XI'AN, China, Dec. 8, 2010 /PRNewswire-Asia-FirstCall/ -- China Recycling Energy Corp. (Nasdaq: CREG), a leading industrial waste-to-energy solution provider in China, today announced that it has entered into a cooperation agreement with Datong Coal Mining Group ("Datong"), a mining and coal product company based in Datong, Shanxi Province.
Under the cooperation agreement, China Recycling Energy Corp. and Datong Coal Mining Group will work together to provide energy solution services, energy audits, energy conservation plans, project investments and operation management based on Datong's existing industrial flow. Datong currently has a total production capacity of 3 million tons. Additionally, both companies will work together to integrate the use of existing top gas recovery turbine (TRT) systems, blast-furnace gas, converter coal gas and waste heat streams.
Datong Coal Mining Group is a leader in the production and transportation of coal in China and internationally. China Recycling Energy Corporation is a leader in providing energy saving and energy recycling services in China. Specifically, among other services, CREG engages in the design, sale, installation, and operation of TRT systems and other renewable energy products.
Mr. Guohua Ku, Chairman and CEO of CREG commented, "We are very pleased with the signing of this strategic agreement with Datong Coal Mining Group. It is expected to bring increased revenues and significantly enhance the overall attractiveness of our company. Datong has abundant resources and will be an important partner for CREG in waste heat electricity generation going forward."
About China Recycling Energy Corp.
China Recycling Energy Corp. (Nasdaq: CREG) 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% 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 Datong Coal Mining Group
Datong Coal Mining Group, formally known as Datong Coal Mining Administration, was established in 1949. It is located in Datong, the second largest city in Shanxi Province, which has the greatest coal deposits in China. Datong engages in the mining, processing, and sale of coal products in China and overseas. The company provides thermal coal, coal layer of low ash, low sulfur, medium volatile, and high calorific coal to the power, metallurgy, nonferrous metal, building material, and chemical industries. It also involves in the production and distribution of kaolin, as well as the construction of coal mines and coal separation factories. It is the third-largest state-owned coal mining enterprise in China, after Shenhua Group and China National Coal Group Corporation. In 2000, Datong Coal Mining Administration was reconstructed as Datong Coal Mine Group Company Limited. Datong Coal Mine Group became a company jointly owned by seven shareholders after a debt-to-equity swap in December 2005. Its subsidiary company, Datong Coal Industry Company Limited, was listed on the Shanghai Stock Exchange under the ticker (SHSE:601001) in 2006. For more information about Datong Coal Mining Group, please visit http://www.dtcoalmine.com/.
SOURCE China Recycling Energy Corp.