Subsidiary of ReTo Eco-Solutions Wins Bid of Ordos Yellow River Basin Solid Waste Recycling and Land Rehabilitation EOD Project
ReTo Eco-Solutions, Inc. (Nasdaq: RETO) announced that its subsidiary, REIT Ecological Technology Co., Ltd., won the bid for the Ordos solid waste recycling and land rehabilitation project in China. The project aims to recycle 13 million tons of coal gangue annually, producing 650,000 tons of materials like low-quality coal and bricks over a 15-year operational period. Construction will take three years, focusing on ecological protection and sustainable development in the Yellow River Basin. The EOD Project aims to rehabilitate 150,000 mu of degraded land and support local agriculture and employment.
- Winning the bid for the EOD Project enhances RETO's market position in environmental solutions.
- The project is projected to recycle significant amounts of coal gangue, promoting sustainable practices.
- The operation of two recycling plants will generate diverse employment opportunities in Ordos.
- The EOD Project's reliance on coal gangue processing could face regulatory challenges.
- Potential execution risks associated with a three-year construction timeline.
BEIJING, Dec. 21, 2022 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (Nasdaq: RETO) (the "Company") today announced that a consortium comprised of its subsidiary, REIT Ecological Technology Co., Ltd. ("REITOrdos"), has won the bid to design and operate Ordos solid waste recycling and land rehabilitation ecology-oriented project (the "EOD Project"), which focuses on the ecological protection of Yellow River Basin in China.
According to the bidding documents, REIT Ordos, CCCC First Highway Engineering Group Co. and Hainan Shiyuan Tongda Private Equity Fund Management Co. will join forces to design, develop and operate the EOD Project in Ordos.
The EOD Project involves construction of two coal gangue recycling plants, with REIT Ordos being responsible for plant construction, gangue transportation and processing, and the transformation of gangue residues into recycled materials, such as block bricks and nutrient soil conditioner. The construction period is expected to last for three years, with an estimated operation period of 15 years.
As outlined in the bidding documents, the EOD Project is expected to process 13 million tons of coal gangue annually, producing 650,000 tons of low-quality coal, refractory bricks and other ceramic granules each year. It is also expected to use coal gangue to produce soil improvement materials and low-intensity sand. These soil improvement materials are expected to be used to rehabilitate 150,000 mu of saline, sandy and degraded land, effectively recycling coal gangue.
Mr. Hengfang Li, Chairman and CEO of the Company, commented, "We are honored to be part of the team for the Ordos EOD Project and will utilize our expertise and technological know-how to promote innovative environmental protection at the Yellow River Basin."
"We believe the EOD Project will be effective in recycling coal gangue and transforming the residues into ecological resources, as part of our efforts to promote sustainable development of the 'green' industry."
"We hope that the EOD Project will help build an ecological environment network at the Yellow River Basin that promotes the development of modern agriculture and provides diverse employment opportunities in Ordos. Our company is committed to protecting the ecological environment and continues to explore the potential of the EOD project model to revitalize rural areas in Ordos and contribute to the overall sustainable development of economic and social prosperity in the region."
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo, through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company, through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. In addition, the Company provides consultation, design, project implementation and construction of urban ecological protection projects and parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. The Company also offers roadside assistance services and software development services utilizing Internet of Things technologies. For more information, please visit: http://en.retoeco.com.
Forward-Looking Statements
This press release contains forward-looking statements. 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. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies, including those related to the EOD Project, the Company's future business development such as municipal construction projects; product and service demand and acceptance; changes in technology; economic conditions; the growth of the industries in China in which the Company operates; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other uncertainties and risks contained in reports filed by the Company with the Securities and Exchange Commission (the "SEC"). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
ReTo Eco-Solutions, Inc.
Angela Hu
Beijing Phone: +86-010-64827328
ir@retoeco.com or 310@reit.cc
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SOURCE ReTo Eco-Solutions, Inc.
FAQ
What is the Ordos EOD Project announced by ReTo Eco-Solutions?
How much coal gangue will the EOD Project process annually?
What materials will be produced from the coal gangue in the EOD Project?
How long is the operational period expected for the Ordos EOD Project?
Who is involved in the consortium for the EOD Project?
