COSTA MESA, Calif., December 15, 2022 (GLOBE NEWSWIRE) — Clean Energy Technologies (OTCQB: CETY), (“CETY” or the “Company”), a clean energy company offering products and solutions in the renewable and energy efficiency markets announces Q2 2022 financial results and operational highlights.
COSTA MESA, CA., December 15, 2022 /Globe Newswire/ — Clean Energy Technologies, Inc. (OTCQB: CETY), announced today that it has entered into an agreement with Synergy Bioproducts Corporation to design, build and operate a biomass renewable energy processing facility using its revolutionary high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor). Located in Vermont, this project will convert forest biomass waste products to renewably generated electricity and BioChar fertilizer. The plant is expected to deliver up to 14,600 MWh of renewable electricity and 1,500 tons of BioChar annually and be fully commissioned within 12 months.
CETY is focusing on HTAP applications for industrial and municipality solid waste, landfill waste, agriculture 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. This project will also benefit from the recent Inflation Reduction Act passed in August of 2022.
In combination with existing CETY technologies and solutions, these projects will advance the company’s mission to offer a more vertically integrated and scalable platform for clean energy solutions across multiple industries in most key markets globally.
CETY’s existing ORC business will also capitalize on each Biomass project, with the opportunity to deliver Heat Recovery Solutions. Such synergies increase energy value by 15% for the Biomass project. 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 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, BioChar fertilizer and high heating value fuel gas in addition to other commercially valuable chemicals.
Kam Mahdi, CEO of CETY, stated “This project is the first of many anticipated renewable biomass projects, and is expected to serve as a model for developing new projects to capture market share in this highly profitable and growing industry. By vertically integrating the biomass projects into our business, we are also able to grow our heat recovery business horizontally. We hope that our future projects will be large by orders of magnitude and have a profound impact on the environment while bringing us new sources of income. Our new renewable energy biomass projects are expected to further expand our goal of becoming a complete solution for industrial and municipal scale projects in the strategic markets we are targeting.
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) a low carbon energy company delivers power from heat and biomass with zero emission and low cost. CETY designs, produces, and markets clean energy products & solutions focused on energy efficiency and renewable energy. The Company’s principal product is the Clean Cycle™ magnetic bearing heat recovery generator, offered by CETY’s subsidiary Clean Energy HRS, or Heat Recovery Solutions.
The Clean Cycle™ system captures waste heat from a variety of sources and turns it into electricity that can be used or sold back to the grid. CETY’s proven, reliable technology allows municipal, commercial, and industrial users with heat sources, such as from biomass, industrial processes, or energy production, to boost their overall energy efficiency with no additional fuel, no pollutants, and little ongoing maintenance. CETY’s common stock is currently traded on the OTC Market under the symbol CETY.
For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com.
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.
Clean Energy Technologies, Inc.
Kam Mahdi, CEO
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
SOURCE Clean Energy Technologies, Inc.