Document:

Xi’an
Zhonghong New Energy Technology Co., Ltd.

 

Jiangsu Tianyu
Energy and Chemical Group Co., Ltd.

 

Cooperation Agreement

 

July 2013

 

    	 

    	 

    

 

 

 

Cooperation Agreement

Coke Dry Quenching (CDQ) and CDQ Waste
Heat Power Generation Project

 

Party A: Xi’an Zhonghong New Energy
Technology Co., Ltd.

Legal Representative: Ku Guohua

 

Party B: Jiangsu Tianyu Energy and Chemical
Group Co., Ltd.

Legal Representative: Teng Daochun

 

After friendly negotiation between two
parties, based on the principle of equality and autonomy, Party A and B reached following items with respect to the coke dry quenching
(CDQ) and CDQ waste heat power generation project.

 

Item One Investment Construction Projects

		1.	Construction of CDQ and CDQ recycling energy projects

Party A will
invest in constructing CDQ systems and CDQ waste heat power generation stations. For phase I of the project, Party A will construct
two CDQ systems and CDQ waste heat power generation stations—one at Xuzhou Tian’an Chemical Co., Ltd and another one
at Xuzhou Huayu Coking Co., Ltd, both are subsidiaries of Party B. The designed total capacity is 2 x 25 MW.

 

For phase
II, based on the project progress, Party A will invest to build two more CDQ systems and CDQ waste heat power generation stations.
The designed total capacity is 2 x 25 MW.

 

		2.	The layout, technical performance index and technical specifications of CDQ equipment and CDQ waste
heat power generation equipment will be confirmed according to the design of the designing institute.

 

		3.	Party A shall be responsible for the investment in the construction and operation of the project
of CDQ systems and CDQ waste heat power generation systems (collectively named “recycling project”), including the
design of the project, equipment selection, equipment procurement and manufacturing, construction, engineering installation and
testing, and power generating.

 

Item Two Operation of Recycling Project

 

		1.	After completion of the project construction, Party A shall be responsible for the operation, maintenance
and management of the recycling project. Party A will charge Party B and its subsidiaries energy saving service fee according to
the benefit from CDQ waste heat power generation stations.

 

		2.	Parties shall jointly decide the boundary line for the power transmission in accordance with the
technical appendix.

 

		3.	The operation of CDQ and CDQ waste heat power generation systems includes but is not limited to:
equipment maintenance, repair, update, salary for the staffs responsible for replacement parts and operation. Party A shall assume
the operation expenses.

 

Item Three Cost and Operation Target

 

Party B will pay Party A energy saving
service fee upon the completion of the construction of CDQ and CDQ waste heat power generation systems (upon passing evaluation
of the ability of connection to the grid for power generation).

 

    	 

    	 

    

 

 

 

		1.	The energy saving service fee is paid in the form of electricity fee.

 

The calculation
basis of energy saving service fee is as follows: average operational time is 8,000 hours per year; if the annual average operational
time was less than 8,000 hours due to the reasons caused by Party B, the operational time is calculated as 8,000 hours per year.

 

		2.	If the grid-connected electricity price is adjusted since the execution of the agreement, the fee
shall be calculated based on the adjusted electricity price. The starting day for the change will be from the date of adjustment
by Jiangsu Provincial Price Department.

 

		3.	The amount of electricity generated is calculated by the outbound power meters in the power station.

 

		4.	The settlement date is the first day of the next month. Deducting the dues of Party A, Party B
should pay Party A the energy saving service fees for the last month before the 15th of each month.

 

		5.	Payment method: Wire or transfer.

 

		6.	The policy rebate, award, and preferential treatment shall be shared by both Parties. Each party
shares 50% of the policy rebate, award, and preferential treatment. Both Parties share the expenses incurred in the process of
the application for the policy rebate, award, and preferential treatment.

