XI'AN, China, Sept. 17, 2012 /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 its fully owned subsidiary, Xi'an TCH Energy Technology Company, won Major Technology Innovation Award for its Low Temperature Waste Heat Power Generation technology for cement production line in Shaanxi Province. As a recipient of the award, the Company also received the provincial government grant.
Utilizing waste heat generated in industrial production to generate electricity has been one of China Recycling Energy's key R&D focuses. The award winning Low Temperature Waste Heat Power Generation technology basically traps waste heat from the cement production to heat a boiler. The boiler creates steam and powers a steam turbine. This proprietary process produces electricity from the wasted heat of any cement production line, and allows the cement plant to use the electricity produced to partially power the cement plant itself.
"We are glad and honored to be awarded with this prize, which demonstrates not only the company's leading comprehensive competence in energy recycling high-tech research and development, but also the government support to energy recycling industry" commented by Mr. Guohua Ku, Chairman and Chief Executive Officer of China Recycling Energy, "We will continue to exert our technical expertise in recycling energy field and provide more clean energy solutions for industrial users in a more efficient way. We will try our best to expand our client base by continually providing fully-customized projects to maximize shareholder value. We will make greater contributions to energy saving and environmental protection."
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.
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.