BEIJING, Aug. 27, 2014 (GLOBE NEWSWIRE) -- Andatee China Marine Fuel Service Corporation (Nasdaq:AMCF) ("AMCF" or "the Company"), 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.
The Qinghai Sensheng saline lake mining project is located in a remote area of Qinghai province in China. There is no power grid available in the mining area. The self-developed pneumatic water-pump system from Qingdao Grand utilizes available alternative energy resources, such as solar and wind energy to generate the compressed air which can be used to power mining equipment. This EPC project, which requires a total investment of approximately US $330,000, has an initial term of 10 years with an option to extend if the project goes well. The construction period of the project is around two months, and when complete, it will produce no less than 3 million cubic meters (approximately 792 million gallons) of extraction water every year. The Company expects the payback period of the project to be around 3 years. The pneumatic water-pump system has been demonstrated to be safe, clean, low consumption and zero emission during the operation. The project is expected to be an effective means for Qinghai Sensheng to improve the efficiency and cut the cost during the production.
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."
About Andatee China Marine Fuel Services Corporation, Inc.
Andatee China Marine Fuel Services Corporation, through its subsidiaries, engages in the production, storage, distribution, and trading of blended marine fuel oil for cargo and fishing vessels, as well as research and development of clean energy solution in the People's Republic of China. It also produces customer specific products using its proprietary blending technology. The company sells its products through distributors to retail customers in Tianjin City, Liaoning, Shandong, Jiangsu, and Zhejiang Provinces. Andatee China Marine Fuel Services Corporation is based in Dalian, the People's Republic of China.
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