February 5, 2010 (FinancialWire) — China Energy Recovery, Inc. (OTCBB: CGYV) said it has entered into a series of agreements to secure $5 million in new debt financing, which will be applied to the continued development and construction of the company’s new production facility in Shanghai.

According to China Energy Recovery, investors provided an aggregate of $4 million under separate loans of $2 million, each of which matures in January 2013 and bears interest at an annual rate of 15.1%.

An additional $1 million was provided through Haide Engineering Ltd., a company that CER’s chairman and CEO, Qinghuan Wu controls. This is an unsecured, interest-only loan bearing an annual interest rate of 9.5% and matures in January 2012, according to the company.

With this transaction, CER said it has raised around $10 million in loans during the last six months toward the design and construction of its new production facility, which is scheduled to be completed this year.

China-based CER is engaged in designing, manufacturing and installing waste heat energy recovery systems. The company’s primary focus is on the Chinese market.

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