Recon Technology, Ltd. (NASDAQ: RCON) (“Recon” or the “Company”) today announced that the Company has entered into a share exchange agreement (collectively, the “Agreement”) with Starry Blockchain Energy Pte. Ltd. (“Starry”) (starrylab.io)on June 3, 2021. Incorporated in Singapore, Starry seeks to leverage blockchain technology to drive sustainable energy solutions. Pursuant to the Agreement, Recon will issue unregistered, restricted Class A shares (the “Restricted Shares”) to Starry’s founding shareholders in exchange for 30% of the shares of Starry.
Mr. Shenping Yin, CEO of Recon, stated, “Blockchain technology has the potential to reshape sustainable energy, making energy utilization more efficient and environmentally friendly. Recon believes that our investment in Starry will help Recon quickly enter China’ssustainable energy market. We also plan to cooperate with Starry through our subsidiary Future Gas Station (Beijing) Technology Company Limited to provide technical and resource support for upgrading China’s numerous traditional gas stations and oil fields into integrated energy network through Starry’s blockchain technology, which can be used for distributed energy storage and trading segment in coming years to help our clients achieve their targets in carbon neutralization. .”
Mr. Zhongrui Kuang, a founder and CEO of Starry, stated, “In response to the requirements of the Paris Climate Agreement on international carbon emissions and in order to achieve the goal of carbon neutrality, governments around the world are expected to invest trillions of dollars to reduce emissions in the coming years. The problem of inefficient utilization of traditional sustainable energy is always troubling people, and blockchain technology may significantly alleviate this problem. We believe there will be more and more applications of blockchain in sustainable energy in the near future.”
About Starry Blockchain Energy Pte. Ltd.
Starry is a company seeking to use blockchain technology to develop and use sustainable energy solutions. Starry aims to build itself into a block-chain based sustainable energy technological expert serving global business partners, project owners, financial investors, and energy consumers. Starry plans to build a reliable and efficient blockchain platform which allows customers to easily trade distributed energy by using blockchain technology and the Internet of Things.
About Recon Technology, Ltd.
Recon Technology, Ltd. (NASDAQ: Recon) is China’s first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and CNPC, with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, Recon has taken leading positions on several segmented markets of the oil and gas filed service industry. Recon also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients.
Source: Recon Technology, Ltd.