China Recycling Energy Corp. (NASDAQ:CREG) reported that one of its 100 percent owned subsidiaries Xi’an TCH Energy Technology Ltd Company had been chosen by Chinese government to receive a “Special Financial Award” instituted by the Shaanxi State Government.
The award has been instituted as a development fund. It is operated and awarded by the small and medium enterprises promotion board set up by Shaanxi Provincial Government to those identified companies which need special assistance and support to emerge competitive in the international markets.
New Technology Process
The current award to China Recycling Energy Corp. (NASDAQ:CREG) has been announced to recognize the firm embracing new, clean energy technology in the “production of cement in line pure low temperature waste heat power generation.” The new process which is being used by the firm to produce cement has been evaluated to drastically reduce the release of harmful carbon dioxide emission into the atmosphere, while at the same time improving the efficiency and wholesome use of energy in the entire process.
Chinese Government Push To Clean Environment
The move by the Chinese government comes on the back of the federal government instituting various measures in the recent past to bring down the level of haze and air pollution in its cities by encouraging manufacturing companies to adopt clean and energy efficient modes of manufacturing.
CEO Explains The Importance Of Moving Towards Clean Energy Utilization
China Recycling Energy Corp. (NASDAQ:CREG) Chairman and Chief Executive Officer Mr. Ku sounded very exuberant when addressing the media to explain the significance of this special award to the company. He has been quoted to have said that, “We are very glad to be awarded with another prize from the government, which indicates the government’s acknowledgement of our energy saving and environmental protection technology, and their attention and great support to the development of energy saving technology.”