CREG signs LOI to acquire 20% ownership of ’an nhuan Energy

Sep. 4, 2018 12:13 PM ET|By: Akanksha Bakshi, SA News Editor

China Recycling Energy (CREG +9.8%) announced that its subsidiary Shanghai TCH Energy Technology has entered into a Letter of Intention with a shareholder of ’an nhuan Energy to acquire 20% ownership of nhuan by issuing new shares of CREG.

nhuan provides the standard module energy storage system of MW-level "reserving - storing - supplying".

“With this acquisition of minority position of and cooperation with nhuan, we plan to quickly grow our energy storage business and take the market shares in the energy storage industry, which will bring new sources of revenues to the Company and benefit the environment", commented Mr. Ku, Chairman, CREG.