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China Energy Recovery Announces Completion Of
Another Waste Heat Recovery System For Two Lions (Zhangjiagang) Fine
Chemical Co., Ltd.
September 30, 2008
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.
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