CREG Smart Power Corporation

China Recycling Energy Corporation (NASDAQ: CREG) ("CREG" or "the Company"), an industrial waste-to-energy solution provider in China, today announced a meeting at its headquarter in Xi’an with Contemporary Amperex Technology Company Limited (SHE: 300750) (“CATL”), the world's third largest provider of electric vehicle and storage battery solutions behind Panasonic (Sanyo) and BYD.

At the meeting, management from both CREG and CATL discussed and exchange views of the market potential, product positioning, market development, business strategy and potential collaboration by the two companies. In addition, CATL shared its vision in energy storage sector, which has been a key growth driver of CATL’s business and is the only high growth segment experienced by CATL during the COVID-19 pandemic this year. General manager of CATL’s storage battery business unit expressed their interest to work with CREG on a global scale.

“We are very pleased with our productive meeting with CATL,” stated Mr. Guohua Ku, Chairman and CEO of the Company. “More importantly, our shared vision in energy storage industry will pave a path to a potential and close collaboration to address the tremendous market demand and enable us to serve our customers with a cleaner, smarter and more efficient energy solution”

About China Recycling Energy Corp.

China Recycling Energy Corporation (Nasdaq: CREG) ("CREG" or "the Company") is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1 percent of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The management and engineering teams have over 20 years of experience in industrial energy recovery in China.

About Contemporary Amperex Technology Company Limited

Founded in 2011, CATL specializes in the manufacturing of lithium-ion batteries for electric vehicles and energy storage systems, as well as battery management systems (BMS).It is headquartered in Ningde, Fujian Province and operates manufacturing bases in Ningde, Qinghai and Liyang in China. Its three main R&D centers are based in Ningde, Shanghai and Berlin. Based on annual shipments, CATL is the world's third largest provider of EV, HEV and PHEV battery solutions behind Panasonic (Sanyo) and BYD. The company aims to have a global lithium-ion production capacity of 50 GWh by 2020.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of CREG and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, but not limited to, the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions relating to the registered direct offering and those discussed in the Company's annual and periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations Inquiries:Vivian Chenvivianchen@irimpact.com

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