 

Item Four Starting and End Date for Recycling
Project and Term

 

		1.	The date when Party A completes the construction and installation of CDQ system and CDQ waste heat
power generation system and the power generating system has been in operation and meets the requirements of the design standard
for 72 hours. The Parties agree that date after the recycling project meets the evaluation requirement as the starting date for
the recycling project. From that date, Party B shall pay the service fees monthly according to the power generated .

 

		2.	Upon the completion of the project and starting its operation, Party B shall pay Party A energy
saving service fee at a price of RMB 0.534 per KWH (excluding tax).

 

		3.	The cooperation model is BO model for its continue operation.

 

Item Five Construction and Construction
Period of CDQ System and CDQ Waste Heat Power Generation System

 

		1.	The construction period of the project is 14 months from the execution of technology agreement.

 

		2.	If the project is stalled due to Party B’s reason (including but not limited its activities
that affect daily construction, installation, testing and safety), the construction period shall be extended accordingly.

 

		3.	If any party delays the construction without a good reason, which results the construction of the
whole project or part of the project cannot be completed on schedule, the other party has right to terminate wholly or part of
the agreement and incurred loss will be assumed by the breaching party.

 

    	 

    	 

    

 

 

 

Item Six Raw Material Consumption of the
Project of CDQ system and CDQ Waste Heat Power Generation System

 

		1.	All raw materials such as water, electricity consumed in the operation of the project shall be
settled based on the party B’s local price. Party A makes monthly payment. Party B provides pipeline up to designated boundary
line on the construction site and then Party A will connect water lines and electricity lines into the site and assumes related
expenses.

 

		2.	The Parties agree that Party B shall provide steady qualified coal coke production according to
the technology agreement which will be used for CDQ system. Party A guarantees the steady operation of the CDQ and CDQ waste heat
power generating systems.

 

		3.	Party B shall provide effective assistance to the construction and operation management of the
recycling project.

 

		4.	The land for CDQ and CDQ waste heat power generation project shall be provided by Party B to Party
A with no charge.

 

Item Seven Meter Confirmation, Management
and Maintenance

 

		1.	The power generation system of Party A has electricity meters. If Party B wants to separately conduct electricity measurement,
the meters shall be provided by Party B and be responsible for the its maintenance and expenses.

 

		2.	The selection and maintenance of meters shall not affect the normal operation of CDQ and CDQ waste heat power generation project.

 

		3.	Both Parties have the right to examine and verify the electricity meter facilities so as to make sure the accuracy of the meters.

 

Item Eight Ownership and Intellectual Property of the Recycling
Project

 

		1.	During the contact period, Party A has the ownership of the CDQ and CDQ waste heat power generation systems. After the termination
of the contact, Party B has the disposition right to the project.

 

		2.	The intellectual property of the project belongs to Party A. Without written consent of Party A, Party B is not allowed to
disclose the intellectual property to the other third party.

 

Item Nine Quality Assurance

 

		1.	Party A is responsible for the equipment quality, technical performance, and construction quality.
Party B is responsible for the technical specifications and energy media quality.

 

		2.	For the CDQ system and waste heat power generation of CDQ system of Party A, Party B must provide
necessary guidance and assistance. Parties shall fully cooperate to ensure the quality of the project.

 

Item Ten Warrants of Party A

 

    	 

    	 

    

 

 

 

Besides responsibilities in this agreement,
Party A shall also:

 

		1.	Keep the power station operating properly and ensure that the electricity supplied to Party B complies
with national safety standards.

 

		2.	Ensure the safety of its employees during construction and operation.

 

		3.	Provide reliable technical support and guarantee for the project.

 

		4.	Responsible for the operation of CDQ system and waste heat power generation from CDQ system, and
bear operation costs.

 

		5.	Responsible for the design, equipment procurement, construction, installation, and test and adjustment.

 

Item Eleven Warrants of Party B

 

Besides responsibilities in this agreement,
Party B shall also:

 

		1.	Provide Performance Guarantee Letter to state that Party B will purchase all electricity
generated from the project.

 

		2.	Responsible for the permits and approvals for operation of the project. Party A is responsible
for the permits, inspection and acceptance of the construction and Party B provides assistance.

