China Recycling Energy Corp. Announces Strategic Partnership with ...

Tag : Gas Turbine Equipment

XI'AN, China , Sept. 26 /Xinhua-PRNewswire-FirstCall/ -- China Recycling Energy Corp. ( CREG ) ("CREG" or "the Company"), a leading industrial waste-to-energysolution provider in China , today announced it has signed a strategic partnership agreementwith China Aviation Gas Turbine Co., Ltd. ("CAGT") fortechnological research and equipment manufacturing related toelectric power generation using waste gas at steel mills and cokingfactories in China .
According to the contract, CREG will collaborate with CAGT, one of China's leading aeronautical power technology firms, to developtechnologies and equipment for blast furnace top-gas recoveryturbines and combined cycle power plants, which are systems thatgenerate electricity by burning waste gas emitted during theiron-and-steel-making process.
"We are honored to be a strategic partner of China Aviation GasTurbine," said Mr. Guangyu Wu , CEO of CREG. "With our experience in industrial waste- to-energy,CAGT's space technology can further help us penetrate ourmarketplace and expand our competitive advantages."
About China Aviation Gas Turbine Co., Ltd.
China Aviation Gas Turbine Co., Ltd. ("CAGT") was created by ChinaAviation Investment Co., Ltd., Shenyang Liming Aero-Engine (Group)Corporation Ltd., Xi'an Aero-Engine (Group) Ltd., and 10 otheraerospace technology and investment entities in December 2002 . Based in Shenyang City, the capital of Liaoning Province in Northeast China , CAGT seeks to meet the market demands of electric powergeneration with advanced gas turbines developed using proprietaryaeronautical power technology.
Its main businesses include: 1) Gas Turbine Packages; 2) GasTurbine Driving Power Engineering Services; and 3) Machinery &Electronic Equipment. CAGT's main customers are in aerospace,petrochemical, railroad, nuclear power, metallurgy and cokingindustries.
For more information about CAGT, please visit http://www.cagt.com.cn/en/
About China Recycling Energy Corp.
China Recycling Energy Corp. ( CREG ) ("CREG" or "the Company") is based in Xi'an, China and provides environmentally friendly waste-to-energy technologiesto recycle industrial byproducts for steel mills, cement factoriesand coke plants in China . Byproducts include heat, steam, pressure, and exhaust to generatelarge amounts of lower-cost electricity and reduce the need foroutside electrical sources. The Chinese government has adoptedpolicies to encourage the use of recycling technologies to optimizeresource allocation and reduce pollution. Currently, recycledenergy represents only an estimated 1% of total energy consumptionand this renewable energy resource is viewed as a growth market dueto intensified environmental concerns and rising energy costs asthe Chinese economy continues to expand. The management andengineering teams have over 20 years of experience in industrialenergy 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 itssubsidiary companies. All statements, other than statements ofhistorical fact included herein are "forward-looking statements."These forward-looking statements are often identified by the use offorward-looking terminology such as "believes," "expects" orsimilar expressions, involve known and unknown risks anduncertainties. Although the Company believes that the expectationsreflected in these forward-looking statements are reasonable, theydo involve assumptions, risks and uncertainties, and theseexpectations may prove to be incorrect. Investors should not placeundue reliance on these forward-looking statements, which speakonly as of the date of this press release. The Company's actualresults could differ materially from those anticipated in theseforward-looking statements as a result of a variety of factors,including those discussed in the Company's periodic reports thatare filed with the Securities and Exchange Commission and availableon its website at http://www.sec.gov . All forward-looking statements attributable to the Company orpersons acting on its behalf are expressly qualified in theirentirety by these factors. Other than as required under thesecurities laws, the Company does not assume a duty to update theseforward-looking statements.
SOURCE China Recycling Energy Corp.