China Recycling Energy Corporation

China Recycling Energy Corporation traces its corporate history to a company established in May 1980. Its earliest operating activity was a microbrewery business, meaning that the company’s original operations were unrelated to its later energy-recovery identity. The corporate vehicle subsequently operated under the name Boulder Acquisitions, Inc. On August 6, 2004, Boulder Acquisitions changed its name to China Digital Wireless, Inc. The renamed company pursued pager and mobile-phone distribution. This communications business was later abandoned as management redirected the company toward energy conservation and industrial recycling. In December 2006, China Digital Wireless expanded into the energy-saving and recycling industry, and by May 10, 2007, it had completely ceased its pager and mobile-phone distribution activities. The company adopted the name China Recycling Energy Corporation on March 8, 2007. The new identity reflected its focus on recovering energy from industrial processes and providing related engineering, financing, and project-development services. The company’s reported base became Xi’an, in Shaanxi Province, while its activities were conducted through a group of operating and technology entities in China. Shanghai TCH was established in May 2004. Xi’an TCH Energy Technology Co., Ltd. was established in November 2007, and in the same month Shanghai TCH Energy Technology Co., Ltd. acquired Xingtai Huaxin Energy Tech. Co., Ltd. Erdos TCH Energy Saving and Development Co., Ltd. was established in April 2009. The group’s reported subsidiaries and related entities also included Sifang Holdings and Huahong New Energy Technology Co., Ltd. These companies supported the development, engineering, ownership, and operation of energy-recovery projects. In November 2007, Carlyle Group invested in CREG through its Asia Funds. The investment was reported to make Carlyle the company’s second-largest shareholder. The company later pursued public-market expansion and successfully listed on the NASDAQ Global Market in March 2010. CREG’s business model centered on customized industrial systems. Rather than limiting itself to the sale of standardized equipment, the company described activities involving system design, project financing, development, and implementation. Its target applications included industrial facilities and civil construction, with particular relevance to sectors producing significant quantities of waste heat, waste gas, excess pressure, or combustible byproducts. The technology portfolio included blast-furnace top-gas recovery turbine units, which use pressure and heat associated with blast-furnace operations; waste-gas power-generation systems; combined-cycle power plants; biomass power-generation systems; and waste-heat power-generation systems. The company also pursued low-temperature waste-heat recovery for cement manufacturing. In October 2011, it completed the acquisition of a 12-megawatt biomass power-generation system from Shenqiu Yuneng Thermal Power Co., Ltd. In June 2011, a ZhongBao project system was sold to and leased back from Cinda Financial Leasing Co., Ltd., demonstrating a financing structure intended to support project deployment while releasing capital. In September 2012, Xi’an TCH received a Major Technology Innovation Award in Shaanxi Province for low-temperature waste-heat power-generation technology used on a cement production line. In August 2013, CREG and Hongyuan Huifu Venture Capital Co., Ltd. jointly established an energy-recycling fund for investment in coke dry-quenching energy recovery. The company also reported a three-year exclusive business-development support agreement with CGN Energy Service Co., Ltd. The available historical material establishes CREG’s corporate transformations, energy technologies, financing arrangements, investments, and subsidiary structure. It does not provide dependable current information about whether the company remains operational, its present stock-market status, its current ownership, or its current management. Those fields therefore remain unresolved.

• 2013

  Energy-recycling fund established

  [1]China Recycling Energy Corporationen.wikipedia.org

  CREG and Hongyuan Huifu jointly established a fund focused on coke dry-quenching energy-recovery investments.

• 2012

  Technology innovation award

  [1]China Recycling Energy Corporationen.wikipedia.org

  Xi'an TCH received a Shaanxi Province Major Technology Innovation Award for low-temperature waste-heat power-generation technology used in cement production.

• 2011

  Biomass power-system acquisition

  [1]China Recycling Energy Corporationen.wikipedia.org

  The company completed the acquisition of a 12-megawatt biomass power-generation system from Shenqiu Yuneng Thermal Power Co., Ltd.

• 2010

  NASDAQ Global Market listing

  [1]China Recycling Energy Corporationen.wikipedia.org

  CREG successfully listed on the NASDAQ Global Market in March.

• 2007

  Adopted the China Recycling Energy Corporation name

  [1]China Recycling Energy Corporationen.wikipedia.org

  The company changed its name to China Recycling Energy Corporation on March 8 and discontinued its communications-distribution operations by May 10.

