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China Recycling Energy Corp Signs Letter of Intent to Acquire Xi’an Yineng Zhihui Technology Co., Ltd.
Xian, China, Sept. 10, 2019 (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, Sept. 10, 2019 (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 a non-binding Letter of Intent (the “LOI”) to acquire controlling ownership of Xi’an Yineng Zhihui Technology Co., Ltd. (\"YNZH\"), a firm based in Xi’an, Shaanxi Province, specializing in smart energy management platform. \n YNZH is a leading operator and service provider of energy storage solution on consumer side with the biggest electricity power storage station on a standalone basis and in terms of total capacity and number of customers being served. With the integration of power generation, distribution, transmission, storage and consumption in alternative energy and smart grid, YNZH utilizes big data, intelligence control, cloud computing and AI etc. in its power storage stations to achieve transformation to smart energy solution from conventional system and to pursue energy technology intelligence, power lifecycle digitalization, and smart power operating platform. Its dedication in developing an international leading holistic solution in smart energy operating system is expected to place YNZH the forefront of smart energy management industry. Highlights of its achievements span from its proprietary “Cloud-based Smart Power Management Platform”, the application of big data in power storage, and unmanned power stations. Alongside its accumulation of increasing amount of data, YNZH has also become a proven operator in safety and efficiency, letting itself to integrate deeply as energy administrator with its clients and to rapidly penetrate into power storage market. Mr. Ku, Chairman of the Board of Directors of China Recycling Energy commented: “We are excited about the opportunity to acquire controlling ownership of YNZH. YNZH is a vanguard in developing and operating smart energy management platform in China with business model similar to Tesla’s Powerwall business, essentially storing excess energy during non-peak times to support the grid's peak loads with saving in energy cost and attractive return to investment to consumers. They took the lead in investing, constructing and managing a number...