contribute to a cleaner environment.
Mr. Ku Guohua, Chairman and Chief Executive Officer of CREG, commented, "the energy saving and environment protection industry has now officially been designated a leading strategic industry. This is a major development that will greatly increase business opportunities for us. We will spare no effort in the development of new technologies to meet the increased demand for cost effective industrial energy recycling solutions. We will improve our service quality and increase the number of customers as we work to grow shareholder value and contribute to China's drive for a cleaner environment."
About China Recycling Energy Corp.
China Recycling Energy Corp. (NASDAQ: CREG or "the Company") is a leading developer of waste energy recycling projects for industrial applications in China. Our waste energy recycling projects allow customers who use substantial amounts of electricity to recapture previously wasted pressure, heat, and gas from their manufacturing processes to generate electricity. We currently offer waste energy recycling systems to companies for use in iron and steel, nonferrous metal, cement, coal and petrochemical plants. We construct our projects at our customer's facility and the electricity produced is used on-site by the customer. We provide an energy-efficient solution aimed at reducing the air pollution and energy shortage problems in China. Our projects capture industrial waste energy to produce low-cost electricity, enabling industrial manufacturers to reduce their energy costs, lower their operating costs and extend the life of primary manufacturing equipment.
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. Our 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:
Mr. David Chong
Chief Financial Officer
China Recycling Energy Corp.
SOURCE China Recycling Energy Corp.