PINGDINGSHAN, China, Nov. 24, 2015 (GLOBE NEWSWIRE) -- Hongli Clean Energy Technologies Corp. (NASDAQ:CETC) ("Hongli" or the "Company"), a vertically integrated producer of clean energy products located in Henan Province, today announced that it has discontinued its coking business by terminating the coke producing agreement with Pingdingshan Hongfengxuanmei Coking and Chemical Company on November 20, 2015. The coke inventory will be used for producing syngas. The management has fully considered the risk and expected the coke demand will continue to slide due to the soft steel industry in China.
In the meanwhile, CETC will be more laser-focused on developing, manufacturing and commercializing its clean tech energy products by leveraging its existing technologies and infrastructure. The Company’s first clean tech product, “Syngas” has gained its market reputation with its price sustained at RMB 0.67 per cubic meter while natural gas price reduced to RMB 0.7 per cubic meter.
As previously announced, CETC will employ the Pressure Swing Adsorption ("PSA") process to separate hydrogen from syngas. The hydrogen will be purified, including quality in excess of 99.96% purity, a production quantity of 12,000 cubic meters per hour, an anticipated market price of RMB 1.35 per cubic meter, cost of RMB 0.85 per cubic meter, and gross profit of 40.7%. The product can be broadly used as a raw material in hydrogen fuel cell and petrochemical synthesis industry, and transported through tankers reaching a distance as far as 500 kilometers. Additionally, the Company will employ the Cryogenic Separation Technology to separate clean energy such as ING.
The Company’s introductory UCG project is currently under the testing phase and the syngas generated from this project will also be applied with aforementioned technologies to further increase the value. As we continue focusing on technological innovation, we will become a well-respected clean tech energy company.
About Hongli Clean Energy Technologies Corp.
Previously known as SinoCoking Coal and Coke Chemical Industries, Inc., Hongli Clean Energy Technologies Corp. ("Hongli" or the "Company") is a Florida corporation and an emerging producer of clean energy products located in Pingdingshan City, Henan Province, China. The Company has historically been a vertically-integrated coal and coke processor of basic and value-added coal products for steel manufacturers, power generators, and various industrial users. The Company has been producing metallurgical coke since 2002, and acts as a key supplier to regional steel producers in central China. The Company also produces and supplies thermal coal to its customers in central China. The Company currently owns its assets and conducts its operations through its subsidiaries, Top Favour Limited and Pingdingshan Hongyuan Energy Science and Technology Development Co., Ltd., and its affiliated companies, Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd., Baofeng Coking Factory, Baofeng Hongchang Coal Co., Ltd., Baofeng Hongguang Environment Protection Electricity Generating Co., Ltd., Zhonghong Energy Investment Company, Henan Hongyuan Coal Seam Gas Engineering Technology Co., Ltd., Baofeng Shuangri Coal Mining Co., Ltd., and Baofeng Xingsheng Coal Mining Co., Ltd.
For additional information on the Company, please go to http://www.scokchina.com or refer to the company's periodic reports filed with the Securities and Exchange Commission (http://www.scokchina.com/sec-filings.html). Investors wishing to receive the Company's corporate communications as they become available may go to the company's Investor Relations site (http://www.scokchina.com/corporate-overview.html) and register under Email Alerts.
Also, investors may submit questions directly to Mr. Lv and his staff to receive non-confidential information about the company's operations and products at the company's "Ask Management" blog (http://www.scokchina.com/ask-management.html).
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
Source:Hongli Clean Energy Technologies Corp.