China Energy Savings Signs Letter of Intent for PEMFC Investment
20 October 2005 - 1:01AM
PR Newswire (US)
HONG KONG, Oct. 19 /Xinhua-PRNewswire/ -- China Energy Savings
Technology, Inc. (NASDAQ:CESV), a leading provider of energy saving
products in China, announced today it has signed a Letter of Intent
for a PEMFC Project with Beijing Century Fuyuan Fuel Cell Ltd.
("Beijing Fuyuan"). Beijing LN owns 10 patents governing Proton
Exchange Membrane Fuel Cell technology (PEMFC). Aside from PEMFC,
Beijing Fuyuan also owns the intellectual property surrounding 21
additional related technologies, including the ability to
manufacture fuel cells and crafts and special equipment. To date,
Beijing Fuyuan has developed over 10 types of hydrogen fuel
generators with its cutting-edge technology. These generators have
been tested and proved to be applicable to three kinds of
hydrogen-fuel motors vehicles. China has made the first step
towards using environmental protection fuel for transportation.
These products are currently being marketed in China, Japan, Europe
and the US. As a result of the cooperation between Beijing Fuyuan
and China Energy Savings, marketing efforts will be increased in
North America. The Company plans to sign the definitive agreement
with Beijing Fuyuan within three months to form a cooperative
company. China Energy Savings Technology shall invest capital
whilst Beijing Fuyuan shall provide their patented technology. The
two parties will cooperate to manufacture hydrogen fuel cell
generators to meet the increasing demand for low cost and high
effect fuel generators. Beijing Fuyuan has invested, installed and
tested the first PEMFC production line capable of annual production
of 50,000 sq. meters. The fuel cell technology consists of 4 types
of cell piles ranging from 50W to 50Kw. The most commonly used
hydrogen cells are 100W, 150W, 200W, 500W, 1KW, 3KW, 5KW, 10KW,
20KW, 30KW, 5KW, all widely used throughout China for both large-
scale and small power generation. The technology is currently begin
used by the Beijing government in various research projects such as
the "Beijing Scientific and Technology Plan 863," a program to put
fuel cells into motor vehicles through which the fuel cell can
generate up to 50KW of fuel. Currently, there are three brand new
models of fuel cell limousines and sedans that have been developed.
The models have been well received by consumers in trials. While
well-established in China, Beijing Fuyuan is still new to the
international markets. Nonetheless, it has started building
business relationships by forming strategic alliances with
companies and customers from around the globe. Beijing Fuyuan has
established a stable market in Japan and has begun to penetrate the
US, Australia and Europe, etc. The Company plans to apply the
technology to the 2008 Olympic Games in Beijing. The fuel cell will
be used for power generation and standby generation for portion of
arenas where The Games will be held and for empowering fuel cell
cars and safety cars. Sun Li, Chairman and CEO of China Energy
Savings Technology, "The emergence of fuel cell marks the new
direction of two sectors, namely, energy and transportation.
According to tests, a PEMFC electric car can help protect the
environment by replacing diesel in public transportation to help
reduce consumption of oil and further reduce the green house effect
created by the emission of coal gas from motor vehicles. It has
been proved that each PEMFC car can reduce the consumption of as
much as 11 tons of coal gas per year. Examples of reduction of CFC
emission can be found in three of the models of PEMFC and the
reduction in Kg, namely NOX: 80Kg, CO: 75Kg, RTHC: 62Kg. Car makers
are competing to develop fuel cell technology for their products.
It is expected that these types of new cars will become very
popular in the next 2 to 4 years. Experts expect the global market
for PEMFC to reach $3 billion and even exceed $10 billion by the
year 2007We are doing our very best to move one step ahead of our
peers into this new market to increase profits, contribute to
environmental protection as well as to help solve the energy
crisis." About China Energy Savings Technology China Energy Savings
Technology, Inc., through its ownership interest in Starway
Management Limited engages in the development, manufacture, sale,
and distribution of energy-saving products for use in commercial
and industrial settings in the People's Republic of China.
According to test reports by various PRC authorities including the
National Center of Supervision & Inspection on Electric Light
Source Quality (Shanghai) issued in September 2002, Shenzhen
Academy of Metrology & Quality Inspection issued in December
2002 and approved by the State Quality Supervision Inspection
Department, the energy saving products of Starway's subsidiaries
may provide energy saving rates ranging from approximately 25% to
45%. The energy saving projects conducted by Starway's subsidiaries
mostly relate to public or street lighting systems, government
administration units, shopping malls, supermarkets, restaurants,
factories and oil fields, etc. There are small and large-scaled
projects: the small-scaled projects relate to restaurants, shops,
small arcades, offices and households through the sale of
equipment, and the large- scaled projects relate to large shopping
malls, supermarkets, factories and public bodies through the
provision and installation of equipment over a term usually
extended for years. Safe Harbor Statement As a cautionary note to
investors, certain matters discussed in this press release may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve
risks and uncertainties that may cause actual results to differ
materially, including the following: changes in economic
conditions; general competitive factors; the Company's ability to
execute its business model and strategic plans; and the risks
described from time to time in the Company's SEC filings. Contact:
Ed Lewis CEOcast, Inc. for China Energy Savings Technology (212)
732-4300 or Trevor Blank First Global Media Email: Telephone: (480)
902-3110 DATASOURCE: China Energy Savings Technology, Inc. CONTACT:
Ed Lewis, CEOcast, Inc., +1-212-732-4300, , for China Energy
Savings Technology; Trevor Blank, First Global Media, ,
+1-480-902-3110, for China Energy Savings Technology, Inc.
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