FGS Helps Vehicle Owners Achieve Carbon Neutrality for Refueling in Gas Stations

Rhea-AI Summary

On January 24, 2022, Recon Technology Limited announced that its subsidiary, Future Gas Station Technology Ltd., has launched the Carbon Neutral Box (CNB), enabling vehicle owners to achieve carbon neutrality based on refueling activities. Launched on January 18, 2022, 289 users have utilized the service, offsetting 23.57 tons of CO₂. With 110,000 gas stations in China generating significant carbon emissions, this initiative represents a pivotal low-carbon consumption effort. The program aims to promote low-carbon product consumption and empower gas stations with innovative operational tools.

Positive

• Introduction of the Carbon Neutral Box (CNB), promoting low-carbon efforts.
• 289 users have already engaged with the CNB, offsetting 23.57 tons of CO₂.
• Addresses a significant carbon emissions challenge in China's transportation sector.

Negative

• None.

BEIJING, Jan. 24, 2022 /PRNewswire/ -- Recon Technology Limited ("Recon" or the "Company") today announced that Future Gas Station (Beijing) Technology Ltd. ("FGS"), a mainland China variable interest entity's subsidiary connected to the Company and a technology service vendor, has assisted a China-based oil sale company in launching a new product named "Carbon Neutral Box", also known as "CNB". The CNB is a consumer-side carbon inclusive mini program that enables vehicle owners for the first time achieve carbon neutrality based on the driver's refueling activities at gas stations served by FGS. This is a meaningful attempt to empower the low-carbon operations of gas stations, to help vehicle owners practice low-carbon consumption, and to promote low-carbon product consumption.­­­­­­­­­­

After refueling at a gas station, vehicle owners can automatically purchase carbon emission indicators based on the refueling volume through the CNB function on the "DT Fuel" phone mini program and obtain an electronic verification certification provided by the Bureau Veritas Certification (Beijing branch). In addition, vehicle owners may also achieve carbon neutrality by purchasing low-carbon commodities from the online store in CNB mini program.

­­­­­­­­­­­Management­­ Statement

­­­­­­­­Mr. Song Yang, founder of FGS, said, "Previously, there was no consumer-based carbon neutrality certificates issued in China. Since the feature went live on January 18, 2022, 289 vehicle owners have been provided with carbon neutral fueling services and verified certifications at the East Central Road gas station, and have offsetted a total of  23.57 tons of CO₂ to date. We are pleased to continue our work with a major oil sale company again in jointly launching a consumption-side based carbon neutral solution for gas stations, and proposing an effective solution to drive carbon reduction in the energy sector. This is not only a new business investment for FGS, but also a demonstration of our comprehensive product capability as a technology services company.

Mr. Song continued, " In China, 110,000 gas stations served 27 million vehicle owners every day and generated fuel carbon emissions of 2.2 million tons of CO₂ per day, with the cumulative annual carbon emissions from oil combustion of 800 million tons of CO₂. This accounted for 8.1% of the total carbon emissions in China. It is a major challenge as well as a great opportunity to encourage car owners to join in the low-carbon consumption behavior by reasonably quantifying their energy-saving and carbon-reducing behavior through a new technology platform and introducing attractive incentive mechanisms, such as launching targeted low-carbon consumption promotions and selling low-carbon products. By empowering gas stations with more and more real-time tools for data-based operations and helping gas stations achieve low-carbon operations and fully exploiting the carbon reduction potential on the consumption side, we can not only better help our customers fulfill their corporate missions and help them innovate to meet social needs and fulfill their corporate social responsibility, but also enhance their recognition of and reliance on FGS's solutions and further improve our profit model and development potential".

About Recon Technology, Ltd.

Recon Technology, Ltd (NASDAQ: RCON) is China's first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and CNPC with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, Recon has taken leading positions on several segmented markets of the oil and gas filed service industry. Recon also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For additional information please visit: www.recon.cn.

For more information, please contact:

Ms. Jia Liu
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: info@recon.cn

View original content:https://www.prnewswire.com/news-releases/fgs-helps-vehicle-owners-achieve-carbon-neutrality-for-refueling-in-gas-stations-301466388.html

SOURCE Recon Technology, Ltd.

FAQ

What is the Carbon Neutral Box launched by Recon Technology Limited?

The Carbon Neutral Box (CNB) allows vehicle owners to achieve carbon neutrality based on their refueling activities.

When was the Carbon Neutral Box feature launched?

The Carbon Neutral Box was launched on January 18, 2022.

How many vehicle owners have utilized the CNB service?

As of the announcement, 289 vehicle owners have utilized the CNB service.

How much CO2 has been offset through the Carbon Neutral Box?

The users have offset a total of 23.57 tons of CO2 to date.

What impact does the CNB have on carbon emissions in China?

The CNB addresses a significant challenge, as 110,000 gas stations in China generate 2.2 million tons of CO2 emissions daily.