Benzinga | May 18, 2021 08:32AM EDT

Recon Announces Will Explore Renewable Energy Sector Technologies

Recon Technology, Ltd (NASDAQ:RCON), ("Recon" or the "Company"), today announced the Company's strategic move into the renewable energy sector.

RCON announced that, based on the Company's research into future renewable energy development trends and the coordinated development needs of its strategic partners, the board of directors has decided that RCON will explore renewable energy sector technologies including but not limited to, energy storage technology, micro-grid technology, energy management technology and blockchain-based energy trading technology.

In response to the requirements of the Paris Climate Agreement on international carbon emissions and in order to achieve the goal of carbon neutrality, the relevant entities worldwide are expected to invest trillions of dollars to reduce emissions in the coming years.

To anticipate this demand, RCON will seek acquisition opportunities to consolidate suitable technology companies, purchase relevant technology services, or enter into strategic cooperation with partners. In addition, RCON will pursue other options to integrate advanced technologies into FGS (Future Gas Station), which is the Company's existing technology and service platform, and continue serving the Company's customers with more value-added technology-enhanced services. RCON aims to expand its business scope through technological innovation and integration to become an integrated energy supplier.