• 2007

  Carlyle investment

  [1]China Recycling Energy Corporationen.wikipedia.org

  Carlyle Group’s Asia Funds invested in CREG and was reported as becoming the second-largest shareholder.

• 2006

  Entry into energy saving and recycling

  [1]China Recycling Energy Corporationen.wikipedia.org

  The company extended its business into energy-saving and recycling activities in December.

• 2004

  Boulder Acquisitions became China Digital Wireless

  [1]China Recycling Energy Corporationen.wikipedia.org

  On August 6, the company changed its name from Boulder Acquisitions, Inc. to China Digital Wireless, Inc. and pursued pager and mobile-phone distribution.

• 1980

  Corporate predecessor established

  [1]China Recycling Energy Corporationen.wikipedia.org

  The company was established in May 1980 and initially operated as a microbrewery.

An industrial energy-services and project-development company focused on converting waste heat, pressure, gas, and biomass into useful energy while helping Chinese industrial customers improve energy efficiency.

• Industrial energy recovery

  Blast-furnace top-gas recovery turbine units

  These systems recover pressure and thermal energy associated with blast-furnace top gas and convert it into useful power. They are designed for heavy industrial facilities where high-temperature or pressurized process gases would otherwise be vented or underutilized. The offering reflects CREG’s focus on integrating energy-recovery equipment into existing industrial production infrastructure.

• Industrial power generation

  Waste-gas power-generation systems

  Waste-gas power-generation systems use combustible or otherwise recoverable industrial gases as an energy source. CREG’s reported business included developing customized systems for industrial customers, combining engineering and project financing with equipment deployment. The systems are intended to reduce wasted process energy and increase the useful-energy output of industrial operations.

• Power generation

  Combined-cycle power plants

  The company reported combined-cycle power-generation systems among its technology areas. These systems generally combine more than one thermodynamic power-conversion stage to improve fuel or heat utilization. In CREG’s portfolio, combined-cycle projects formed part of a broader industrial energy-services approach focused on recovering and reusing energy from production processes.

• Renewable and alternative energy · 2011

  Biomass power-generation systems

  CREG included biomass power generation in its project portfolio and completed the acquisition of a 12-megawatt biomass power-generation system in 2011. The business area uses organic material or biomass-derived fuel to produce electricity, extending the company’s energy-recycling activities beyond waste heat and industrial gases.

• Industrial energy recovery

  Waste-heat power-generation systems

  Waste-heat systems capture thermal energy released by industrial processes and convert it into electricity. CREG was associated with both conventional and low-temperature waste-heat applications, including a cement-production project recognized by Shaanxi Province for technology innovation. These systems were a central expression of the company’s energy-efficiency positioning.

• 2013

  Creation of an energy-recycling investment fundStrategy

  Background

  Coke dry quenching can recover energy from a process associated with coke production, creating an investment opportunity aligned with CREG’s industrial-recycling focus.

  Action taken

  CREG jointly established an energy-recycling fund with Hongyuan Huifu Venture Capital Co., Ltd. to invest in coke dry-quenching energy recovery.

  Aftermath

  The fund broadened the company’s role from project developer and technology provider toward investment in energy-recovery opportunities.

  Source

• 2011

  Acquisition of biomass power-generation systemM&A

  Background

  The company sought to expand its energy-generation project portfolio beyond industrial heat and gas recovery.

  Action taken

  It acquired a 12-megawatt biomass power-generation system from Shenqiu Yuneng Thermal Power Co., Ltd.

  Aftermath

  The transaction added biomass power generation to the company’s documented project assets and technology activities.

  Source

• 2010

  Public-market listingOther

  Background

  Following its transition into energy recycling and its receipt of outside investment, the company pursued access to public capital markets.

  Action taken

  CREG completed a listing on the NASDAQ Global Market in March 2010.

  Aftermath

  The listing established a documented period in which the company was publicly traded on NASDAQ, although current listing status is not established by the supplied material.

  Source

• 2007

  Shift from wireless distribution to energy recyclingStrategy

  Background

  The company had operated under the China Digital Wireless identity and marketed pager and mobile-phone distribution before entering the energy-saving and recycling industry.

  Action taken

  It discontinued its communications-distribution activities and repositioned the business around industrial energy recovery and energy-saving projects.

  Aftermath

  The strategic shift was accompanied by the adoption of the China Recycling Energy Corporation name and the development of a China-focused energy-services portfolio.

  Source

1. 1China Recycling Energy Corporationen.wikipedia.org