CREG - China Recycling Energy to acquire Xi'an Taiying Energy Saving Technology

China Recycling Energy's ([[CREG]] +5.4%) subsidiary Shanghai TCH Energy Technology has entered into an agreement to acquire Xi’an Taiying Energy Saving Technology for a combination of cash and shares of CREG.Taiying vertically integrates the industrial chain and manufactures energy storage core components such as lithium battery modules, battery PACK, battery management system and energy management system."Financial terms of the transaction were not disclosed."We are excited about the opportunity to acquire Taiying. At a time when the development of pure electric vehicles and energy storage of new energy is thriving, Taiying has taken a leading role in completing the integration of the industrial chain and is capable of manufacturing products and investing and operating energy storage projects," says Chairman Guohua Ku.So far, Taiying has signed contracts and orders from prospective customers of nearly RMB 1B (over $150M ).

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China Recycling Energy to acquire Xi’an Taiying Energy Saving Technology