Xian, China, Dec. 28, 2020 (GLOBE NEWSWIRE) — China Recycling Vitality Corp. (NASDAQ: CREG; “CREG” or “the Firm”), a number one industrial waste-to-energy answer supplier in China, immediately introduced that Shanghai TCH Vitality Know-how Co., Ltd. (“Shanghai TCH”), the Firm’s wholly owned subsidiary, has not too long ago entered into an Fairness Acquisition Settlement with Xi’an Taiying Vitality Saving Know-how Co., Ltd. (“Taiying”) and every of its shareholders to amass 100% possession of Taiying and change into its 100% controlling shareholder, topic to sure closing circumstances. Shanghai TCH is buying TAIYING for a mix of money and shares of CREG.
Mr. Guohua Ku, Chairman of the Board of Administrators of the Firm commented: “We’re excited concerning the alternative to amass Taiying. At a time when the event of pure electrical automobiles and vitality storage of recent vitality is flourishing, Taiying has taken a number one function in finishing the mixing of the commercial chain and is able to manufacturing merchandise and investing and working vitality storage tasks. Its merchandise cowl energy battery and vitality storage battery, mature expertise of battery administration system, correct administration of clever cloud platform of energy station, good safety measures and correct distant management techniques. Based mostly on high-quality merchandise, and with the benefit of the entire system integration expertise, we imagine Taiying can management the joint hyperlinks extra successfully, saving human sources for the corporate, enormously decreasing the marginal value, and enhancing the competitiveness of the corporate in the identical business. Its battery merchandise spotlight some great benefits of excessive security, lengthy life and low value, and we imagine its standardized, large-scale, low-cost, excessive security and versatile vitality storage options for energy stations are sure to draw increasingly funding alternatives. We cannot solely depend on the mixing benefit of the entire industrial chain of Taiying, rapidly take part within the energy battery provider record, occupy the market, make this business larger and stronger; It will possibly additionally allow enterprises to acquire precious new sources of earnings and notice a number of advantages of vitality, economic system and setting.”
“We’re very happy for the chance to enter an in-depth cooperation in technique and capital with CREG, a US listed firm,” commented by Mr. Zheng Feng, Chairman and CEO of Taiying. “CREG has a wealth of expertise within the conventional recycling vitality business funding and operation. Based mostly on our mutual perception and imaginative and prescient of vitality storage business, we plan to cooperate and complement one another in funding, development, operation and expertise analysis and growth of energy crops to collaborate and promote the event of vitality storage business progress.
Taiying is the biggest enterprise with energy battery and vitality storage battery PACK utilized on the consumer facet. The corporate vertically integrates the commercial chain and is an enterprise able to unbiased analysis, growth and manufacturing of core parts akin to lithium battery modules, battery PACK, battery administration system and vitality administration system. Up to now, it has signed contracts and orders from potential clients of practically RMB 1 billion (over USD 150 million).
Taiying is researching and creating the ability battery and vitality storage battery to place the module of lithium-ion batteries, lithium battery PACK, battery administration system, and vitality administration system onto the important thing hyperlink of the commercial chain, akin to surrounding digital, extremely renewable, decentralization, and interconnection of the vitality provide pattern continues to increase, insist on innovation. Taiying is dedicated to change into a producer of lithium battery merchandise and an clever vitality answer supplier.
Taiying has skilled home battery module, PACK manufacturing and system integration growth workforce, has collected years of expertise in product manufacturing, and vitality effectivity reform and promotion, have sturdy undertaking implementation and expertise analysis and growth, the innovation power.
The lithium battery merchandise of Taiying will be utilized to: 1. Provide of recent vitality vehicle energy battery PACK; 2. Within the vitality storage business, peaking shaving of the consumer facet, integration of recent vitality optical storage and charging, and integration of auto storage and charging; 3. Backup energy for giant knowledge middle and 5G communication base station; 4. Battery modules for logistics low-speed automobiles and shared bikes; 5. Deserted mild and wind vitality storage energy station on the ability facet of recent vitality energy plant.
About China Recycling Vitality Corp.
China Recycling Vitality Corp. (NASDAQ: CREG or “the Firm”) relies in Xi’an, China and supplies environmentally pleasant waste-to-energy applied sciences to recycle industrial byproducts for metal mills, cement factories and coke crops in China. Byproducts embrace warmth, steam, stress, and exhaust to generate giant quantities of lower-cost electrical energy and cut back the necessity for out of doors electrical sources. The Chinese language authorities has adopted insurance policies to encourage using recycling applied sciences to optimize useful resource allocation and cut back air pollution. At the moment, recycled vitality represents solely an estimated 1 p.c of whole vitality consumption and this renewable vitality useful resource is considered as a development market as a result of intensified environmental considerations and rising vitality prices because the Chinese language economic system continues to increase. The administration and engineering groups have over 20 years of expertise in industrial vitality restoration in China. For extra details about CREG, please go to http://www.creg-cn.com.
Protected Harbor Assertion
This press launch might include sure “forward-looking statements” referring to the enterprise of China Recycling Vitality Corp. and its subsidiary corporations. All statements, aside from statements of historic truth included herein are “forward-looking statements.” These forward-looking statements are sometimes recognized by means of forward-looking terminology akin to “believes,” “expects” or related expressions, contain recognized and unknown dangers and uncertainties. Though the Firm believes that the expectations mirrored in these forward-looking statements are cheap, they do contain assumptions, dangers and uncertainties, and these expectations might show to be incorrect. Buyers mustn’t place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch. The Firm’s precise outcomes might differ materially from these anticipated in these forward-looking statements on account of a wide range of components, together with these mentioned within the Firm’s periodic stories which can be filed with the Securities and Trade Fee and obtainable on its web site at http://www.sec.gov. All forward-looking statements attributable to the Firm or individuals appearing on its behalf are expressly certified of their entirety by these components. Apart from as required below the securities legal guidelines, the Firm doesn’t assume an obligation to replace these forward-looking statements.
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