October 26, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — NF Energy Saving Corp. (NASDAQ: NFEC) said that it has signed an agreement with the Gaizhou municipal government's Gaizhou Gas Industry Co. to jointly invest in the Gaizhou Biomass Gas Supply Project.

Construction for the Gaizhou Biomass Gas Supply Project is scheduled to take two years to complete. Once fully operational, the project is projected to generate revenue of up to RMB 96 million annually (around $14.1 million) and save 40,600 tons of standard coal per year.

According to NF, the total cost of the project is expected to amount to RMB 240 million (around $35.5 million).

Under the deal, the two companies will split revenues generated from the project according to their respective investments, with NF Energy investing 62.2% of the capital required over a two-year time frame and Gaizhou Gas contributing the remaining 37.8%. NF Energy will be responsible for managing the project, including project design and construction.

Gaizhou Gas Industry is licensed by Gaizhou municipal government to exclusively provide the gas production within Gaizhou city.

China-based NF Energy Saving is a provider of integrated energy conservation solutions utilizing equipment, technical services and energy management re-engineering project operations.

The company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, wind power, and nuclear power), water supply, and heat supply industries.

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