Clean Energy Technologies Scales Natural Gas Trading Operations as China Market Recovers
31 Março 2023 - 9:32AM
Clean Energy Technologies, Inc. (Nasdaq CETY) (the “Company”), a
clean energy manufacturing and services company, offering
recyclable energy solutions, clean energy fuels, and alternative
electric power for small and mid-sized projects in North America,
Europe, and Asia today announced it has secured and sold 6.65
million cubic meters of natural gas (NG) through its subsidiaries
and joint ventures in China for the first quarter of 2023, which
totals to approximately USD 2.5 million in sales. Management
believes that the NG market has significantly improved compared to
the fourth quarter of 2022 when China’s economy was battered by
COVID lockdowns and restrictions. China’s Manufacturing Purchasing
Managers Index reached 52.6 in February 2023 from a low of 47.0 in
December 2022 (http://www.stats.gov.cn/). In the 2023 Government
Work Report (http://www.gov.cn), the Chinese government set the
economic growth target for 2023 at about 5% and made economic
recovery the government's most important task. CETY expects
continuous high growth in demand for NG in China and is currently
in the process of securing major NG sales contracts for the
remainder of the year.
Due to the Ukrainian and Russian conflict, NG
prices have fluctuated significantly in the past year. To better
manage market risk as well as reduce exposure to cyclical factors
such as lowered demand due to national holidays or weather, CETY is
adjusting its NG strategy to stable higher volume trading in
Pipeline Natural Gas (PNG) rather than opportunistic low volume
trading with higher margins in Liquified Natural Gas (LNG) or
Compressed Natural Gas (CNG).
Kam Mahdi, CETY’s CEO said, “Our Natural Gas
trading operations and NG pipeline business in China opens cross
selling opportunities for CETY products and solutions. As we see an
uptick in China’s economy returning to normal, we expect even more
contribution from this business segment in the near future.”
About Clean Energy Technologies, Inc.
(CETY)
Headquartered in Costa Mesa, California,
Clean Energy Technologies (CETY) plans to become a 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. Our NG trading operations in China is to source and
supply Natural Gas to industries and municipalities located in
China.
CETY's common stock is currently traded on the
Nasdaq Capital Market under the symbol CETY. For more information,
visit www.cetyinc.com or www.heatrecoverysolutions.com.
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SOURCE Clean Energy Technologies, Inc.
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 www.cetyinc.com
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