Recon Technology, Ltd. reports developments for a China-based solutions integrator serving oilfield services, environmental protection, electric power and coal chemical customers. Its news commonly covers financial results, revenue mix across automation products and software, equipment and accessories, and platform outsourcing services, as well as corporate-status notices tied to its Nasdaq-listed ordinary shares.
Company updates also describe oilfield automation and monitoring products, support services for petroleum companies, offshore oilfield activity, and low-carbon energy initiatives. Coverage includes construction progress at Shandong Recon’s waste plastic chemical recycling project, alongside recurring disclosures on profitability, gross margin and listing compliance.
Recon Technology Limited (NASDAQ: RCON) announced a RMB9 million (approx. USD1.4 million) service contract with Yumen Oilfield Engineering Construction Co. for hazardous waste disposal at various oil production plants in Yumen Oilfield. The contract spans one year and involves the disposal of 6,000 tons of oily sludge. Gansu BHD, a subsidiary of Recon, holds a vital environmental permit and has invested RMB40 million in treatment capacity. Company leaders believe this contract reinforces their position in the oilfield environmental protection sector, which they see as a key growth area.
Recon Technology Limited (NASDAQ: RCON) announced a RMB 4.08 million maintenance contract with CNPC Yunnan Petrochemical for a combustible toxic gas alarm system. The contract, valued at approximately US$ 637,500, spans four years and involves inspection, maintenance, and troubleshooting of over 3,000 instruments to ensure safe and stable operations. This recognition reflects Recon's expertise in automation instrumentation for the petroleum sector. The CEO expressed commitment to leveraging their experience for wider safety assurance in the oil and refining industry.
Recon Technology, Ltd (NASDAQ: RCON) announced a three-year partnership between its subsidiary Future Gas Station (FGS) and Hui Tong Tian Xia Petrochemical Co. Ltd. This agreement aims to develop an electronic fuel consumption management platform for logistics companies, primarily focused on enhancing refueling efficiency and data management. Initial operations will commence in eight provinces, with an expected monthly fuel flow of RMB 66 million. FGS will earn service fees based on the volume of fuel managed through the platform, marking a strategic shift into the logistics sector.
Recon Technology, Ltd (NASDAQ: RCON) announced a strategic cooperation agreement between its subsidiary Future Gas Station (FGS) and An Hui Gao Deng Wei Xing Technology Ltd. This partnership focuses on enhancing refueling services, electronic fuel coupon sales, and developing electronic fuel cards, utilizing FGS's online refueling channel for improving customer experience at CNPC gas stations. Gao Deng's ETC Assistant App, which supports millions of users, will be a key element in this initiative. The collaboration aims to optimize operational efficiency and enhance the smart travel business in China.
Recon Technology, Ltd. (NASDAQ: RCON) has announced a securities purchase agreement on June 14, 2021, to raise $55 million through a registered direct offering of 8,814,102 Class A ordinary shares and corresponding warrants. The offering price is set at $6.24 per share. These pre-funded warrants will allow certain investors to maintain ownership below 9.99%. The transaction, expected to close on June 16, 2021, is managed by Maxim Group LLC. This initiative aims to bolster Recon's financial position and further its operational capabilities.
Recon Technology, Ltd (NASDAQ: RCON) announced two contracts worth RMB 3,277,000 (approximately $0.51 million) with Sinopec's North China Branch. These contracts involve technical services for ultra-deep electric submersible progressing cavity pumps at gas wells in the Dongsheng Field. CEO Guangqiang Chen reported total contracts with the North China Branch have reached RMB 5.077 million (about $0.8 million) for three wells, with expectations of generating $5 million in total income from services for 15 additional wells.
Recon Technology, Ltd. (NASDAQ: RCON) announced a share exchange agreement with Starry Blockchain Energy Pte. Ltd. on June 3, 2021. This agreement will allow Recon to acquire 30% of Starry in exchange for unregistered Class A shares. By leveraging blockchain technology, Recon aims to enhance sustainable energy solutions in China. CEO Shenping Yin emphasized that this investment will enable the company to modernize traditional gas stations and oil fields through improved energy management. Starry focuses on building a blockchain platform for distributed energy trading, aligning with global carbon neutrality efforts.
On May 25, 2021, Recon Technology, Ltd (NASDAQ: RCON) announced a partnership between its subsidiary Future Gas Station (FGS), Ping An's Wanlitong, and PetroChina. This collaboration aims to enhance fuel sales at PetroChina gas stations in Zhejiang, China, by enabling 600 million Ping An loyalty members to redeem points for fuel purchases. FGS will provide technical support to connect the loyalty program with PetroChina's systems, fostering cross-platform transactions. Previous collaborations have already facilitated over RMB 616 million in refueling services.
On May 18, 2021, Recon Technology, Ltd (NASDAQ: RCON) announced its strategic shift into the renewable energy sector. The company's board plans to explore technologies such as energy storage, micro-grid, and blockchain-based energy trading to meet global climate goals. Anticipating a multi-trillion dollar investment in emission reductions, RCON aims to acquire relevant technology firms and enhance its existing FGS platform. This move is part of RCON's strategy to expand its services and become an integrated energy supplier, responding to anticipated demand in the renewable energy market.
Recon Technology, Ltd (NASDAQ: RCON) announced a three-year renewal of its cooperation agreement with Banma Network Technology Co., Ltd., effective May 1, 2021. The partnership focuses on integrating FGS's DT Refuel function with Banma's Smart Refuel application, allowing users to refuel at Petro China's gas stations through their vehicle's dashboard. This extension aims to enhance the refueling experience and is expected to facilitate FGS's service adoption across 800 new gas stations and reach 1.6 million new vehicle owners within two years.