LLEN - L&L Energy, Inc. Enters New Energy Business Initiative in Beijing
Today : Monday 16 September 2013
SEATTLE, Sept. 16, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with a track record of profitable energy (coal) operations in China, announces that it has reached a strategic agreement with the China Low-Carbon Industry Investment Center ("CLCIIC"), a China national investment platform approved by the China State Council, to jointly develop new energy initiatives in Beijing City, China's national capitol.
China is one of the world's largest energy markets and accounts for more than half of worldwide coal consumption. CLCIIC was created with support from the (China) National Development Bank, and the National Development and Reform Commission ("NDRC"). L&L is the first US company to partner with CLCIIC to help it to fulfill its mission of environmental protection and energy savings.
In particular, CLCIIC has invited L&L to build new energy projects using low-carbon & new energy technology on CLCIIC's land located at an industrial park in Zhuozhou City, Hebei Province, approximately 30 miles from the center of Beijing City. One project plans to use advanced technology to convert waste and produce methanol blend gasoline. Other projects will address waste removal and incineration, sewage treatment, and the reduction of air pollution, in particular, the reduction of sulfur dioxide and nitrous oxide emissions in coal fired plants. In the future the flagship projects should be replicable to all 30 provinces in China. L&L used its wholly owned subsidiary, Repulse Bay Inc., to execute the Beijing agreement.
Managing Director of CLCIIC, Zhang ZouYu, commented, "I'm very pleased to work with L&L Energy, an outstanding US energy company with a fully committed management team to start this Beijing project." Mr. Zhang continued, "L&L's in-China experience will be critical to ensure a smooth operational jump start into our new and clean energy initiatives in Beijing. L&L can also help recruit additional US energy companies to help balance environmental protection, while meeting China's growing energy needs."
Dickson Lee, CEO of L&L Energy, Inc., commented: "With our hard work and preparation since 2012, and the recent opening of our Beijing office in 2013, we are excited to enter this partnership with CLCIIC, an energy investment arm of the China State Council. Together we will start our clean energy business in North China, while L&L also maintains its traditional energy (coal) operations in South China. We look forward to having profitable Beijing operations in the future."
