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China Recycling Energy Corp. Announces the Completion and Acceptance of Boxing CDQ Waste Heat Power Generation Project

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Xi'an, China, Oct. 29, 2018 (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, Xi'an Zhonghong New Energy Technology Co., Ltd. ("Zhonghong"), a wholly-owned subsidiary of the Company, has formally passed final completion acceptance of construction of Shandong Boxing CDQ (Coke Dry Quenching) Waste Heat Power Generation Project (the "Boxing CDQ Project") in Shandong Boxing Victory Technology Co., Ltd.

The Boxing CDQ Project has met conditions for production now. The total investment of this project is RMB 200 million, including a set of 150-ton/hour CDQ system and one 25-megawatt waste heat power station, with annual generation capacity of 186m KWH, energy saving of 57,000 tons of standard coal, recovery of 35,000 tons of coke powder, emission reduction of 170,000 tons of carbon dioxide, 1 thousand tons of sulfur dioxide and 6 thousand tons of dust.

This project changes the previous practice of cooling fresh coke by spraying water to cool it, adopts the new coke cooling process by using low-temperature inert gas as the circulating medium, absorbs 83% of the heat from the high temperature coke coming out of the coke oven, and then transfers it to the waste heat boiler and follow-up device to produce steam and electricity. In addition, the dry quenching process not only uses the waste heat of coke production efficiently, but also utilizes  harmful materials such as coke powder produced in the production process as sintering raw materials, effectively solving the problem of coke corrosion equipment and air pollution, realizing clean production and improving coke quality.   

The Chairman of China Recycling Energy commented: "We are very pleased to announce that the company has overcome many difficulties and adverse factors, all the system construction and debugging of the project have been completed finally. During the trial operation, the coke dry quenching rate and power generation capacity have met the design requirements. This project is a landmark project for our company to enter into the field of dry-quenching coal chemical engineering in the energy saving and environmental protection industry, which not only creates additional clean energy for our customer but also generate steady cash revenue streams for us in the future."

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.

Contact:

For more information, please contact:

Ms. Adeline Gu, CFO & Secretary 
China Recycling Energy Corp.
Tel: +86 29 8765 1098
Email: sunny@creg-cn.com

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