XI'AN, China, Aug. 13, 2013 /PRNewswire-FirstCall/ -- China Recycling Energy Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, is pleased to announce that the Company has recently received approval to jointly establish an energy recycling fund to invest in coke dry quenching (CDQ) energy recovery and waste heat power generation projects with Hongyuan Huifu Venture Capital Co., Ltd ( " Hongyuan Huifu").
Beijing Hongyuan Recycling Energy Investment Center, LLP (" HYREF Fund") and Hongyuan Recycling Energy Investment Management ( Beijing) Co., Ltd. ("Fund Management Company") have recently been incorporated to undertake CDQ project investments and their management respectively.
An initial amount of RMB 460 million ( $74 million) for HYREF Fund has been fully subscribed.
In conjunction with this, Xi'an TCH has formed a new 90% owned subsidiary company, Xi'an Zhonghong New Energy Technology Co., Ltd " (" Zhonghong"), with registered capital of RMB 30 million ( $4.85 million), to undertake the energy recycling projects which will be funded by HYREF Fund.Xi'an Zhonghong has recently entered into cooperative agreements of Coke Dry Quenching (CDQ) and CDQ waste heat power generation projects with both Boxing County Chengli Gas Supply Co., Ltd. ("Chengli") and Jiangsu Tianyu Energy and Chemical Group Co., Ltd.("Tianyu"). The Chengli project is a 25MW CDQ system and a CDQ waste heat power generation system while the Tianyu project consists of 2 units of 25 MW CDQ system and a CDQ waste heat power generation systems. Further details will be included in the Company's upcoming second quarter Form 10Q financial statement. 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 .