 

		3.	Purchase all generated electricity from the project.

 

		4.	Cooperate with Party A's due diligence and provide required documents, and ensure that provided
documents are true and authentic.

 

		5.	Provide leveled construction site. For details, refer to the Technology Attachment.

 

Item Twelve Promises

 

		1.	Party A and B agree to have long-term cooperation for current and further recycling energy projects.
Party A has priority to develop further recycling energy projects for Party B.

 

		2.	If the change or update of industrial process or facility of Party B forces Party A to change its
system, Party A will use new system cost and loss for replacement as the new system cost to calculate numbers according to Item
Three to continue execute the project.

 

Item Thirteen Liability for Breach of Agreements

 

		1.	Unless otherwise agreed, either party cannot change or terminate the agreement without written
consent of the other party except for force majeure. Equipment of both parties must work properly.

 

    	 

    	 

    

 

 

 

		2.	Party B shall pay Party A the energy saving service fee at the stipulated time, otherwise:

 

		2.1	If Party B fails to pay Party A the energy saving service fee by 15th of the month and
the delay is within 60 days, the daily penalty is 0.05% of the overdue payment.

 

		2.2	If the delay is over 60 days and Party B still does not make payment on time after Party A's written
notice, it is regarded that Party B has no ability to perform its payment obligation. Party A can enforce the Performance Guarantee
by Party B to take all project assets. Party .

 

		3.	If any event affects the ability to its continue operation of the Party A or Party B, such as bankruptcy,
going out of business, merging, transferring, separation or being dissolution, such party must give the other party a written notice
within 30 days and provide documentary evidences. If such party cannot perform the contractual obligation, the other party suffered
from loss could claim for compensation.

 

		4.	If the power plant cannot operate properly due to the shutdown of furnaces, facilities, or valves
of Party B and such failure cannot be corrected upon a written notice from Party A to Party B within two days of occurrence of
such event, Party B shall compensate the actual loss of Party A.

 

		5.	If the facilities and power plant cannot operate properly because of the equipment or human errors
of Party A, then upon three consecutive months of the power generation system cannot reach 65% of its designed capacity, Party
A shall compensate actual loss of Party B.

 

		6.	Party A shall adjust its maintenance time based on the production schedule of Party B. If Party
A affects the production of Party B, Party A shall compensate for the loss.

 

		7.	Party A cannot transfer or mortgage the CDQ and CDQ power generation systems without the consent
of Party B, otherwise it shall be responsible for the losses.

 

		8.	The CDQ and CDQ power generation systems shall comply with the national environmental protection
standards. If the environment is polluted during the operation of the power plant, Party A shall bear the liability.

 

		9.	If the power generation causes upper level power network, each party shall bear their own liabilities
based on the determination of the upper level power network operator.

 

Term Fourteen Force Majeure

 

If the project cannot be completed on schedule
or supply power normally due to force majeure, such as war, flood, and earthquake, both parties shall be partially or fully exempt
from their liabilities based on the effects of force majeure. If any party cannot perform the agreement due to force majeure, the
party shall notify the other party immediately, provide the proof within 15 days, and keep the loss to a minimum with reasonable
efforts.

 

Term Fifteen Settlement of Disputes

 

Both parties shall settle all disputes
through amicable negotiations. If negotiations fail, either party could take a legal action to the local people’s court where
the project is located.

 

    	 

    	 

    

 

 

 

Term Sixteen Agreement, Appendix, and Others

 

		1.	This agreement shall be signed by legal representatives or its authorized representatives as well
as company seals of both Parties and it shall take effect from the execution date.

 

		2.	After the agreement is signed, Party A shall complete its due diligence and provide Party B with
the letter of confirmation. Parties shall sign Technical Agreement within 90 days after this agreement is signed.

