Waste heat recovery systems company China Energy Recovery Inc. has obtained a total of $7 million in loans to be used as working capital in their operations.

China Energy Inc., through their China-based subsidiary, entered two separate loan facilities with two Chinese banks.

Industrial and Commercial Bank of China Limited, Zhangjiang Branch granted the company a principal amount of $2.5 million. The loan was secured by a mortgage on a building in Shanghai.

Shanghai Pudong Development Bank, Luwan Branch granted the company approximately $4.5 million. The loan was secured by a mortgage on the companys new office building in Zhangjian, Shanghai.

China Energy Recovery designs, fabricates and installs waste heat recovery systems. These systems capture and convert industry waste energy from heavy industrial processes which reduce operations energy costs as well as shrink its emission footprint and allow it to generate salable emissions credits.

The companys primary focus is the Chinese market but the company has also installed its systems in Egypt, Korea, Vietnam and Malaysia. - K.R. Jalbuena
source: APEC-VC Korea