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| Signs Master Agreements Related to the New Energy Business with Five Companies |
HONG KONG, Nov 9, 2015 - (ACN Newswire) - Northern New Energy Holdings Limited (the "Company"; stock code: 8246) announced today the latest developments of the new energy business. Hua Xia Northern New Energy Technology Development (Tianjin) Limited ("Northern New Energy Technology"), a joint venture of the Company, officially entered the new energy market through signing supply agreements with five engineering and construction companies engaging in new energy related businesses.
In March 2015, the Ministry of Industry and Information Technology of the PRC issued the "Implementation Program for Special Action to Maintain Green Development for the Industry for 2015", which clearly stipulated that national coal consumption must be reduced by more than four million tonnes by the end of this year. The Ministry of Environment Protection of the PRC has completed the drafting of the proposal to reduce emissions of major pollutants under the "Thirteenth Five-Year Plan", which is expected to add more pollutants to the national emissions reduction indicators. The Group believes that the demand for new energy development in the future will bring massive opportunities to the entire market, and has therefore decided to focus its resources on developing new energy related businesses and has formed a professional team to oversee such businesses.
Northern New Energy Technology recently signed supply agreements with two professional engineering and construction companies engaging in new energy related businesses and three main contractors engaging in engineering and construction works related to new energy businesses respectively. Northern New Energy Technology will provide 1) energy-related engineering and construction consultation services and new technology services to the abovementioned companies; 2) material and equipment trading and sales, including the sale of LNG tanks, carburetors, non-standard pressure regulators (products), heating pipes, heat exchangers, gas boilers and controlled electrical devices. In the future, the Group will provide additional contract engineering services, including the installation of LNG tanks, carburetors, non-standard pressure regulators (products) and gas boilers, as well as the construction of large-scale heating plants. Capitalizing on the joint venture's professional management team with ample experience in new energy technologies, as well as the extensive personnel network of the joint venture's partners in the PRC, the Group is well-positioned to develop its new energy business.
Mr. Hu Yishi, Executive Chairman and Executive Director of Northern New Energy, said, "The 'Thirteenth Five-Year Plan' is expected to achieve the goal of increasing the proportion of new energy in primary energy consumption, and we believe that the demand for new energy development in the future will bring abundant opportunities to the entire market. The cooperation with five engineering and construction companies engaging in new energy related businesses is an important step in the Group's venture into the new energy business, laying a solid foundation for the Group's future development. Given that the PRC government has actively implemented a series of policies related to environmental protection, energy saving, emission reduction, as well as measures encouraging the use of clean energy in place of polluting energy sources, it is believed that energy reforms will be accelerated. Looking ahead, we will continue to expand our presence and product chain in terms of the development and utilization of new energies by introducing products that are applicable in related fields. We will also monitor the market closely, allocate our resources flexibly and adapt appropriate measure decisively to reduce costs, expand income streams and ultimately enhance the economies of scale of our resources. To capture the growth momentum, we will adopt a highly efficient business model to develop the new energy business in a comprehensive and dynamic manner, which will certainly enhance the Group's income, creating greater returns for our shareholders."
Contact:
Strategic Financial Relations Limited
Heidi So +852 2864 4826 heidi.so@sprg.com.hk
Keris Leung +852 2864 4863 keris.leung@sprg.com.hk
Samantha Yeung +852 2114 4916 samantha.yeung@sprg.com.hk
Topic: Press release summary
Source: Northern New Energy Holdings Limited
Sectors: Daily Finance, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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