Recon Technology, Ltd enters into long-term cooperation agreement with Tianjin Anjie IoT Technology Co Ltd, provider of peak load balancing service for electric grid, to develop peak load balancing service for electric grid

BEIJING, November 9, 2022 /PRNewswire/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a China-based independent solution integrator in the fields of oilfield service and environmental protection, power and coal chemistry announced today that its subsidiary Qing Hai BHD New Energy Technology Co Ltd (“Qinghai BHD”) has signed an eight-year cooperation agreement with the power grid peak load balancing service provider Tianjin Anjie IoT Technology Co Ltd (“Tianjin Anjie”).

According to the agreement, Qinghai BHD and Tianjin Anjie will jointly leverage their business strength, capability, market resources and technical advantages to explore and develop business opportunities in peak load balancing services for power grid projects.

Qinghai BHD will use regional resources to work closely with Tianjin Anjie to develop and promote energy saving projects, enterprise contracts and technical advice of China northwest region.

Qinghai BHD will be responsible for customer development, promotion of Tianjin Anjie’s relevant technical services and subsequent technical consulting services. Tianjin Anjie will support Qinghai BHD’s marketing and promotion efforts, and provide political and technical support as needed to expand the market impact of the cooperation. Tianjin Anjie will also be responsible for training customers working with Qinghai BHD to ensure that customer needs are met and quality services are provided. He also oversees the accounting of all relevant documents, workflows, forms and billing records as per the agreement. Qinghai BHD will periodically charge Tianjin Anjie a service fee in accordance with the customer’s participation in the peak load shaving scheme as approved by the Northwest Power Grid Billing System.

Meanwhile, Tianjin Anjie has signed a peak load balancing contract with an enterprise customer in Tianjin Qinghai Province Providing services for the Company’s participation in the Northwest Power Grid billing system. The customer was developed by Qinghai BHD. Qinghai BHD and Tianjin Anjie also continue to develop other potential customers.

Management statement

Mister. Guangqiang ChenFounder and CTO of Recon, commented: “We are pleased to announce our long-term collaboration with Tianjin Anjie, a strong competitor in the field of peak load balancing services, providing a key solution for power grids to manage peak power consumption and deploy resources for optimized power distribution , while we have extensive resources from power-consuming companies Northwest China, such as companies focusing on the aluminum, steel and silicon business, whose annual electricity costs range from hundreds of millions to tens of billions of yuan, and in dire need of peak load shaving and energy saving. A long-term cooperation would help us seize the tremendous business opportunity led by of China Call to reduce enterprise energy consumption and improve energy consumption efficiency and achieve of China political goal of saving energy and reducing emissions.”

“Recon has a deep understanding of of China Energy industry, including the power industry, and we will continue to improve the company’s product line and improve our overall competitiveness by delving deeper into the needs of our customers. The solutions we put in place can help these businesses save around 5% to 8% on their annual electricity bills. In addition, we can further guide these companies to use green energy. The company believes that quality service must become a proactive, ongoing performance engineering discipline. Our services are tailored to different users, and our partnership with Tianjin Anjie will help us expand access to more potential customers to provide a scalable, shared infrastructure that will help build an ecosystem that will fuel our business performance growth becomes.”

About Recon Technology, Ltd (“RCON”)

Recon Technology, Ltd (NASDAQ: RCON) is of the People’s Republic of China first NASDAQ-listed non-governmental oil and gas field services company. Recon supplies of China largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures to increase oil production, reduce contamination and reduce production costs. Over the years, RCON has held leading positions in several segmented markets of the oil and gas industry. RCON has also developed stable long-term cooperative relationships with its major customers. For more information, please visit: http://www.recon.cn/.

Forward-Looking Statements

Recon contains “forward-looking statements” within the meaning of the federal securities laws in this press release. A reader can identify forward-looking statements by the fact that they are not limited to historical facts or words such as “planned”, “may”, “will”, “could”, “should”, “would”, “expect”, “believe” , “anticipate”, “project”, “plan”, “estimate”, “forecast”, “goal”, “objective”, “committed”, “intend”, “continue” or “is likely to result,” and similar expressions that reflect Recon’s strategy, plans, intentions or beliefs regarding future events or results. Forward-looking statements are subject to risks, uncertainties and other factors, which are subject to change at any time and could cause actual results to differ materially from those of Recon Many of these statements are derived from Recon’s operating budgets and forecasts, which are based on many of the detailed assumptions that Recon believes to be reasonable, or various assumptions about specific plans, activities or Events that we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in light of those risks, uncertainties and other factors, including the factors identified under “Risk Factors” in Recon’s most recent annual report on Form 20-F and all subsequent semi-annual financial reports on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that the results or developments anticipated by Recon will be realized or, even if materially realized, that they will result in or affect Recon or its business in the manner Recon anticipates. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date they are made, except as required by law. Because of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements contained herein or made elsewhere from time to time by or on behalf of Recon.

For more information, please contact:

company
MS. Liu Jia
CFO
Reconnaissance Technology, Ltd
Telephone: +86 (10) 8494-5799
E-mail: [email protected]

Investor Relations
Janice Wang
Wealth Financial Services LLC
Telephone: +86 13811768559
+1 628 283 9214
E-mail: [email protected]

SOURCE Recon Technology, Ltd

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