Recon Announces its Strategic Transformation Plan to Enter Renewable Energy Sector
On May 18, 2021, Recon Technology, Ltd (NASDAQ: RCON) announced its strategic shift into the renewable energy sector. The company's board plans to explore technologies such as energy storage, micro-grid, and blockchain-based energy trading to meet global climate goals. Anticipating a multi-trillion dollar investment in emission reductions, RCON aims to acquire relevant technology firms and enhance its existing FGS platform. This move is part of RCON's strategy to expand its services and become an integrated energy supplier, responding to anticipated demand in the renewable energy market.
- RCON's entry into renewable energy positions it to leverage future market demands.
- The strategic exploration of advanced technologies may enhance RCON's service offerings and market competitiveness.
- Potential acquisitions could strengthen RCON's technology base and innovative capabilities.
- RCON faces uncertainties and risks in successfully expanding into the renewable energy sector.
- Competition and regulatory challenges could impact RCON's strategic initiatives.
- There is inherent risk in the integration of new technologies into existing platforms.
BEIJING, May 18, 2021 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON), ("Recon" or the "Company"), today announced the Company's strategic move into the renewable energy sector.
RCON announced that, based on the Company's research into future renewable energy development trends and the coordinated development needs of its strategic partners, the board of directors has decided that RCON will explore renewable energy sector technologies including but not limited to, energy storage technology, micro-grid technology, energy management technology and blockchain-based energy trading technology.
In response to the requirements of the Paris Climate Agreement on international carbon emissions and in order to achieve the goal of carbon neutrality, the relevant entities worldwide are expected to invest trillions of dollars to reduce emissions in the coming years.
To anticipate this demand, RCON will seek acquisition opportunities to consolidate suitable technology companies, purchase relevant technology services, or enter into strategic cooperation with partners. In addition, RCON will pursue other options to integrate advanced technologies into FGS (Future Gas Station), which is the Company's existing technology and service platform, and continue serving the Company's customers with more value-added technology-enhanced services. RCON aims to expand its business scope through technological innovation and integration to become an integrated energy supplier.
About Recon Technology, Ltd
Recon Technology, Ltd (NASDAQ: RCON) is China's first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("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, RCON has taken leading positions on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, success in expanding into the renewable energy sector, the impact of competition and pricing, government regulation, the effect of novel coronavirus and other health matters on target markets, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5188
Email: info@recon.cn
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SOURCE Recon Technology, Ltd.
FAQ
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