Exhibit
10.30

    


    Employment
Agreement

    


    Between
Xinyu (Tony) Peng and China Recycling Energy Corporation

    


    Date:
July 17, 2008

    Place:
Xi’an, China

    


    Index

    


    
      	
              1.

            	
              General
      Provision

            


    

    
      	
              2.

            	
              Term
      of Employment

            


    

    
      	
              3.

            	
              Job
      and Duty

            


    

    
      	
              4.

            	
              Remuneration

            


    

    
      	
              5.

            	
              Social
      Security and Labor Protection

            


    

    
      	
              6.

            	
              Behavior
      Code

            


    

    
      	
              7.

            	
              Termination
      by Company

            


    

    
      	
              8.

            	
              Termination
      by Employee

            


    

    
      	
              9.

            	
              Confidentiality

            


    

    
      	
              10.

            	
              Training

            


    

    
      	
              11.

            	
              Liability
      of Breach

            


    

    
      	
              12.

            	
              Settlement
      of Disputes

            


    

    
      	
              13.

            	
              Supplemental
      Provision

            


    

    


    Supplement
A - Confidential, Non-inducement and Invention Assignment Agreement

    


    Employment
Agreement

     

    This
employment Agreement is made and entered into on the 17th day of July, 2008, in
the city of Xi’an of the People’s Republic of China, by and between China Recycling Energy
Corp (hereinafter referred to as “the Company”), and Xinyu Peng
(hereinafter “the Employee”), an individual Chinese citizen with identification
No. 41015196806141074.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              1.

            	
              General
      Provision

            


    

    


    1.1
Employment

    


    Whereas,
the Company is willing to offer the employee employment, and the employee is
willing to accept such employment subject to the following terms and conditions
of this Employment Agreement to work as the Chief Financial Officer. This
employment is  contingent to the employee’ passing the health
examination made by the hospital or clinic appointed by the Company and
employee’s providing evidences of work permit to work in the United States under
applicable Laws and regulations.

     

    2.1 Term
of Employment

     

    The term
of Employee's employment pursuant to this Agreement (the "Term") shall begin on
the date hereof July 17, 2008, and shall last for the term of two years, subject
to the provisions of other clauses of this Agreement providing for earlier
termination of Employee's employment in certain circumstances. .

     

    2.2
Probation

     

    The
employee shall have a probation period for one month(s).

    


    2.4
Renew

    


    The
company shall render an offer for renewing the employment with the employee at
least 30 days prior to the expiration of the term. The employee may accept or
refuse the offer prior to the expiration of the term. If there is no reply from
the employee prior to the expiration, such no reply shall be regarded as refusal
of the offer for renewing employment under this Agreement.

    


    
      	
              3.

            	
              Job
      and Duty

            


    

    


    Job scope

    


    The
president of the company shall designate job for the employee based on business
needs of the company. By signing this employment, it is agreed by the both
parties that the company can reassign the employee on other positions or other
locations with the company’s discretion, while the company shall adjust the
employee’s salary and compensation based on change of new position from the
original.

    


    Duty Of the Employee

    


    Employee
shall in his/her best efforts to perform the duties, and comply with the
directions and instructions of supervisors, and cooperate with collogue(s), in
accordance with all regulations and relevant behavior codes stipulated in
Employee Manuals and any other administrative regulations and
rules.

    


    Vacation

    


    The
employee shall be entitled to all the legal holidays, annual vacation and
vacation with pay, under the regulations and rules provided by local Laws or
prescribed in this employment agreement or Employee Manuals.

    


    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    Work Schedule

    


    Employee’s
work schedule is subject to change based on company’s needs, including change of
working hours, work overtime and work on some legal holidays or employee
personal holidays or vacation, under applicable Laws and regulations and
rules.

    


    
      	
              4.

            	
              Remuneration

            


    

    


    Salary

    


    Employee’s
salary in probation shall be US$ 11,666 per month. Company shall give employee
an evaluation on performance on skill level, work attitude and efficiency upon
the end of probation. Based on the evaluation results, regular salary shall be
determined. However, salary of employee shall start at least at $11,666 per
month as a formal employee.

    


    Salary
shall be transferred automatically into employee’s banking account at the end of
every month or within 10 days of the following month.

    


    Payment

    


    Company
shall pay net salary amount to employee, after deduction made by company for the
employee’s personal income taxes, social security and other taxes which the
company is liable to pay on behalf employee from his/her salary required by Laws
and regulations. However, employee shall be personally liable for obligation and
responsibility to pay his/her personal income taxes or other taxes related to
his/her salary.

    


    5.  Social
Security and Labor Protection

    


    5.1
Social Security

    


    During
the Term, the Company shall pay for pension insurance, medical health insurance,
work related injury insurance, housing funds, unemployement insurance and any
other social insurance for the employee as required by the laws and regulations.
The amount paid by the company should be based upon the regulation published
that requiring the company to pay for each of them and its percentage and basis.
Other benefits for the employee can be found in the employee
manual.

