Andatee China Marine Fuel(NASDAQ:AMCF)($2.58) – a leading independent operator engaged in the production, storage, distribution, trading of blended marine fuel oil for cargo and fishing vessels, as well as research and development of clean energy solution in China, today announced
that its recently acquired subsidiary, Qingdao Grand New Energy Co., Ltd. (“Qingdao Grand”), a clean energy solution provider, entered into an Energy Performance Contracting (EPC) agreement with Qinghai Sensheng Salt Mining Co., Ltd. (“Qinghai Sensheng”). Qingdao Grand will provide a complete set of pneumatic water-pump system, developed by Qingdao Grand based on its patented clean energy technologies, to help with Qinghai Sensheng’s saline lake mine development. This is the first clean energy EPC project that AMCF signed since it acquired Qingdao Grand in May 2014.
Mr. Wang Hao, Chairman and CEO of AMCF, commented,
“We are delighted to sign this 10-year contract with Qinghai Sensheng after our recent acquisition of Qingdao Grand. It is a significant milestone for us in the exploration and development of the clean energy application segment. The self-developed pneumatic water-pump system is centered around our proprietary air compression and storage technology. Our technology not only provides safe and clean energy solution with zero emission, but also allows our customers to cut operation costs as well as improve efficiency. We believe that our technology can be used in many areas, such as pneumatic oil-pump system, farmland irrigation system and distributed electricity power generation system.” Mr. Wang concluded, “We hope this cooperation with Qinghai Sensheng is just the beginning of many more contracts of this nature with our potential clients. I also believe that the management’s decision to expand into clean technology space will generate consistent and long-term benefits for our shareholders.”