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.
Tel: +86-1370-1813139
Email: chongscd@creg-cn.com
SOURCE China Recycling Energy Corp.