China Recycling Energy Corp. Announces the Completion of the 1st 9-MegaWatt Power Unit for Erdos' Project Phase I in December 2009

USA - English

• USA - English

XI'AN, China , Jan. 11 /PRNewswire-Asia-FirstCall/ -- China Recycling Energy Corp. (OTC Bulletin Board: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China , today announced it has completed the first 9-MegaWatt ("MW") capacity power unit in Phase I for the Erdos' Waste Heat Power Generation Project ("Erdos Project") with Erdos Metallurgy Co., Ltd. ("Erdos Metallurgy") and is on track to complete the entire Phase I project during the first quarter of 2010. The completed Phase I will include two 9-MW units for a combined 18-MW power capacity.

The Erdos Project having a combined capacity of 70 MW with the potential to grow to 120-MW power capacity was originally announced on April 6, 2009 . Under the agreement with Erdos Metallurgy, CREG will recycle waste heat from Erdos Metallurgy's metal refining plants to generate power and steam, which will then be sold back to Erdos Metallurgy for 20 years. On December 8, 2009 , the Company announced it had successfully raised capital to support the construction and operation of Erdos Project Phase II and Phase III. Phase II will combine three 9-MW units for a total 27-MW power capacity, while Phase III will include one unit with 25-MW capacity.

Mr. Guohua Ku , Chairman and CEO of CREG, commented, "The planned rollout of one of our largest projects is on schedule, with completion of the first phase expected this quarter. Erdos is already benefiting from their recycled waste to energy with both reduced power rates and significantly improved environmental benefits."

About China Recycling Energy Corp.

China Recycling Energy Corp. (OTCBB: CREG.OB; "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 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.

    For more information, please contact:

    In China:

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

    In USA:

    American Capital Ventures, Inc.
     Mr. Howard Gostfrand
     Tel:   +1-305-918-7000
     Email: [email protected]

SOURCE China Recycling Energy Corp.