China Recycling Energy Corp. acquires Xi’an Taiying Energy Saving Technology
China Recycling Energy Corp., a leading industrial waste-to-energy solution provider in China, announced that Shanghai TCH Energy Technology Co., Ltd., the company’s wholly owned subsidiary, has recently entered into an equity acquisition agreement with Xi’an Taiying Energy Saving Technology Co., Ltd. and each of its shareholders to acquire 100% ownership of Taiying, subject to certain closing conditions.
Shanghai TCH is acquiring Taiying for a combination of cash and shares of China Recycling Energy Corp. Financial details of the transaction were not disclosed.
In November 2017, China Recycling Energy Corp. announced plans to transform itself into “an energy storage integrated solution provider”.
“At a time when the development of pure electric vehicles and energy storage of new energy is thriving, Taiying has taken a leading role in completing the integration of the industrial chain and is capable of manufacturing products and investing and operating energy storage projects. Its products cover power battery and energy storage battery, mature technology of battery management system, accurate management of intelligent cloud platform of power station, perfect security measures and accurate remote control systems. Based on high-quality products, and with the advantage of the whole system integration technology, we believe Taiying can control the joint links more effectively, saving human resources for the company, greatly reducing the marginal cost, and improving the competitiveness of the company in the same industry,” said Guohua Ku, chairman of the board of directors of China Recycling Energy Corp.
He added: ”We believe its standardized, large-scale, low-cost, high safety and flexible energy storage solutions for power stations are bound to attract more and more investment opportunities. We can not only rely on the integration advantage of the whole industrial chain of Taiying, quickly participate in the power battery supplier list, occupy the market, make this industry bigger and stronger; It can also enable enterprises to obtain valuable new sources of income and realize multiple benefits of energy, economy and environment.”
“We are very pleased for the opportunity to enter an in-depth cooperation in strategy and capital with CREG, a U.S. listed company,” said Zheng Feng, chairman and CEO of Taiying. “CREG has a wealth of experience in the traditional recycling energy industry investment and operation. Based on our mutual belief and vision of the energy storage industry, we plan to cooperate and supplement each other in investment, construction, operation and technology research and development of power plants to collaborate and promote the development of energy storage industry progress.
Taiying is the largest enterprise with power battery and energy storage battery PACK applied on the user side. The company vertically integrates the industrial chain and is an enterprise capable of independent research, development and manufacturing of core components such as lithium battery modules, battery PACK, battery management system and energy management system. So far, it has signed contracts and orders from prospective customers of nearly CNY1 billion (more than USD150 million).
Taiying is researching and developing the power battery and energy storage battery to put the module of lithium-ion batteries, lithium battery PACK, battery management system, and energy management system onto the key link of the industrial chain, such as surrounding digital, highly renewable, decentralization, and interconnection of the energy supply trend continues to expand, insist on innovation. Taiying is committed to become a manufacturer of lithium battery products and an intelligent energy solution provider.
About China Recycling Energy Corp.
China Recycling Energy Corp. 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. China Recycling Energy Corp. trades on the NASDAQ stock exchange under the ticker symbol “CREG”. For more information about CREG, visit http://www.creg-cn.com.