SHANGHAI, Feb. 24, 2011 /PRNewswire-Asia/ -- China Energy Recovery Inc. (CGYV.PK) ("CER"), an international leader in the design, fabrication and installation of waste heat recovery systems, announced today that it was recently awarded two new contracts for 2011 delivery worth a combined $7.5 million (US). Added to CER's prior announced contract awards for delivery this year, CER's 2011 contract total now exceeds $115 million.
In the larger of the two recent contract awards, CER will provide a waste heat recovery system for a new chemical plant being constructed by Yidu Xinfa Chemical Co. Ltd. in Hubei province. The system will have a rated daily capacity of just under 3,000 tons of steam at 450°C and 3.82MPa and a separate 1,100 tons of steam at 180°C and 0.8MPa. Delivery is scheduled for December of this year. The contract is valued at $5.3 million (US).
CER will also provide a waste heat recovery unit for a new chemical plant under construction in Jiangsu province operated by prior CER customer, Wuxi Greenapple Chemical Industry Co. Ltd. Rated at 810 tons of steam at 180°C and 0.8MPa per day, the new system is scheduled for delivery in the third quarter, 2011. The contract is valued at $2.3 million (US).
"We are honored to have the confidence and trust of such well-recognized manufacturers in our heat recovery systems," stated CER Chairman and Chief Executive Officer, Qinghuan Wu. "It is a demonstration of the fact that CER's waste heat recovery systems provide a cost-effective method to reduce operating costs and energy demand at heavy industrial operations."
With Phase One of its new expanded production facility up and running, CER is able to take on far more work and produce its systems at far lower cost, Mr. Wu said.
"Growth in demand for CER's systems is why the company immediately undertook the planned Phase Two expansion of its new facility," Mr. Wu said. "With growth in demand inside China and our plan to expand internationally, CER will need that capacity."
Announced contract deliveries ($US MM), fiscal 2011
Chemical Industry Customers
Ningbo Xinfu Chemical
Yidu Xinfa Chemical
What is Waste Heat Energy Recovery?
Industrial facilities release significant amounts of excess heat into the atmosphere in the form of hot exhaust gases or high-pressure steam. Energy recovery is the process of recovering as much as two-thirds of that wasted energy and converting it into usable heat energy or electricity, dramatically lowering energy costs. Energy recovery systems are also capable of lowering heat pollution and capturing harmful pollutants that would otherwise be released into the environment. It is estimated that if energy currently wasted by all the U.S. industrial facilities could be recovered, it could produce power equivalent to 20% of U.S. electricity generation capacity without burning any additional fossil fuel, and could help many industries to meet stringent environmental regulations.
About China Energy Recovery, Inc.
CER is an international engineering and manufacturing company that specializes in the design, construction and installation of waste heat energy recovery systems that captures and converts industrial waste energy produced by heavy industrial processes such as petroleum and chemicals refining, paper manufacturing and refining into low-cost electrical power, which enables industrial manufacturers to reduce their energy costs, shrink their emissions footprint and generate salable emissions credits. The company's primary focus is the Chinese market; however, CER's systems are operating in heavy industrial plants located in Egypt, Korea, Vietnam and Malaysia. CER is building China's first state-of-the-art, energy recovery system research and fabrication facility, which will allow CER to meet increased demand for its products and services. For more information on CER, please visit: http://www.chinaenergyrecovery.com/s/Home.asp. Information on CER's website does not comprise a part of this press release.
Forward-Looking Statement Disclaimer
This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that CER believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors that CER believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of CER and may not materialize, including, without limitation, the efficacy and market acceptance of CER's products and services, CER's ability to execute on its business plan and strategies and CER's ability to successfully complete orders and collect revenues therefrom. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors. Furthermore, CER does not intend (and is not obligated) to update publicly any forward-looking statements, except as required by law. The contents of this release should be considered in conjunction with the warnings and cautionary statements contained in CER's filings with the Securities and Exchange Commission.
SOURCE China Energy Recovery Inc.