    


    
      	
              5.2

            	
              Medical
      leave and allowance

            


    

    


    Company
shall provide employee sick and medical leave, medial allowance, allowance and
vacation for female employees, and other labor protection benefits, in
compliance with applicable laws and regulations and rules provided in employee
manuals.

    


    
      	
              5.3

            	
              Labor
      Protection

            


    

    


    Company
shall comply with the laws, regulations and rules to provide labor protection to
employee.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              6.

            	
              Behavior
      Code

            


    

    


    6.1
Compliance

     

    Employee
shall comply with all the relevant rules, procedures, ethics and behavior code
provided in the Employee Manuals (maybe revised from time to time) and other
requirements and policies announced by company by other methods.

    


    6.2
Breach

    


    If
employee the code or other policies or procedures of the company (including
safety policy) and cause damages to the company or cause harm to employee
him/herself or other people or couldn’t meet the requirement of the position,
the company has the right to impose penalty to the employee, if the case is
considered to be serious in nature, company may in its discretion terminate this
Agreement upon section 7 of this agreement. The right of the company to impose
such punishment will be in the Employee Manual and other materials published by
the company.

    


    7.
Termination by the Company

     

    7.1
Termination without prior notice

     

    Under any
of following circumstances, the Company may terminate this agreement at any time
without any prior notice to the employee.

     

    
      	
              (a)

            	
              The
      employee fails to meet the performance requirement during the
      probation;

            


    

     

    
      	
              (b)

            	
              The
      employee seriously violates the rules and procedures set up by the company
      or breaches the terms and conditions of this
  agreement;

            


    

     

    
      	
              (c)

            	
              The
      employee seriously neglects his duties or engages in malpractice for
      personal gains and has caused severe damages to the
    company;

            


    

     

    
      	
              (d)

            	
              The
      employee simultaneously enters an employment relationship with any other
      employer and thus seriously affects his performance and work under this
      agreement, or the employee does not correct such wrong doing after the
      company has pointed out this issue;

            


    

     

    
      	
              (e)

            	
              The
      employee, by means of deception or coercion or forces to make the company
      to enter into the employment agreement;
or

            


    

     

    
      	
              (f)

            	
              The
      employee is convicted for criminal
charges.

            


    

     

    7.2
Termination with prior notice

     

    Under any
of the following circumstances, the company may terminate this agreement at any
time upon 30 days’ written notice to the employee:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (a) The
employee is sick or is injured for a non-work-related reason and cannot resume
his original position after the expiration of the prescribed time period for
medical treatment, nor can he assume any other position arranged by the
company;

     

    (b) The
employee is incompetent for his position or is still so after training or being
assigned to another position;

     

    (c) The
objective situation on which the parties entering into the employment agreement
have based upon have changed considerably, which makes it impossible to perform
the employment agreement, and no agreement on changing of the employment
agreement has been reached after negotiations between the company and the
employee.

     

    (d) The
company encounters serious difficulties in production and business operations;
and it is necessary to lay off some employee for company restructure or the
company has to be relocated due to industrial pollution prevention and
improvement, and the company has negotiated with labor union or employees and in
compliance with relevant laws and regulations.

     

    (e) Other
reasons that the company considers necessary and sufficient based on applicable
laws and regulations.

     

    7.3
Interminable

     

    Under any
following circumstances, the company is not allowed to dismiss the
employee;

     

    (a) The
employee is sick or is injured for work-related causes and has been diagnosed as
full disability or partial disability in working;

     

    (b) The
employee is taking medical leaves provided by laws and regulations for
non-work-related illness and injury;

     

    (c)
Female employee is in pregnancy, child birth or breast feeding
period;

     

    (d) The
employee whose job is likely to cause profession-related illness or injury has
not had health examination before the employee leave the job position, or the
employee is an in-patient in hospital in the process of diagnoses for the
work-related illness and injury.

     

    (e) Other
situations when the termination of this agreement is prohibited by applicable
laws or regulations.

     

    The
company may apply the clause of 7.1 to dismiss the employee if the above
situation and one or several circumstances prescribed in the clause of 7.1
happen at the same time.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.4
Economic Compensations

     

    The
company shall make some economic compensation to the employee by applicable laws
and regulations if the company dismisses the employee pursuant to the provision
of clause 7.2 or fails in providing renewal of the employment agreement in
accordance with the provision of clause 2.4.

     

    8.
Termination by Employee

     

    8.1
Termination with written notice

     

    The
employee may resign at any time upon 30 days’ written notice to the company. In
probation, the employee may terminate the employment upon 3 days’ written
notice. The company will not be liable for any economic compensation for
termination under these circumstances. The company has right to ask the employee
to stop working or involving in any company business and complete transfer of
job any time within the notice period.

     

    8.2
Compensation of Training Fee

     

    If the
employee who has participate in the company’s training program is early
terminated, the employee is liable for reimbursement of all the expenditures
incurred for training under the training agreement reached between the two
parties.

