July 16, 2009 (FinancialWire) — SmartHeat Inc. (NASDAQ: HEAT) (Current Market Cap: US$ 150.37 Mil.) said it has signed $3 million in energy savings equipment sales contracts with a subsidiary of Chinese oil company PetroChina, as well as several Chinese municipalities.

Company CEO James Jun Wang cited SmartHeat’s recent asset acquisition of one of China’s largest plate heat exchanger manufacturers as a primary driver in winning the new business. The new sales cover products to be manufactured on the newly acquired premises and assets.

Founded by James Jun Wang, a former executive at Honeywell China, Shenyang, China-based SmartHeat manufactures standard plate heat exchangers, custom plate heat exchanger units and heat meters.

The company’s products directly address air pollution problems in China where massive coal burning for cooking and heating purposes is the only source of economical heat energy in China. SmartHeat’s customers include large companies as well as municipalities and industrial and residential users.

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