China Recycling Energy Corp. Entered Strategic Cooperation Agreement with Norwegian Government in New Energy Technologies and Projects

XI'AN, China, May 28 /PRNewswire-Asia-FirstCall/ -- China Recycling Energy Corp. (Nasdaq: CREG; or the "Company"), a leading industrial waste-to-energy solution provider in China, today announced that it has entered a strategic cooperation agreement ("the "Cooperation Agreement") with Norwegian government in new energy technologies and environmental protection projects.

On May 27, 2010 in Shanghai, the Company's Chairman and Chief Executive Officer, Guohua Ku, and the representative of the Norwegian government signed the Cooperation Agreement for new energy technologies and environmental protection projects to jointly promote the development of China's industrial energy conservation. The Director of the National Development and Reform Committee's Energy Conservation Centre, Yangzhe Li, and the Norwegian Minister of Trade and Industry, Trond Diske, presented at the agreement signing ceremony.

On the same day, the company management was invited to make a keynote speech introducing China's energy recycling industry at the Sino-Norwegian Energy and Environment Conference (the "Conference") held in Shanghai. The conference was sponsored by China and Norway's governments in the theme of "Better City, Better life" and highlighted as a major event of Expo 2010 Shanghai.

"We are happy to build up such a strategic partnership with the Norwegian government. We believe that such a high-profile communication and cooperation will benefit us with more forward-looking vision and worldwide exploration for leadership in new energy technologies and application," commented by Mr. Guohua Ku, Chairman and CEO of CREG.

About China Recycling Energy Corp.

China Recycling Energy Corp. (NASDAQ: CREG; "CREG" or 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% 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 the SEC's 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:

    In China:
     Mr. Leo Wu
     Investor Relations
     China Recycling Energy Corp.
     Email: [email protected]
     Tel:   +86-29-8765-1097

    In USA:
     Mr. Howard Gostfrand
     American Capital Ventures, Inc.
     Email: [email protected]

SOURCE China Recycling Energy Corp.