Cleantech Solutions International Enters Into Memorandum Of Understanding For The Potential Acquisition Of Shenzhen Xinsheng NewEnergy

HONG KONG — November 7, 2017 — Cleantech Solutions International Inc. today announced that its wholly-owned subsidiary, EC Power (Global) Technology Ltd. has entered into a memorandum of understanding with the shareholders of Shenzhen Xinsheng NewEnergy regarding a potential acquisition by EC Power of not less than 51 percent of Xinsheng.

Based in Shenzhen, China, Xinsheng’s primary business is designing and manufacturing lithium-ion aluminum case batteries. Utilizing advanced automated production equipment, Xinsheng has been delivering batteries for mobile phones and other digital equipment since 2008. Xinsheng’s daily production capacity is 300,000 units.

“Our recently launched mobile phone power charger rental business is scaling up quickly and we are moving forward with our plans to aggressively expand into other areas,” said Parkson Yip, COO of Cleantech Solutions. “So far, 20,000 portable power chargers are available for rent through major convenience store networks in Hong Kong and Macau, and demand has been increasing. We are preparing to expand our footprint into other types of retail outlets, including restaurants, hotels and shopping malls and are in discussions with potential partners to launch the service new regions around the world.

“The worldwide mobile phone users expected to grow from 4.8 billion in 2017 to over 5.0 billion in 2019 and we expect demand for on-the-go mobile phone charging to remain strong. We are impressed with Xinsheng’s production capabilities, advanced technology, and quality control processes. With quality and safety being top-of-mind for today’s mobile phone users, having control over the production of the chargers will allow us to confidently deliver products to the market. ”

Cleantech Solutions, through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The company’s latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models.

Posted November 7, 2017

Source: Cleantech Solutions International