SHANGHAI, China, Dec. 19, 2017 (GLOBE NEWSWIRE) — China Recycling Energy Corp. (NASDAQ:CREG) (“CREG” or “the Company”), a leading industrial waste-to-energy solution provider in China, today announced that its wholly owned subsidiary Shanghai TCH Energy Technology signed a Cooperation Contract (the “Contact”) for Energy Storage Power Station Development with Shanghai Electric Distributed Energy Sources Technology Co., LTD. (“Shanghai Electric”) and Fujian Tongyong Hengtai Electrical Equipment Co., Ltd. (“Fujian Tongyong”) to jointly promote the development of energy storage industry. Based on the common understanding, the parties will use their respective advantages in investment, construction, operation, technology research and development of power station to promote and develop energy storage businesses, which shows the Company has formally started its business development in the energy storage industry.
In accordance with the Contract, the three parties intend to develop industrial and commercial energy storage power stations with total capacity of 100 MWH in Fujian, Guangdong and Jiangsu provinces in 2018. Shanghai Electric will be responsible for providing the most advanced commercialized energy storage technologies and equipment supporting services. CREG will be responsible for overall investment, construction, operation and maintenance of storage stations with combination of its own power plant technologies and construction experience. Fujian Tongyong will use its advantages as a local electric company in Fujian province to actively develop energy storage projects.
Ms. Li Ouyang, the general manager of Shanghai Electric comments: “We are pleased to sign this cooperation agreement. With the guidance and support of national industrial policy, we will apply currently the most feasible technologies into the commercialization of energy storage projects and seize the good opportunity of energy storage industry development.”