COSTA MESA, CA., May 31, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (“CETY” or the “Company”), a rising leader in clean energy solutions, is pleased to announce a significant development in its renewable energy sector. Vermont Renewable Gas, LLC, an affiliated limited liability company of CETY, has entered into a Purchase and Sale Agreement (P&S) with Northeastern Vermont Development Association to purchase 8 acres in the Saint Johnsbury/Lyndon Industrial Park. The property will serve as a site for VRG - Lyndonville, a biomass renewable energy processing facility.
At the heart of this project is CETY’s revolutionary high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor). With an investment of $10 million, CETY will orchestrate the design, construction, and operation of this facility in Lyndonville, Vermont. This facility will convert low-grade, woody fiber sourced from local working lands into renewable fuel gas and BioChar fertilizer. The renewable fuel gas generated will subsequently be converted into renewable electricity and heat. Anticipated to be fully commissioned within a 12-month timeframe, the plant is expected to yield over 14,600 MWh of renewable electricity and 1,500 tons of BioChar annually. With the P&S now in effect, immediate focus will be directed towards site permitting and final engineering.
CETY’s concentration on HTAP applications for various waste types, including industrial and municipal solid waste, landfill waste, agriculture waste, and forestry waste, reflects the growing trend of incentivizing clean energy investments in commercial and industrial sectors, as well as the escalating interest in clean energy solutions within municipalities. Furthermore, this project stands to benefit from the recently enacted Inflation Reduction Act passed in August of 2022.
In conjunction with CETY’s existing portfolio of 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. Moreover, CETY’s existing Organic Rankine Cycle (ORC) business will also capitalize on each Biomass project, offering Heat Recovery Solutions that increase value by 15%. This synergy between projects not only enhances the profitability of the biomass sector but also drives top-line and bottom-line growth throughout the company, generating long-term predictable income streams with high IRR cash flows.
Significantly, this development establishes a solid foundation for future projects utilizing HTAP Biomass Reactor technology in the rapidly expanding biomass renewable energy sector. The HTAP Biomass Reactor presents a innovative and proprietary process that harnesses ultra-high temperatures to transform organic waste, yielding renewable electrical power, BioChar fertilizer, high heating value fuel gas, and other commercially valuable chemicals.
Commenting on this momentous occasion, Kam Mahdi, CEO of CETY, stated “This project serves as a blueprint for numerous forthcoming renewable biomass projects, and is expected to spearhead our entry into this immensely 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 anticipate 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 revenue. The expansion of our renewable energy biomass projects will further solidify our ambition to become a comprehensive solution provider for industrial and municipal-scale projects in our strategic target markets."
About Clean Energy Technologies
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green 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.
CETY's common stock is currently traded on the Nasdaq Capital Market under the symbol CETY. For more information, visit www.cetyinc.com.
DISCLAIMER
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:
ir@cetyinc.com
Contact:
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
