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NF Energy Saving Corporation Dramatically Expands General Electric Alliance with Four Additional Energy Saving BOT Projects
-- Four energy saving BOT projects expected to generate annual US GAAP revenue in excess of $10 million
-- NF Energy signed Strategic Cooperation Agreement with GE Enterprise Development (Shanghai) Co. LTD ("GE") in July 2009
Press Release Source: NF Energy Saving Corporation On Tuesday December 15, 2009, 8:30 am EST
SHENYANG, China, Dec. 15 /PRNewswire-Asia/ -- NF Energy Saving Corporation (OTC Bulletin Board: NFEC; "NF Energy"), a Chinese leader in providing integrated energy conservation solutions, today announced it has expanded its cooperation agreement with GE to include four energy saving (Build Operate Transfer) BOT projects based on the Strategic Cooperation Agreement signed in July 2009. Upon completion, the four energy saving BOT projects are expected to generate annual US GAAP revenue in excess of $10 million.
The four energy saving BOT projects include:
-- A blast-furnace gas power generation project for a large iron and steel
group, of which, the annual production capacity is 8 million tons of
steel;
-- A cow manure power generation project;
-- A chicken manure power generation project;
-- A pig manure power generation project.
GE will provide advanced technology as well as supply power generation equipment to NF Energy. The total investment of the projects is approximately $16.2 million. The construction period is expected to last six months and operation period will be between 8-20 years.
Mr. Li Gang, Chairman and CEO of NF Energy, commented, "We believe expanding our relationship with GE on energy saving projects in China further highlights the value of our product and service offerings. Additionally, these projects will not only generate significant economic returns, but also result in improved environmental benefits."
