China Energy Recovery Announces Completion Of Another Waste Heat Recovery System For Two Lions (Zhangjiagang) Fine Chemical Co., Ltd.
SHANGHAI, China--(BUSINESS WIRE)--China Energy Recovery, Inc. (OTCBB:CGYV) ("China Energy Recovery" or "CER"), a leader in the waste heat energy recovery sector of the alternative energy industry, today announced the completion of another waste heat energy recovery system for Two Lions (Zhangjiagang) Fine Chemical Co., Ltd. ("Two Lions"). The waste heat recovery system is intended for Two Lions' new sulfuric acid facility located in Jiangsu, China which is expected to have an annual output capacity of one million tons and electric power generation of 50 MW utilizing the recovered waste heat energy. The contract value of the system is RMB21.8 million (approximately US $3.2 million on the date of this press release). Two Lions' new plant is expected to come online before the end of 2008.
This is the second waste heat energy recovery system CER has provided to Two Lions. CER provided the system and detailed engineering design services for Two Lions' first one million ton annual capacity sulfuric acid facility completed in 2005. As previously announced, Two Lions was able to attain a payback period of less than two years for the first waste heat energy recovery system from energy cost savings resulting from the system. Additionally, as previously announced, Two Lions was approved to sell carbon credits with an estimated annual value of more than US$2.5 million resulting from the first waste heat energy recovery system.
"We at China Energy Recovery are very pleased with the success we continue to enjoy with our client, Two Lions," stated Chairman of the Board and CEO of China Energy Recovery, Mr. Qinghuan Wu. "We continue to do business with this impressive company and together have been very pleased with the joint cooperation and continued improvements we're making together. We look forward to many more successful projects and to the new facility going online around the end of this year which we expect will demonstrate the improvements we continue to make in our systems."
What is Waste Heat Energy Recovery?
Industrial facilities and power plants release significant amounts of excess heat into the atmosphere in the form of hot exhaust gases or high-pressure steam. Energy recovery is the process of recovering vast amounts of that wasted energy and converting it into usable electricity, dramatically lowering energy costs. Energy recovery systems are also capable of capturing the majority of carbon emissions and other harmful pollutants that would otherwise be released into the environment. It is estimated that energy recovery systems installed in U.S. industrial facilities could produce up to 20% of U.S. electricity needs without burning any additional fossil fuel, and could help many industries to meet stringent environmental regulations.
About China Energy Recovery, Inc.
CER is an international leader in energy recovery systems, with a primary focus on the Chinese market. CER's technology captures industrial waste energy to produce low-cost electrical power, enabling industrial manufacturers to reduce their energy costs, shrink their emissions footprint, and generate sellable emissions credits. CER has deployed its systems throughout China and in such international markets as Egypt, Turkey, Korea, Vietnam and Malaysia. CER focuses on numerous industries in which a rapid payback on invested capital is achieved by its customers, including: chemical, petro-chemicals, refining (including Ethanol refining), coke processing, and the manufacture of paper, cement and steel. CER continues to invest in R&D and plans to build China's first state-of-the-art energy recovery system research and fabrication facility to allow it to meet the increased demand for its products and services. For more information on CER, please visit: http://www.chinaenergyrecovery.com/s/Home.asp. Information on CER's website does not comprise a part of this press release.
Forward-Looking Statement Disclaimer
This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that CER believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors that CER believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of CER and may not materialize, including, without limitation, the efficacy and market acceptance of CER's products and services and CER's customers' ability to successfully pay back the costs associated with installed energy recovery systems, obtain CDM certification and be approved to sell and actually sell carbon credits. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors. Furthermore, CER does not intend (and is not obligated) to update publicly any forward-looking statements, except as required by law. The contents of this release should be considered in conjunction with the warnings and cautionary statements contained in CER's filings with the SEC, including CER's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 21, 2008.
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