Boston, MA 08/27/2014 (wallstreetpr) – Andatee China Marine Fuel Ser Corp (NASDAQ:AMCF), a $27 million company, announced that its recently acquired business, Qingdao Grand New Energy (Qingdao Grand), entered into a contract with Qinghai Sensheng Salt Mining (Qinghai Sensheng). The agreement involves providing a pneumatic water-pump system that is based on Qingdao Grand’s breakthrough clean energy technology.
The company said the contract will support Qinghai Sensheng’s development of saline lake mine. It also said the agreement becomes the first Energy Performance Contracting (EPC) for the company since its purchase of Qingdao Grand. It acquired the business in May this year. Andatee China Marine Fuel Ser Corp (NASDAQ:AMCF) is a leading provider of production, storage and distribution of blended marine fuel oil, which is used by fishing and cargo vessels. The company is also involved in research and development activities in the area of clean energy solutions.
It said the project at which its subsidiary, Qingdao Grand, has signed with Qinghai Sensheng, is located in the Chinese province of Qinghai, where there is no available power grids in the mining area. However, it said that the technology that Qingdao Grand uses takes advantage of the available resources such as wind and solar to generate alternative energy to power the mining equipment.
Given the nature of the project Andatee China Marine Fuel Ser Corp (NASDAQ:AMCF) said a total of $330,000 will go into the project, which it also said has a term of 10 years with room to extend the agreement if all goes well.
According to Andatee China Marine Fuel Ser Corp (NASDAQ:AMCF)’s CEO, Wang Hao, they are delight with the 10-year contract, especially that it comes through Qingdao Grand, which they recently acquired. He said they hope that the success in the contract will bring them more business of that nature from potential clients. The CEO also said that their decision to expand into clean energy technology will lead to consistent and even long-term gains for their shareholders.