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Recon Partners With Industry Leaders on Smart Gas Station Project

Binwei Wang 2019-07-09 08:55 AM

Recon Technology Ltd. (Nasdaq: RCON), announced on Monday that its subsidiary, Future Gas Station Technology, Ltd., has arranged a partnership with industry leaders on a smart gas station project.

The Beijing-based company, which provides services for the oil and gas, electric power, and coal chemical industries, said in a statement today that Future Gas will collaborate with Alipay (Hangzhou) Information Technology Co. Ltd. and Zhejiang sales branch of PetroChina Co. Ltd. The agreement will be effective for one year.

Zhejiang CNPC will provide resources, while Future Gas will support the software, the hardware and e-voucher capabilities, the company reported. Alipay's operator Ant Financial Services will cover the digital technology and marketing areas in the project.

The project aims to improve peak hours’ refueling rates of the gas stations, boost marketing efficiency, reduce marketing costs, and promote this smart gas station project to other provinces and gasoline companies across China, Recon said.

Shenping Yin, the co-founder and chief executive officer of Recon, said in the announcement, "We are pleased to announce this cooperation agreement with Alipay and Zhejiang CNPC as we closely align our objectives with the national internet plus strategy for building smart cities. We hope that these efforts can help highlight FGS' cutting edge operational and technological capabilities as we work hard to promote the viability of smart gas stations."

The stock of Recon closed nearly 1 percent lower Monday, at 78 cents per American depositary share.