By virtue of the excellent performance of the Company's new energy-based hybrid power system, the Company has recently signed a hybrid power retrofit contract for 26 sets of rubber tyre gantry (RTG) with QTerminals, a terminal located in Hamad Port, Qatar. This is another major order gained after the Company provided the new energy-based hybrid power system for the port. The execution of this order marks the breakthrough for the Company to directly undertake the new energy-based hybrid power retrofit project from overseas owners, which is an important milestone for the Company to vigorously expand its overseas market of port business, and also a positive response of the Company to the grand national strategies of "Belt and Road Initiative”, integrating the past with the present and achieving win-win cooperation.

Ports are an important driving force for the development of the world economy, and green power, energy conservation and environmental protection are also important issues for ports and terminals. RTG is widely used in ports and terminals around the globe thanks to its flexible loading and unloading operations. As we all know, RTG has always been a big energy consumer, and enormous amounts of precious energy are wasted on it every year. Based on the Company's rich engineering experience in electrical hoisting control system for more than 20 years, the Company adopts self-developed smart converter and intelligent controller and software and furnishes the new energy lithium-ion power battery packs to build up HITE’s proprietary matrix smart new energy power system that provides operation power for RTG in ports. Unlike the traditional RTG’s hybrid power system of "big diesel generator + small battery pack”, the Company's hybrid power system adopts "small diesel generator + big battery pack" (or “all-battery" solution), that is the power to RTG all comes from the battery packs, while the small diesel generator is only used for charging the battery packs. Additionally, the battery packs can efficiently recover the energy when the container is lowered, thus greatly improving the fuel economy of RTG. The fuel saving rate can generally reach 50%-65% based on the operation of terminals. The busy terminals can recover the cost in about 3 years, and greatly reduce exhaust emission and noise.

Since 2015, HITE hybrid power and transfer system has developed rapidly, providing world-class products, technologies and services to port customers, and substantially facilitated energy conservation and emission reduction of RTG for customers. In just a few years, it has been widely recognized by customers both at home and abroad such as Ningbo Port, Dalian Port, Lianyungang Port, PSA, and ports from Doha and Saudi Arabia. HITE will, as always, make continuous progress and contribute its own strength to the port industry.