XIAN, China, Nov. 21, 2017 (GLOBE NEWSWIRE) — China Recycling Energy Corp. (NASDAQ:CREG) (“CREG” or “the Company”), a leading industrial waste-to-energy solution provider in China, today announce that to conform to megatrends of domestic and international new energy and distributed energy sources, relying on its customer resources, rich professional experience and technical resources, which have accumulated over years, and alliance with other strategic partners, the Company plans to transform into “an energy storage integrated solution provider”.
At present, the global energy storage industry development has broad prospects. Many research institutions from different fields predicted future capacity of energy storage systems and showed confidence in the future market of energy storage, though with different definitions. According to Navigant Research data, in 2016 installed capacity of the global new energy storage and renewable energy was around 161 MW; with continuous falling of energy storage costs and the implementation of compensation mechanism, it is predicted that installed capacity of global new energy storage and renewable energy will break through 12.7 GW by 2025. Yano Economy Research Institute’s research results show that due to household energy storage market driven, the energy storage market will have rapid growth and the size of the market in 2017 and 2020 will reach 1.196 GW and 3.307 GW respectively. Morgan Stanley predicted that energy storage market in Australia will be $24 billion Australian dollars and 2.4 million subscribers will use light-preserved system.
On October 11, 2017 the National Development and Reform Commission, the National Energy Administration and other three ministries of China jointly issued “Guidance for Promoting the Development of Energy Storage Industry and Technology”. This is the first domestic development guidance for the energy storage industry. The guidance further clarifies the significance of promoting the development of energy storage technology and industry in China, establish the key position of energy storage in today’s energy system development and energy transformation. With the rising government support for the energy storage industry, a growing number of demonstration projects are running in China. According to incomplete statistics from China Energy Storage Alliance (“CNESA”) project libraries, by the end of 2016, China’s energy storage market scale has reached 24.3 GW with a 4.7% year-on-year growth. It is predicted that China’s energy storage market will reach 66.8GW by 2020. China’s energy storage industry has wide prospect of market.
The board of directors of the Company believe that energy storage technology is the strategic supporting technology for the transformation of future energy structure and electric power consumption, which can effectively solve the intermittent and stochastic volatility during renewable energy generation, ease the demand of the peak load of power supply, and improve the utilization rate of existing grid equipment and power grid operation efficiency. Energy storage systems can deal with sudden failure of grid, improve power quality, and satisfy economic social development requirements for high quality, safe and reliable power supply. In brief, energy storage technology would be a most feasible alternative to wind power and solar energy in China.
“During the important period of transformation from old kinetic energy to new kinetic energy promoted by the national government, energy storage has become an important supporting system of modern energy,” commented by Board of directors of the Company. “As an emerging industry, with the loosening of the power sales restrictions and the promotion of ladder price policy for electricity, the price difference between peak and trough may be widening in future, which brings greater arbitrage space for energy storage. From the point of view of reduction of grid peak power usage, the user-side-market size of energy storage power station is about 170 billion kWh in China.”
“With the driving force of pressing terminal application demands and strong policy support, our company will make full use of market opportunity to enter into the energy storage industry. The company will cooperate with other strategic cooperation partners, including but not limited to, domestic top energy storage companies and science research institutions to engage in the rapid development of the energy storage industry, and to provide clean, high-quality power supporting services for Chinese users,” continued by board of directors.
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.