COSTA MESA, CA., July 12, 2023 — Clean Energy Technologies, Inc. (Nasdaq CETY) (“CETY” or the “Company”), a rising leader in clean energy solutions, announced today that it has entered into a fixed-price engineering, procurement, and construction (EPC) contract with Vermont Renewable Gas, LLC for the proposed Lyndonville biogas to power facility. The EPC contract, valued at $10 million, demonstrates CETY’s leadership in clean energy solutions.
CETY will spearhead the design, construction, and operation of the $10 million facility, placing its revolutionary HTAP Biomass Reactor, a high-temperature ablative fast pyrolysis reactor, at the heart of the project. Situated in Lyndonville, Vermont, this facility will convert low-grade, woody fiber sourced from local working lands into biogas and BioChar fertilizer. The renewable fuel gas produced will be harnessed to generate sustainable electricity and heat. Anticipated to be fully commissioned within 12 months, the plant is projected to deliver over 14,600 MWh of renewable electricity and 1,500 tons of BioChar annually. With the EPC agreement executed, project engineering and permitting are now underway.
Kam Mahdi, CEO of CETY, stated “The Lyndonville project is the first of many anticipated renewable biomass projects and is expected to serve as a model for developing new project opportunities to capture market share in this highly profitable and growing industry. Execution of this EPC contract allows CETY to begin the development of this innovative facility in Vermont. We hope that this project will catalyze additional project opportunities in the areas of renewable electricity and low-carbon fuels while realizing new revenue in engineering and clean energy equipment sales.”
CETY is focused on HTAP applications for industrial and municipal solid waste, landfill waste, agricultural waste, and forestry waste. This builds on the current increase in incentives for investment in clean energy solutions for commercial and industrial users, as well as a surge in interest in clean energy solutions in municipalities. Additionally, the project aligns with the benefits introduced by the Inflation Reduction Act passed in August 2022. In tandem with CETY’s existing technologies and solutions, these projects propel the Company’s mission of providing a vertically integrated and scalable platform for clean energy solutions across various industries in key global markets.
CETY’s existing ORC business will also capitalize on each biomass project, with the opportunity to deliver Heat Recovery Solutions. These synergies could result in an increase in energy value by 15% for the biomass projects. CETY’s portfolio of biomass projects will in turn drive top-line and bottom-line growth elsewhere in the Company, creating long-term predictable income streams with high IRR cash flows. More importantly, it provides a footprint for future projects utilizing the HTAP Biomass Reactor technology in the rapidly growing biomass renewable energy sector. The HTAP Biomass Reactor is a unique and proprietary process that transforms organic waste by using ultra-high temperatures and produces renewable electrical power. Its outputs include renewable electrical power, BioChar fertilizer, high-heating value fuel gas, and other commercially valuable chemicals.
About Clean Energy Technologies
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) is a rising leader in the zero-emission revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company’s principal products are Waste Heat Recovery Solutions using our patented Clean Cycle TM generator to create electricity. Waste to Energy Solutions converting waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions providing expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies. Clean Energy Technologies (H.K.) Limited (CETY HK), our wholly owned subsidiary manages our NG trading operations in China to source and supply Natural Gas to industries and municipalities located in China.
For information on CETY’s corporate structure refer to the Company’s 10K for the fiscal year ended December 31, 2022 located on the website of the Securities and Exchange Commission at www.sec.gov.
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
Investor Relations Contact:
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626