19 Oct 2015
Everbright International Obtains Subsidies of RMB20 Million19 October 2015, Hong Kong - China Everbright International Limited ("Everbright International" or the "Group") (HKSE: 00257) is pleased to announce that it has obtained a subsidy of RMB10 million from the 2015 Special Fund for Enterprise Innovation and Achievement of Jiangsu Province for the Group's self-developed R&D and industrialization of the entire line of its 750-tonne/day automatic waste incineration equipment.
The entire line of the 750 tonnes/day waste incineration equipment, developed by Everbright International, has overcome a number of technical hurdles related to the grate furnace structure, construction of the furnace hearth, air distribution, gas emission control and automation system. This technology has filled a void in China's manufacturing of large scale waste incineration equipment and has put an end to the technology monopoly of other countries, enhancing the Group's competitiveness in the high-end environmental protection equipment market. The entire line of the 750 tonnes/day waste incineration equipment has now entered the mass production stage and will be used in the Group's Hangzhou Waste-to-energy Project, Nanjing Waste-to-energy Project Phase II, and Wujiang Waste-to-energy Project ("Wujiang Project").
In addition, Wujiang Project has obtained an additional subsidy of RMB10 million under the scheme of the 2015 Central Budgetary Investment Plan, which is jointly organized by the National Development and Reform Commission ("NDRC"), the Ministry of Finance and other national ministries. Following the RMB20 million subsidy it received earlier this year, the project has now received a total subsidy of RMB30 million from NDRC. The construction of the project is now progressing and it is expected to commence operation in 2017.