BEIJING, Feb. 27,
2023 /PRNewswire/ -- Recon Technology, Ltd
(NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator
in the oilfield service and environmental protection, electric
power and coal chemical industries, today announced that a mainland
China variable interest entity's
subsidiary, Nanjing Recon Technology Co. ("Nanjing Recon"), has
achieved preliminary progress on the research and development
("R&D") of a new energy-efficient electric pump that is being
conducted at some oilfield sites in China.
The R&D work on the new energy-efficient electric pump
commenced on September 2021 Through
18 months of on-site testing, the lab data shows the R&D work
has achieved initial experimental results. Electric pumps in
oilfield use a lot of energy, signifying great market potential for
energy-efficient upgrading. Direct-drive permanent magnet
synchronous motor are used as electric pumps in the oilfield water
injection process, which are significantly more efficient than the
conventional three-drive motors. The model can save electricity by
more than 12% compared to the traditional energy-saving practices
that may only help save about 5% of the electricity used. The
Company expects to launch sale of the new electric pumps in the
second half of this year.
Mr. Shenping Yin, Founder and CEO
of Recon commented: "We are excited to announce preliminary
progress in the R&D work of our new electric pumps after a few
months of testing. Each machine is expected to help save
electricity expenses by RMB100,000
yuan (or US$14,000) per year. The
oilfield company we launched the R&D project with has about
1,500 water pumps and is highly motivated to upgrade to more energy
efficient pumps. The new energy efficient
pumps meet a big demand from large-scale oilfields to operate more
efficiently and that forms an integral part of their energy
conservation and emission reduction strategies. We expect to
set the price of our new electric pump at hundreds of thousands of
RMB (or about US$58,000) per unit and
we are also in talks with some prospective clients and anticipate
receiving about 20 to 30 orders in 2023."
Forward-Looking Statements
Recon includes "forward-looking statements" within the meaning
of the federal securities laws throughout this press release. A
reader can identify forward-looking statements because they are not
limited to historical fact or they use words such as "scheduled,"
"may," "will," "could," "should," "would," "expect," "believe,"
"anticipate," "project," "plan," "estimate," "forecast," "goal,"
"objective," "committed," "intend," "continue," or "will likely
result," and similar expressions that concern Recon's strategy,
plans, intentions or beliefs about future occurrences or results.
Forward-looking statements are subject to risks, uncertainties and
other factors that may change at any time and may cause actual
results to differ materially from those that Recon expected. Many
of these statements are derived from Recon's operating budgets and
forecasts, which are based on many detailed assumptions that Recon
believes are reasonable, or are based on various assumptions about
certain plans, activities or events which 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
the context of these risks, uncertainties and other factors,
including those factors disclosed under "Risk Factors" in Recon's
most recent Annual Report on Form 20-F and any subsequent half-year
financial filings 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 it will realize the results or
developments Recon anticipates, or, even if substantially realized,
that they will result in the consequences or affect Recon or its
operations in the way Recon expects. 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 arising after the date on which they were made,
except as otherwise required by law. As a result of these risks and
uncertainties, readers are cautioned not to place undue reliance on
any forward-looking statements included herein or that may be made
elsewhere from time to time by, or on behalf of, Recon.
For more information, please contact:
Company
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: info@recon.cn
Investor Relations
Janice Wang
Wealth Financial Services LLC
Phone: +86 13811768559
+1 628 283 9214
Email: services@wealthfsllc.com
View original
content:https://www.prnewswire.com/news-releases/recon-announces-progress-on-the-research-and-development-of-new-energy-efficient-electric-pump-301756241.html
SOURCE Recon Technology, Ltd