NF Energy Saving to invest in biomass gas supply project in China

Source: NF Energy Saving Corporation

NF Energy Saving Corporation, a leading energy saving services provider for China's power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, announced that the Company has signed an agreement with the Gaizhou municipal government's Gaizhou Gas Industry Company to jointly invest in the Gaizhou Biomass Gas Supply Project.

Construction for the Gaizhou Biomass Gas Supply Project is expected to take two years to complete. Once fully operational, the project is projected to generate revenue of up to RMB 96 million annually (approximately $14.1 million) and save 40,600 tons of standard coal per year. The total cost of the project is expected to amount to RMB 240 million (approximately $35.5 million). The two companies will split revenues generated from the project according to their respective investments, with NF Energy investing 62.2% of the capital required over a two-year time frame and Gaizhou Gas contributing the remaining 37.8%. NF Energy will be responsible for managing the project, including project design and construction.

Gaizhou Gas Industry Company is licensed by Gaizhou municipal government to exclusively provide the gas production within Gaizhou city.

"This project represents an important milestone in China's campaign to become more energy efficient and promote emission reductions," said Mr. Gang Li, NF Energy's Chief Executive Officer. "As a large agricultural country, China is rich in biomass raw material, including agricultural garbage and animal waste, with an estimated 5 billion tons nationwide. Furthermore, we expect the Chinese government to continue to provide preferential policies in the promotion of biomass energy development. As a leader in the energy saving and emission reduction industries, NF Energy is well positioned to capitalize on emerging opportunities in the near future in this fast-growing market."

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