China Recycling Energy Receives Government Development Special Financial Award

March 28, 2014

China Recycling Energy Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, announced that its wholly owned subsidiary Xi'an TCH Energy Technology Ltd Company was awarded Shaanxi Government Special Financial Award. According to "Notification of special development funds plan for small and medium enterprises" issued by SME Promotion Bureau of Shaanxi Province, Xi'an TCH Energy Technology's application of "cement production line pure low temperature waste heat power generation" was granted the award by government fund. This cement heat power generation technology can greatly reduce the emission of carbon dioxide and improve the efficiency of energy utilization so as to positively reduce air pollution and improve haze phenomenon. The amount of fund will be announced in few days' time. The fund is mainly used for the industrial implementation of cement production line pure low temperature waste heat power generation with a period of two years.

"We are very glad to be awarded with another prize from the government, which indicates the government's acknowledgement of our energy saving and environmental protection technology, and their attention and great support to the development of energy saving technology," said Mr. Ku, Chairman and Chief Executive Officer of China Recycling Energy. "While developing new projects, we will focus on the renovation and improvement of energy saving technology, and apply the technology to ongoing projects with the purpose of developing more projects, which in turn becomes a beneficial cycle for us and customers. We intend to lead the development of energy saving technology, bring more social and economic benefits to our customers, provide better results to stockholders, and make greater contributions to the environmental protection of the country."

About China Recycling Energy Corp.

China Recycling Energy Corp. (NASDAQ: CREG or "the Company") is a leading developer of waste energy recycling projects for industrial applications in China. Our waste energy recycling projects allow customers who use substantial amounts of electricity to recapture previously wasted pressure, heat, and gas from their manufacturing processes to generate electricity. We currently offer waste energy recycling systems to companies for use in iron and steel, nonferrous metal, cement, coal and petrochemical plants. We construct our projects at our customer's facility and the electricity produced is used on-site by the customer. We provide an energy-efficient solution aimed at reducing the emission and air pollution in China. Our recycling energy projects capture industrial waste energy to produce low-cost electricity, enabling industrial manufacturers to reduce their energy costs, lower their operating costs and extend the life of primary manufacturing equipment. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1 percent of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. Our management and engineering teams have over 20 years of experience in industrial energy recovery in China. For more information about CREG, please visit http://www.creg-cn.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of China Recycling Energy Corp. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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 at http://www.sec.gov. All forward-looking statements attributable to the Company or 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.

For more information:

China Recycling Energy

Mr. David Chong, Chief Financial Officer
China Recycling Energy Corp.
Tel: +86-13701813139 / +65-9721 6163
E-mail: chongscd@creg-cn.com

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