Sharing Economy International Enters into Joint Venture with Hong Kong Solar Engineering to Market Solar Equipment Rental
HONG KONG, March 12, 2020 /PRNewswire/ -- Sharing Economy International, Inc. ("SEII" or "the Company") (OTCQB: SEII) today announced that its wholly-owned subsidiary, EC Rental Limited ("EC Rental"), has entered into a joint venture agreement with Hong Kong Solar Engineering Limited ("HK Solar"), regarding the formation of a joint venture company (the "JV") to market solar equipment rental to both residential and commercial building owners.
Bringing from their experiences to deploy large scale solar panel projects in mainland China, HK Solar has developed projects in Hong Kong which generates 837.5 KW of electric power.
"With the policy driven renewable energy feed-in tariff plan advocated by China Light and Power Co Ltd and Hong Kong Electric, it provides a cost saving and may be even an income opportunity for property owners in Hong Kong," said Parkson Yip, Vice President of SEII. "With the technical experiences from HK Solar, the JV will provide rental options to property owners who may not want to invest a lot of money upfront to purchase the solar equipment. The rental fees will then be covered by part of the income received from the renewable energy feed-in tariff plan. With the number of residential, commercial, industrial and public buildings in Hong Kong, our partnership estimates there can be a potential over US$30M annual income can be received for generating solar power in the Hong Kong market. This will give a new stream of income opportunity for the group, at the same time promoting more environmental sharing power generation mechanism by making use of our ceilings."
About Sharing Economy International Inc.
Sharing Economy International Inc., 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. Moreover, the Company will actively pursue blockchain technology in its existing and to-be-acquired business, enabling the general public to realize the beauty of resource sharing. For more information visit www.seii.com
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and affiliated companies and certain potential transactions that they may enter into. These forward looking statements are often identified by the use of forward looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website, including factors described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K for the year ended December 31, 2017 and the Form 10-Q for the quarter ended June 30, 2018. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
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