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NF Energy Saving Corp. (NFEC.OB) Inks Contract with HF Bio-energy to Achieve 800-household Renewable Energy Project in China

|Includes: NF Energy Saving Corp. (NFEC)

NF Energy Saving Corp. provides energy saving services in China for the power, petrochemical, coal, metallurgy, construction and municipal infrastructure development industries. The company announced today it has entered into a work contract for an energy saving project with Fuxin HF Bio-energy Development Company, a company focused on biotechnologies that transform traditional small coal-fired plants to bio-powered plants for heat and power sources.

Per the agreement, NF Energy will provide technical consultancy and project design, including equipment set up and testing. The main objective of the project is to develop bio-fuels to replace coal-powered energy sources, thereby reducing coal utilization by 15,000 tons per year.

The companies aim to achieve this goal through participation of 800 households in the Fuxin Mongolian Autonomous County of Liaoning province China, in which NF Energy and HF Bio-Energy will upgrade current energy systems into a clean energy source.

Gang Li, NF Energy’s CEO, said the project is a milestone for NF Energy as it extends its reach into the bio-energy industry for the first time.

“We are excited about this project as it represents the first opportunity for NF Energy to expand its business in the bio-energy industry,” Li stated in the press release. “With great support by the Chinese government on the use of renewable energy and energy conservation, NF Energy will continue to explore opportunities in this space, further diversifying our business mix.”

NF Energy said it expects the project to generate revenue of USD $882,000, which will be recorded in the fourth quarter of 2010.

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