Business
China Recycling Energy Corp. Enters into Agreement to Acquire Xi’an Taiying Energy Saving Technology Co., Ltd.
Xian, China, Dec. 28, 2020 (GLOBE NEWSWIRE) -- China Recycling Energy Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy
About this update from Smart Powerr Corp.
[{"type":"text","content":"Xian, China, Dec. 28, 2020 (GLOBE NEWSWIRE) -- China Recycling Energy Corp. (NASDAQ: CREG; \"CREG\" or \"the Company\"), a leading industrial waste-to-energy solution provider in China, today announced that Shanghai TCH Energy Technology Co., Ltd. (“Shanghai TCH”), the Company’s wholly owned subsidiary, has recently entered into an Equity Acquisition Agreement with Xi’an Taiying Energy Saving Technology Co., Ltd. (“Taiying”) and each of its shareholders to acquire 100% ownership of Taiying and become its 100% controlling shareholder, subject to certain closing conditions. Shanghai TCH is acquiring TAIYING for a combination of cash and shares of CREG. Mr. Guohua Ku, Chairman of the Board of Directors of the Company commented: “We are excited about the opportunity to acquire Taiying. 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. Its battery products highlight the advantages of high safety, long life and low cost, and 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 US listed co...