     

    8.3
Termination without prior written notice

     

    Under any
of the following circumstances, the employee may terminate the employment
agreement without written notice to company under following
circumstances

     

    
      	
              (a)

            	
              The
      company has coerced him to sign this
agreement;

            


    

     

    
      	
              (b)

            	
              The
      company fails to pay remunerations upon the term of this agreement, or
      fails to provide labor protection or work
  conditions;

            


    

     

    
      	
              (c)

            	
              The
      company fails to pay social security fees for the employee as required by
      law;

            


    

     

    
      	
              (d)

            	
              Some
      of the company’s rules or procedures have contravened the law and harm the
      rights and interests of the
employee.

            


    

     

    9.
Confidential

     

    9.1
Confidential

     

    As a
condition of this employment, the employee shall sign a Confidential,
Non-Inducement and Invention Assignment Agreement enclosed as supplement A on
the same date of signing this employment agreement;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    9.2
Returns of Materials

     

    Once this
agreement expires or is terminated, the employee is obliged to return all the
materials and information that are under the employee’s procession but owned by
the company, such as any form of blueprints, memos, customer name lists, recipe,
financial statements, personnel or marketing information, either in original or
in copy to the company immediately.

     

    9.3
Sideline Job

     

    Without
the written approval from the company, the employee is not allowed to accept
other employment from any other economic parties during the term of
employment.

     

    9.4
Compliance with Laws and Regulations

     

    The
employee shall not be involved or direct someone else to involve in any
activities in providing or promise or donation money or other valuables items to
any government officials, political party or its officials, candidate for
political position, or others when the employee is aware or has any reason to be
aware that such behavior may induce the person to take an action or take no
action or make a decision in favor of the company to acquire or retain business
or assign business to any others.

     

    9.5
Instant Dismiss

     

    Any
breach in the clause 9 shall cause the company to dismiss the employee or make
other actions instantly.

     

    10.
Training

     

    10.1
Training

     

    Company
may select eligible employee to participate in its training program. The
candidate for training must sign a separate contract for the training program,
which constitute a part of this employment agreement.

     

    11.
Liability of Breach

     

    11.1
Liability of Breach

     

    Pursuant
to the provisions stipulated by laws and regulations, the company is entitled to
request the employee to pay economic compensation for damages or economic losses
resulted from the employee’s breach of this agreement.

     

    If the
employee fails in compliance with any Chinese laws, or by signing this agreement
violates against his/ her former employment relationship or any contract with a
third party, the employee shall be liable for all the damages, liabilities,
penalties or expenditures(including lawyer fee and litigation fee) arising from
or related to this employment and reimbursement to cover all the damages to
company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    12.
Settlement of Disputes

     

    12.1
Settlement of Disputes

     

    Both
parties agree to apply the following procedures to settle any dispute that
arises out of or relates to this agreement:

     

    
      	
              (a)

            	
              Both
      parties shall first apply negotiation to settle any
    dispute;

            


    

     

    
      	
              (b)

            	
              If
      the mediation fails in settlement, the disputes shall be settled by
      arbitration in accordance with rules of the local Labor Arbitration
      Association in the city where the company
  registered.

            


    

     

    
      	
              (c)

            	
              If
      the arbitration can not work, the disputes shall submitted to the court
      for judgment in the city where company
  registered.

            


    

     

    This
clause is not applied to the supplement A

     

    13.
Supplementary Provisions

     

    13.1
Effective Date

     

    This
agreement shall become effective upon signing by both parties. It can only be
modified by a written instrument by both parties. This agreement supersedes all
the previous employment agreements that have been ever signed before between the
two parties (if any).  After the parties have entered into this
agreement, if there is any changes of laws of China by which this agreement has
to be amended, the employee agree the company can amend or modify this agreement
based upon the change of the applicable laws and regulations.

     

    
      	
              13.2

            	
              Company
      regulations and policies

            


    

     

    The
employee should comply with the Employee Manuals (subject to revision time by
time) and other regulations and policies provided by the company.

     

    
      	
              13.3

            	
              Company
      Name Change

            


    

     

    Both
parties agree that the company has its own right to change the name of the
company from time to time. It is agreed furthermore that this agreement shall
keep in effect after the company has the name changed pursuant to the relevant
provisions of laws and regulations. It is unnecessary to resign this employment
agreement only to reflect the change of the company’s name.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
company shall notify the employee if the company’s name is changed. The
notification may validate the name change as the amendment to this agreement. No
further act is needed from either party.

     

    13.4
Governing Laws

     

    This
Agreement shall be governed by and construed according to the laws of China,
including the execution, effectiveness, interpretation, enforcement, revision
and termination of the agreements.

     

    IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the
date first above written.

     

    The
Company: China Recycling Energy Corp

    


    Signature:____________________

    Name:
Hanqiao Zheng

    Title:
________________________

    


    Employee

     

    Signature:_____________________

     

    Name:
Xinyu Peng