Shanghai TCH Energy Technology Co., Ltd was founded May 2004, the company acquired a U.S. public company CHDW.OB and changed its name to China Recycling Energy Corporation (CREG.OB) in April 2007
We originally began operations as a Colorado corporation known as Boulder Brewing Company, or Boulder Brewing. We were incorporated in Colorado on May 8, 1980 and operated as a microbrewery of various beers. Boulder Brewing became dormant without any operations or assets in the second quarter of 1990.
In September 2001, Boulder Brewing changed its state of incorporation from Colorado to Nevada and changed its name to Boulder Acquisitions, Inc., or Boulder Acquisitions. From the date of reincorporation until June 23, 2004, Boulder Acquisitions had no material operations or assets.
On June 23, 2004, we completed a stock exchange transaction with the stockholders of Sifang Holdings Co., Ltd. (“Sifang Holdings”). The exchange was consummated under Nevada and Cayman Islands law pursuant to the terms of a Securities Exchange Agreement dated as of June 23, 2004 by and among Boulder Acquisitions, Sifang Holdings and the stockholders of Sifang Holdings.
Effective August 6, 2004, we changed our name from Boulder Acquisitions, Inc. to China Digital Wireless, Inc. From August 2004 to December 2006, we primarily engaged in the business of pager and mobile phone distribution and provided value added information services to customers in the PRC. We gradually phased out and substantially scaled down most of the business of mobile phone distribution and provision of pager and mobile phone value-added information services, and on May 10, 2007, the Company approved and announced that it completely ceased and discontinued these businesses.
In December 2006, we began to engage in business activities in the energy saving and recycling industry, including purchasing certain equipment, devices, hardware and software for the construction and installation of TRT systems and other renewable energy products.
On March 8, 2007, we changed our name from China Digital Wireless, Inc. to China Recycling Energy Corporation.
In May 2004, Shanghai TCH was established as a foreign investment enterprise in Shanghai.
In November 2007, Xi’an TCH Energy Technology Co., Ltd was established in Xi’an, ShaanxiProvince .
In November 2007, Shanghai TCH Energy Technology Co., Ltd. acquired Xingtai Huaxin Energy Tech Co., Ltd.
In November 2007, Carlyle Group made an investment in CREG through its Asia Funds, and becoming the second largest shareholder of CREG.
In April 2009, Erdos TCH Energy Saving and Development Co., Ltd, a joint venture between Xi’an TCH and Erdos Metallurgy Company, was established.
In April 2009, Xi’an TCH was approved by the State as a high-tech enterprise.
In December 2009, Beijing International Trust Co., Ltd, launched a ”Low Carbon Fortune Energy Recycling No. 1 Collective Capital Trust Plan” for Erdos TCH and raised funds of RMB 300 million in trust loans.
In March 2010, CREG was successfully listed on the NASDAQ Global Market.
In May 2010, CREG and Norway signed a cooperation agreement about energy saving and environmental protection.
In August 2010, CREG and China Cinda Asset Management Co. Ltd., one of China’s largest centrally-administered assets management companies and the most fully-licensed financial institutions, announced a strategic cooperation agreement for three-year exclusive support in business development and funding engagement of RMB 200 million worth in total, marking Cinda to become the 3rd largest shareholder of CREG on fully-diluted stock base.
On June 25, 2013, Xi’an TCH and Hongyuan Huifu Venture Capital Co. Ltd (“Hongyuan Huifu”) jointly established Hongyuan Recycling Energy Investment Management Beijing Co., Ltd (the ”Fund Management Company”) with registered capital of RMB 10 million. Xi’an TCH made an initial capital contribution of RMB 4 million ($650,000) and has a 40% ownership interest in the Fund Management Company. With respect to the Fund Management Company, voting rights and dividend rights are allocated 80% and 20% between Hongyuan Huifu and Xi’an TCH, respectively.
On February 17, 2014, Xi’an TCH entered into a trust loan agreement with Zhongrong International Trust Co., Ltd (“ZRIT”), for Xi’an TCH to borrow RMB 150 million ($24.5 million) for the CDQ system and the CDQ Waste Heat Power Generation Project with Xuzhou Zhongtai Energy Technology Co., Ltd. (the “Zhongtai Project”). ZRIT will set up a Zhongrong-Green Recycling Energy Collective Capital Trust Plan No. 1 (the “Trust Plan No. 1”) to raise money and loan the proceeds to Xi’an TCH for the Zhongtai Project (the “Zhongtai Loan”).