XI'AN, China, Nov. 21, 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 subsidiary, Erdos TCH Energy Saving Co., Ltd., has recently completed the registration of a Clean Development Mechanism (CDM) project entitled, "Inner Mongolia Erdos Metallurgy Co., Ltd. Electric Furnaces Waste Energy Utilization for Power Generation Project (Phase One)". The CDM project is published on the website of UNFCCC EB. The registration date is traced back to August 23, 2012 and the crediting period is from September 1, 2012 to August 31, 2022. The amount of reduction is 224,173 metric tonnes CO2 equivalent per annum.
The CDM is a flexible mechanism which allows emission-reduction projects in developing countries to earn certified emission reduction (CER) credits, each equivalent to one tonne of CO2. These CERs can be traded and sold, and used by industrialized countries to meet a part of their reduction targets under the Kyoto Protocol. This mechanism creates a double win solution. Industrialized countries can invest in ventures that reduce emissions in developing countries as an alternative to more expensive emission reductions in their own countries while developing countries can obtain capital and techniques for their sustainable development.
"The CDM creates an opportunity for developing countries to introduce the funds and technologies of industrialized countries," commented Mr. Guohua Ku, Chairman and Chief Executive Officer of China Recycling Energy. "CREG's successful registration of the CDM project demonstrates domestic and international acknowledgement of our contributions to energy saving and carbon emissions reduction. We will continue to conduct technical reformation with the purpose of gaining more efficient energy savings and large carbon emission reductions. We will strengthen environmental protection and improve our technology to bring in more profit and maximize our shareholders' value."
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.