 

		3.	The Technical Agreement and Performance Guarantee are an integral part of the agreement and have
the same legal effect of this agreement.

 

		4.	The agreement can only be terminated after negotiation and agreement by Party A and B in writing.
When the agreement is terminated, Party A has rights to dispose all assets of the recycling project.

 

		5.	As for matters not mentioned herein, Party A and Party B shall sign a supplemental agreement through
negotiation. The supplemental agreement has same effect to the agreement. If there is any conflicts, the latest supplemental agreement
prevails.

 

		6.	If Party B establishes a joint venture company with Party A or its affiliate company or a third
party to operate the recycling project, then the rights and liabilities of Party A in this agreement will be transferred to the
joint venture company. If the joint venture can apply and receive the necessary permits, the joint venture company will be the
independent entity to operate the recycling project, generate power, and receive service fee from generating electricity, and Party
B's responsibility will be only to provide the land for project construction to Party B.

 

The agreement is made in quadruplicate.
Each party holds two copies and each has same legal effect.

 

Party A: Xi’an Zhonghong New Energy
Technology Co., Ltd.

(Seal)

Representative: Li Lanwei

Date: July 19, 2013

 

Party B: Jiangsu Tianyu Energy and Chemical
Group Co., Ltd.

(Seal)

Representative:

Date: July 19, 2013Xi’an
Zhonghong New Energy Technology Co., Ltd.

 

Boxing County
Chengli Gas Supply Co., Ltd.

 

Project Cooperation Agreement

 

July 2013

 

    	 

    	 

    

 

 

 

Cooperation
Agreement

 

Coke Dry Quenching (CDQ) and CDQ Waste
Heat Power Generation Project

 

Party A: Xi’an Zhonghong New Energy
Technology Co., Ltd.

Legal Representative: Ku Guohua

 

Xi’an Zhonghong New Energy Technology
Co., Ltd. is a subsidiary of Xi’an TCH Energy Technology Co. and is also the third tire subsidiary of China Recycling Energy
Corporation, and it engages in the project operations in China. China Recycling Energy Corporation (the "Company") is
a NASDAQ listing company. Its stock trading symbol is CREG and is a leading industrial waste-to-energy solution provider in China.
The Company is the first in the recycling energy industry with the most completed projects and the widest ranges in the industry.
As the direct investor, the Company provides recycling energy integrated solution covering technology, investment, and operation.

 

Party B: Boxing County Chengli Gas Supply
Co., Ltd.

 

Legal Representative: Li Shuxun

 

Boxing County Chengli Gas Supply Co., Ltd.
is located in the Industrial Park, Chunhua Town, Boxing County, Shandong Province, which is mainly engaged in coal coke production
and coal chemical industry.

 

After friendly negotiation between two
parties, based on the principle of equality and autonomy, Party A and Party B reached following items with respect to the coke
dry quenching (CDQ) and CDQ waste heat power generation project.

 

Item One, Investment Construction Projects

		1.	Construction of CDQ and CDQ recycling economic projects

Construct
CDQ system and CDQ waste heat power generation station as a part of of tamping coke oven with 2 x 60 holes, 5.5 meters and JNDK55-07
of model at Boxing County Chengli Gas Supply Co., Ltd. The designed total capacity is 25 MW.

 

		2.	Under the premise of consistent with the CDQ main equipment and main parameter descriptions, Party
A will be in charge of layout, technical performance index and technical specifications of CDQ system and CDQ waste heat power
generation system; if there is any difference between CDQ main equipment and main parameters description, Party B will make the
decision. Major equipment and design will be implemented after Party A obtains Party B’s consent. All requirements, statistics
should be scientific, reasonable, and operable.

 

    	 

    	 

    

 

 

 

		3.	Party A is responsible for the investment in the construction and operation of CDQ system and CDQ
waste heat power generation system project, including design of the project, equipment selection, equipment procurement and manufacturing,
construction, engineering, installation, formal power generation.

