BEIJING, July 3, 2023 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") announced today that Recon Hengda Technology (Beijing) Co., Ltd. ("Recon BJ"), a domestic subsidiary of Recon, has entered into a strategic partnership with Changxia Digital Energy Technology (Hubei) Co., Ltd. ("Changxia Digital Energy"), an affiliate of China Three Gorges Corporation (CTG), a clean energy group focused on large-scale hydropower development and operation. This collaboration exemplifies Recon's commitment to forging alliances with industry leaders to drive innovation and promote sustainable development in the petroleum and petrochemical sectors.
Changxia Digital Energy is a leading energy management service company. With expertise in various new energy investments, constructions, operations, and maintenance, Changxia Digital Energy specializes in solar power generation, wind power generation, distributed power stations, and virtual power plants.
Both Recon BJ and Changxia Digital Energy recognize the immense potential of leveraging gas station resources to make full use of the existing settings and scenarios of gas stations to upgrade them to provide charging and other services to more non-oil vehicle owners. As part of the partnership, they will implement customized solutions based on the targeted gas stations' local conditions of location, available area of the gas station, equipment layout, etc., such as distributed photovoltaics ("PV"), PV-to-electric vehicle charging, and integrated solar storage systems. They aim to build an intelligent energy service platform that spans regions, features broad distribution, and promotes multi-energy synergy. This platform will play an important role in facilitating the transition to clean and sustainable energy.
Changxia Digital Energy's affiliation with CTG strengthens its expertise and reputation in the industry. This collaboration will provide innovative solutions to meet the evolving needs of the petroleum and petrochemical industry.
Mr. Shenping Yin, CEO of Recon, remarked: "We are thrilled to join forces with Changxia Digital Energy. This strategic partnership positions Recon at the forefront of the clean energy transition in the petroleum and petrochemical industry. By combining our technological expertise and Changxia Digital Energy's strong affiliation, we are confident in our ability to drive sustainable development and make significant contributions to a greener future."
The collaboration will focus on several key areas, including distributed/centralized PV, PV-to-electric vehicle charging, energy storage, multi-energy microgrids, hydrogen-electric integration, load aggregation, virtual power plants, and piloting electricity and carbon trading markets. By combining Recon's resources within the petroleum system with Changxia Digital Energy's expertise in new energy investment, construction, and operation, the partnership aims to create intelligent energy service platforms that seamlessly integrate oil, gas, electricity and hydrogen.
Following the signing of this agreement, the joint projects between Recon BJ and Changxia Digital Energy will be determined through independent proposals and agreements. Once confirmed, the joint ventures will be further memorialized in writing prior to the commencement of such joint ventures. Designated project managers from each party will be responsible for the project formulation, implementation, and communication to ensure efficient progress and effective cooperation.
Mr. Yin further remarked: "Recon is excited about this strategic partnership with Changxia Digital Energy, and remains committed to driving innovation and contributing to the green energy transformation of the petroleum and petrochemical industry."
About Recon Technology, Ltd ("RCON")
Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China's largest oil exploration companies, China Petroleum & Chemical Corporation ("Sinopec") and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/.
Forward-Looking Statements
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