TORONTO, Aug. 23, 2022 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) ("CF Energy" or the "Company", together with its subsidiaries, the "Group"), a leading new energy service provider in the People's Republic of China (the "PRC") is pleased to announce that, following a successful bidding process, the Group has signed a three-party exclusive battery swap type electric vehicles ("EVs") purchase and EV battery swap service cooperating agreement (the "Agreement") with Sanya Feima Vehicle Operating Management Ltd. Co. ("Feima") and Hainan Huacheng Minghong New Energy Vehicle Sale and Service Ltd. Co. ("Huacheng") in Sanya City.
Under the Agreement, Feima is to purchase 232 of the BAIC EU5 battery swap type EVs excluding batteries from Huacheng to be used as taxis in Sanya City and these taxis will exclusively use the batteries procured by the Group and its EV battery swap station network in Sanya City for swapping of their batteries with a limited number of times of fast charging per month allowed.
The entering into of the Agreement signifies a long-awaited major break-through and a key milestone in the EV battery swap market in Sanya City for the Group following a long cultivating period since our first EV battery swap station in Sanya City became operational in July 2020. This initiative fits squarely into the recently issued EV implementation plan of Hainan Province - "Hainan Carbon Peak Implementation Plan".
Hainan Carbon Peak Implementation Plan
The People's Government of Hainan Province recently issued the "Hainan Carbon Peak Implementation Plan", which proposes the proportion of new and replaced vehicles in the public services field and private operation field will use clean energy to reach 100% by 2025. By 2030, the sale of fuel vehicles will be completely banned across the island and, except for vehicles of special purposes, all vehicles in the public and private services fields will be fully converted to clean energy, and new and replacement new energy vehicles to account for 100% of the new vehicles in the private vehicle field.
About CF Energy Corp. (Previously known as: Changfeng Energy Inc.)
CF Energy Corp. is a Canadian public company trading on the Toronto Venture Exchange ("TSX-V") under the stock symbol "CFY". It is an integrated energy provider and natural gas utility/distribution company in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy for its customer base in the PRC.
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Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, "Forward-Looking Statements"). All statements, other than statements of historical fact, included or incorporated by reference in this document are forward-looking statements ?including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", other similar words and/or the negatives thereof. No assurance is given that the plans, intentions or expectations or assumptions upon which these forward-looking statements are based will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon. Though management believes that the expectations outlined in such forward-looking statements are reasonable, there can be no assurance that such expectations will materialize. Such-looking statements are not a guarantee of performance and involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance or achievements to deviate materially from the anticipated results, performance or achievements or developments expressed or implied by such forward- looking statements. These factors include, without limitation, significant and continuing adverse changes in general economic conditions or conditions in the financial markets. Readers are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Corporation's filings with applicable Canadian securities regulatory authorities, copies of which are available at www.sedar.com. The Company urges readers to carefully consider these factors. The forward-looking statements included in this news release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking Statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release neither constitutes an offer to sell nor a solicitation of offers to buy any of the securities described herein. Accordingly, undue reliance should not be placed on its contents.
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