 

Item Two, Operation of Recycling Project

		1.	After complete of the project construction, Party A shall be responsible for the operation, maintenance
and management of the recycling project. Party A shall charge Party B energy saving service fee according to the income from CDQ
waste heat power generation station.

 

		2.	Both Parties jointly determine the territorial boundary line of power transmission pursing to technical
appendix.

 

		3.	The operation of CDQ system and CDQ waste heat power generation system includes but is not limited
to: equipment maintenance, repair, and update; Party A will not be responsible for the quality and quantity of the coal coke of
CDQ.

 

Item Three, Cost and Operation Target

Party B shall pay Party A energy saving
service fee after the construction of CDQ system and CDQ waste heat power generation system are completed (upon passing evaluation
of the ability of connection to the grid for power generation).

 

		1.	The energy saving service fee is paid in the form of electricity fee.

The calculation
basis of energy saving service fee is as follows: average operational time is 8,000 hours per annually; if the annual average operational
time was less than 8,000 hours due to the reasons of Party B, the operational time is calculated as 8,000 hours per year; if the
annual average operational time was less than 8,000 hours due to the reasons by Party A, the operational time is calculated based
on the actual operational hours.

 

		2.	If the grid-connected electricity price is adjusted since the execution of this agreement, the
fee shall be calculated as the energy saving service fee (stipulated in section 1 of Item III ) plus 85% of the price change/adjustment
from the original grid-connected electricity price. The starting day for the change will be from the date of adjustment by Shandong
Provincial Price Department.

 

		3.	The amount of power generated shall be calculated based on the indicator of electricity meter in
the power station.

 

		4.	The settlement date is the first day of the next month. Deducting the dues of Party A, Party B
should pay Party A the energy saving service fee of the last month before the 15th of each month.

 

    	 

    	 

    

 

 

 

		5.	Payment method: Wire or transfer.

 

		6.	The policy rebate, award, and preferential treatment shall be shared by both Parties. Each party
shares 50% of the policy rebate, award, and preferential treatment. Both Parties share the expenses incurred in the process of
the application for the policy rebate, award, and preferential treatment.

 

Item Four Starting and End Date for Recycling
Project and Term

 

		1.	The date when Party A completes the construction and installation of CDQ system and CDQ waste heat
power generation system and the power generating system has been in operation and meets the requirements of the design standard
for 72 hours. The Parties agree that date after the recycling project meets the evaluation requirement as the starting date for
the recycling project. From that date, Party B shall pay the service fees monthly according to the power generated and Party B
shall also pay for the power generated during the 72 hours testing run period.

 

		2.	The cooperation model is BO model.

The expected
total project cost is 176 million RMB. For the amount of electricity generated up to 800 million KWH after the project is put into
operation, it shall be charged of the energy saving service fee at 0.40 RMB/KWH. After 800 million KWH, it shall be charged energy
saving service fee with the rate of 0.20 RMB/KWH.

 

The term of
the agreement is 20 years, during which if any main equipment of any Party stops operation due to technical problem or at the end
of its life cycle, the agreement shall be automatically terminated. In case of that happens, the Party B will have the full rights
to dispose the system of Party A.

 

Item Five Construction and Construction
Period of CDQ System and CDQ waste heat power generation system

 

		1.	The construction period of the project is 12 months from the execution of technology agreement.
If the project was delayed due to Party A, Party B has right to dispose the equipment on the construction site after two month
past due date.

 

		2.	If the project is stalled due to Party B’s reason (including but not limited its activities
that affect daily construction, installation, testing and safety), the construction period shall be extended accordingly.

 

		3.	If any party delays the construction without a good reason, which results the construction of the
whole project or part of the project cannot be completed on schedule, the other party has right to terminate wholly or part of
the agreement and incurred loss will be assumed by the breaching party.

