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China Recycling Energy Corporation Provides Update on Acquisition Progress of Xi’an Yineng Zhihui Technology Co., Ltd.
XI'AN, China, Dec. 17, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation (Nasdaq: CREG) ("CREG" or "the Company"), an industrial waste-to-energy
About this update from Smart Powerr Corp.
[{"type":"text","content":"XI'AN, China, Dec. 17, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation (Nasdaq: CREG) (\"CREG\" or \"the Company\"), an industrial waste-to-energy solution provider in China, today provided an update on the Company’s potential acquisition of Xi’an Yineng Zhihui Technology Co., Ltd. (\"YNZH\"), a next generation energy storage solution provider in China.\n The Company has formally completed its evaluation and due diligence on YNZH. The Company engaged Beijing Zhongqin Yongli Asset Evaluation Co., Ltd., an independent valuation advisor, to conduct the valuation appraisal of YNZH. Subsequently, the Company will negotiate a definitive purchase agreement (“Agreement”) for the acquisition. Mr. Guohua Ku, Chairman and Chief Executive Officer of CREG, said, “Our acquisition plan for YNZH is proceeding as scheduled. With our extensive investment and operational experience in recycling power stations, we are delighted to, join forces with what we believe to be the next generation of advanced energy storage solutions provided by YNZH. With this collaboration, CREG will be poised to pursue new growth opportunities, and secure a leading position in the energy storage industry, which will eventually maximize shareholder value.” About Xi’an Yineng Zhihui Technology Co., Ltd. Xi’an Yineng Zhihui Technology Co., Ltd. is a leading comprehensive high-tech intelligent energy service company integrated with energy efficiency improvement and storage management in China. The energy efficiency management is to fully use big data cloud computing technology, effectively adopt the combination of the mature international and domestic clean energy technologies to make the customers’ energy management more efficient, more economical, more secure and more scientific. Xi’an Yineng Zhihui Technology Co., Ltd. has a research and development team consisting of domestic first-class intelligent energy experts and experienced technical engineers who have many years of experience in energy efficiency reform and improvement and have strong strengths in project implementation, research and development, and innovation of technology. It has established long-term cooperative relations with BTR (the largest supplier of anode and cathode materials in the world controlled by China Bao’an Group), the National Electric Power Investment Group, TGOOD (China's largest...