China Energy Recovery Inc. (CGYV.OB) Awarded $4.47 Million Contract to Construct Sulfuric Acid Plant with Waste Heat Recovery System in China

In the company’s news yesterday,

China Energy Recovery Inc. announced it has been chosen to construct a sulfuric acid plant equipped with a waste heat recovery system for Tianjin Qinfa Chemical, a subsidiary of chemical producer Tianjin Bohai Chemical Group, one of the 200 Largest Companies in China.

The plant is expected to produce 200,000 tons of sulfuric acid a year, and will generate 29 tons of steam per hour from waste heat energy that is captured during the production process. A portion of the steam will be used to generate up to 3MW of electricity, and the rest will be used directly.

China Energy Recovery chairman and CEO Quinghuan Wu said the contract reflects wide-spread expansion strategies among industrial companies in China as they take advantage of the stimulus package and address environmental concerns.

“This is a good example of the recent developments in Chinese industries as a result of China’s economic stimulus package since late last year,” Wu stated in the press release. “We have seen that industrial companies in China are resuming their expansion plans and at the same time are paying more attention to energy efficiency and environmental issues in order to achieve sustained growth. We are also glad to see that more and more customers have recognized our strong engineering capabilities and been willing to engage us to undertake [Engineering, Procurement and Construction] EPC projects for them. This is expected to be a growth area for the company in the years to come.”

The project will enable Qinfa to fulfill its expansion strategy and efforts to boost production capacity and improve energy efficiency. This, in turn, will allow the company to reduce energy costs and meet environmental requirements. The company anticipates saving approximately 12,500 tons of coal equivalent and reducing carbon dioxide emissions by 33,000 tons.

The contract is valued at $4.47 million and is expected to be completed in May of 2010.

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