 

    	 

    	 

    

 

 

 

Item Six Raw Material Consumption of the
project of CDQ system and CDQ waste heat power generation system

 

		1.	All raw materials such as water, electricity consumed in the operation of the project shall be
settled based on the party B’s local price. Party A makes monthly payment. Party B provides pipeline up to designated boundary
line on the construction site and then Party A will connect water lines and electricity lines into the site and assumes related
expenses.

 

		2.	The Parties agree that Party B shall provide steady qualified coal coke production according to
the technology agreement which will be used for CDQ system. Party A guarantees the steady operation of the CDQ and CDQ waste heat
power generating systems.

 

		3.	Party B shall provide effective assistance to the construction and operation management of the
recycling project.

 

		4.	The land for CDQ and CDQ waste heat power generation project shall be provided by Party B to Party
A with no charge.

 

Item Seven Meter Confirmation, Management
and Maintenance

 

		1.	The power generation system of Party A has electricity meters. If Party B wants to separately conduct electricity measurement,
the meters shall be provided by Party B and be responsible for the its maintenance and expenses.

 

		2.	The selection and maintenance of meters shall not affect the normal operation of CDQ and CDQ waste heat power generation project.

 

		3.	Both Parties have right to examine and verify the electricity meters so as to make sure their accuracy.

 

Item Eight Ownership and Intellectual Property of the Recycling
Project

 

		1.	During the contact period, Party A has the ownership of the CDQ and CDQ waste heat power generation systems. After the termination
of the contact, Party B has the disposition right to the project.

 

		2.	The intellectual property of the project belongs to Party A. Without written consent of Party A, Party B is not allowed to
disclose the intellectual property to the other third party.

 

    	 

    	 

    

 

 

 

Item Nine Quality Assurance

 

		1.	Party A is responsible for the equipment quality, technical performance, and construction quality.
Party B is responsible for the technical specifications and energy media quality.

 

		2.	For the CDQ system and waste heat power generation of CDQ system of Party A, Party B shall keep
the coking and CDQ process functional, and provide necessary guidance and assistance. Parties shall fully cooperate to ensure the
quality of the project.

 

Item Ten Warrants of Party A

 

Besides responsibilities in this agreement,
Party A shall also:

 

		1.	Keep the power station operating properly and ensure that the electricity supplied to Party B complies
with national safety standards.

 

		2.	Ensure the safety of its employees during construction and operation.

 

		3.	Provide reliable technical support and guarantee for the project.

 

		4.	Responsible for the operation of CDQ system and waste heat power generation from CDQ system, and
bear operation costs.

 

		5.	Responsible for the design, equipment procurement, construction, installation, and test and adjustment.

 

Item Eleven Warrants of Party B

 

Besides responsibilities in this agreement,
Party B shall also:

 

		1.	Provide Performance Guarantee Letter to state that Party B will purchase all electricity
generated from the project.

 

		2.	Responsible for the permits and approvals for operation of the project. Party A is responsible
for the permits, inspection and acceptance of the construction and Party B provides assistance.

 

		3.	Purchase all generated electricity from the project.

 

		4.	Cooperate with Party A's due diligence and provide required documents, and ensure that provided
documents are true and authentic.

 

		5.	Provide leveled construction site. For details, refer to the Technology Attachment.

 

    	 

    	 

    

 

 

 

Item Twelve Promises

 

		1.	Party A and B agree to have long-term cooperation for current and further recycling energy projects.
Party A has priority to develop further recycling energy projects for Party B.

 

		2.	If the change or update of industrial process or facility of Party B forces Party A to change its
system, Party A will use new system cost and loss for replacement as the new system cost to calculate numbers according to Item
Three to continue execute the project.

 

		3.	From the starting day of the project, Party B must ensure that the coking system works properly
and working hours of the CDQ system must be no less than 8,000 hours/year. Party A must ensure the waste heat power generation
system of CDQ working hours no less than 7,200 hours/year.

