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China Recycling Energy Announces Energy Storage Development Cooperation Contract with Shanghai Electric and Fujian Tongyong

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SHANGHAI, China, Dec. 19, 2017 (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 its wholly owned subsidiary Shanghai TCH Energy Technology signed a Cooperation Contract (the "Contact") for Energy Storage Power Station Development with Shanghai Electric Distributed Energy Sources Technology Co., LTD. ("Shanghai Electric") and Fujian Tongyong Hengtai Electrical Equipment Co., Ltd. ("Fujian Tongyong") to jointly promote the development of energy storage industry.  Based on the common understanding, the parties will use their respective advantages in investment, construction, operation, technology research and development of power station to promote and develop energy storage businesses, which shows the Company has formally started its business development in the energy storage industry.   

In accordance with the Contract, the three parties intend to develop industrial and commercial energy storage power stations with total capacity of 100 MWH in Fujian, Guangdong and Jiangsu provinces in 2018. Shanghai Electric will be responsible for providing the most advanced commercialized energy storage technologies and equipment supporting services. CREG will be responsible for overall investment, construction, operation and maintenance of storage stations with combination of its own power plant technologies and construction experience. Fujian Tongyong will use its advantages as a local electric company in Fujian province to actively develop energy storage projects.

Ms. Li Ouyang, the general manager of Shanghai Electric comments: "We are pleased to sign this cooperation agreement. With the guidance and support of national industrial policy, we will apply currently the most feasible technologies into the commercialization of energy storage projects and seize the good opportunity of energy storage industry development."

Mr. Ku, the Chairman of board of directors of CREG comments: "Relying on our wealthy experience in the investment and operation of traditional recycling energy industry and ability to introduce overseas investment and capitals to this industry, this is a win-win cooperation with Shanghai Electric and Fujian Tongyong to exert the respective resources and advantages of each party to accelerate the development of the commercial market of energy storage power station and jointly create energy storage industry ecosystems in China."    

About Shanghai Electric Distributed Energy Sources Technology Co., LTD.
Shanghai Electric Distributed Energy Sources Technology Co., Ltd. was established by Shanghai Electric Group Co., Ltd. ("Shanghai Electric Group") and the R & D team of Distributed Energy Sources of Central Research Institute of Shanghai Electric Group. It consists of the energy experts and domestic leading technical team of Shanghai Electric Central Research Institute.  The business scope of Shanghai Electric Distributed Energy Sources Technology Co., Ltd. includes energy investment services, technology development, consulting, design, core product supply, system integration and operation maintenance, to develop clean energy in domestic and international markets.  

About Fujian Tongyong Hengtai Electrical Equipment Co., Ltd.
Fujian Tongyong Hengtai Electrical Equipment Co., Ltd. is an entity with the capacities of scientific research and development, manufacturing, and sales. It has obtained production license for high and low pressure switch equipment issued by Ministry of Commerce and Ministry of Industry and Information of China. It is a manufacturer with the approval of the central government to produce fixed-point of complete set of electric equipment and high and low pressure switch equipment. It has 8,000 square meters of workshop, 250 employees including 50 senior technicians, over 100 sets of professional production equipment and testing equipment. It has established good client relationships in power supply system industry.

About China Recycling Energy Corp.

China Recycling Energy Corp. (NASDAQ:CREG, 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.

For more information, please contact:

Ms. Adeline Gu, Chief Financial Officer
China Recycling Energy Corp.
Tel: +86 29 8765 1098
Email: sunny@creg-cn.com

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