 

Item Thirteen Liability for Breach of Agreements

 

		1.	Unless otherwise agreed, either party cannot change or terminate the agreement without written
consent of the other party except for force majeure. Equipment of both parties must work properly.

 

		2.	Party B shall pay Party A the energy saving service fee at the stipulated time, otherwise:

 

		2.1	If Party B fails to pay Party A the energy saving service fee by 15th of the month and
the delay is within 60 days, the daily penalty is 0.05% of the overdue payment.

 

		2.2	If the delay is over 60 days, it is regarded that Party B has no ability to perform its payment
obligation. Party A can enforce the Performance Guarantee by Party B to take all project assets. Party B shall pay the actual energy
saving service fees at once and pay Party A losses.

 

		3.	If any event affects the ability to its continue operation of the Party A or Party B, such as bankruptcy,
going out of business, merging, transferring, separation or being dissolution, such party must give the other party a written notice
within 30 days and provide documentary evidences. If such party cannot perform the contractual obligation, the other party suffered
from loss could claim for compensation.

 

		4.	If the power plant cannot operate properly due to the shutdown of furnaces, facilities, or valves
of Party B and such failure cannot be corrected upon a written notice from Party A to Party B within two days of occurrence of
such event, Party B shall compensate the actual loss of Party A.

 

    	 

    	 

    

 

 

 

		5.	If the facilities and power plant cannot operate properly because of the equipment or human errors
of Party A, then upon three consecutive months of the power generation system cannot reach 65% of its designed capacity, Party
A shall compensate actual loss of Party B.

 

		6.	Party A shall adjust its maintenance time based on the production schedule of Party B. If Party
A affects the production of Party B, Party A shall compensate for the loss.

 

		7.	Party A cannot transfer or mortgage the CDQ and CDQ power generation systems without the consent
of Party B, otherwise it shall be responsible for the losses.

 

		8.	The CDQ and CDQ power generation systems shall comply with the national environmental protection
standards. If the environment is polluted during the operation of the power plant, Party A shall bear the liability.

 

		9.	If the power generation causes upper level power network, each party shall bear their own liabilities
based on the determination of the upper level power network operator.

 

Term Fourteen Force Majeure

 

If the project cannot be completed on schedule
or supply power normally due to force majeure, such as war, flood, and earthquake, both parties shall be partially or fully exempt
from their liabilities based on the effects of force majeure. If any party cannot perform the agreement due to force majeure, the
party shall notify the other party immediately, provide the proof within 15 days, and keep the loss to a minimum with reasonable
efforts.

 

Term Fifteen Settlement of Disputes

 

Both parties shall settle all disputes
through amicable negotiations. If negotiations fail, either party could take a legal action to the local people’s court where
Party A is located.

 

Term Sixteen Agreement, Appendix, and Others

 

		1.	This agreement shall be signed and sealed by legal representatives or authorized representatives
of both parties and take effect from the effective date.

 

    	 

    	 

    

 

 

 

		2.	After the agreement is signed, Party A shall complete its due diligence and provide Party B with
the letter of confirmation. Parties shall sign Technical Appendix within 90 days after the agreement is signed.

 

		3.	The Technical Appendix and Performance Guarantee are an integral part of the agreement and have
the same legal effect of the agreement.

 

		4.	The agreement can only be terminated after negotiation and agreement by Party A and B in writing.
When the agreement is terminated, Party A has rights to dispose all assets of the recycling project.

 

		5.	As for matters not mentioned herein, Party A and Party B shall sign a supplemental agreement through
negotiation. The supplemental agreement has same effect to the agreement. If there is any conflicts, the latest supplemental agreement
prevails.

 

The agreement is made in quadruplicate.
Each party holds two copies and they have the same legal effect.

 

Party A: Xi’an Zhonghong New Energy
Technology Co., Ltd.

(Seal)

 

Representative:

 

Party B: Boxing Cheng Li Gas Supply Co.,
Ltd.

(Seal)

 

Representative:

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