Clean Energy Technologies, Inc. (“CETY” or the “Company”) (Nasdaq:
CETY) announced today that Vermont Renewable Gas, LLC (“VRG”), an
affiliate of CETY in which CETY indirectly retains 49% ownership
interest, has been selected by the United States Department of
Agriculture (USDA) as one of 171 Wood Innovations Grant recipients.
Administered by the USDA’s U.S. Forest Service, this $74 million
initiative is made possible in part by the bipartisan
Infrastructure Law and the Inflation Reduction Act (IRA). VRG was
selected to receive $300,000 towards installation and testing of
CETY’s high temperature ablative fast pyrolysis reactor (“HTAP
Biomass Reactor”) at VRG’s planned facility in Lyndonville,
Vermont. This grant will also support an operator training program
at the facility.
VRG and 170 other Wood Innovations Grant
recipients were selected based on their ability to spark
innovation, create new markets, and support renewable energy. In a
public press release, Deputy U.S. Secretary of Agriculture Xochitl
Torres Small announced that “these investments will support good
paying jobs for families and communities.” The USDA announcement
emphasized the impact that these chosen projects will have in
producing renewable energy, promoting healthy forests, creating
wildlife habitat, and reducing the threat of catastrophic
wildfires.
Centered around CETY’s HTAP Biomass Reactor
technology, CETY will design, build, and operate the VRG – Lyndon
facility. VRG will convert waste biomass from Northeastern
Vermont’s working lands into renewable fuel gas and BioChar
fertilizer as a byproduct. The renewable fuel gas generated will be
converted into renewable electricity and heat. The plant is
expected to deliver in excess of 18,000 MWh of renewable
electricity and 1,500 tons of BioChar annually and be fully
commissioned within 12 months.
CETY is focusing on high temperature ablative
pyrolysis (HTAP) applications for agricultural waste, forestry
waste, industrial and municipal solid waste, and landfill waste.
This builds on the current increase in state and federal 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.
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 organic rankine cycle (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.
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 in an anaerobic environment
to produce renewable electric power, BioChar fertilizer and high
heating value fuel gas in addition to other commercially valuable
chemicals.
Kam Mahdi, CEO of CETY, stated “CETY is
delighted by the USDA’s decision to invest in VRG – Lyndon. The
news of USDA’s decision follows CETY’s recent announcement that it
has entered into a Memorandum of Understanding with Asia Management
Energy Capital Partners Pte. Ltd. (AMEC) for up to $12 million in
growth capital to support VRG. This combination of public and
private commitments will propel VRG and CETY to achieve success in
this highly profitable and growing industry. CETY values the impact
that the federal Infrastructure Law and the IRA are presenting to
VRG’s project, starting with this Wood Innovations Grant. CETY
looks forward to completing final permitting for the Lyndonville
facility and commencing construction.
VRG will serve as a model for developing new
projects that capture market share in this highly profitable and
growing industry. By vertically integrating biomass 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 CETY new sources of income. Our new renewable
biomass energy 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 Irvine, California, Clean
Energy Technologies, Inc. (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 CycleTM generator to create
electricity. Waste to Energy Solutions convert waste products
created in manufacturing, agriculture, wastewater treatment plants
and other industries to electricity and BioChar. Engineering,
Consulting and Project Management Solutions provide expertise and
experience in developing clean energy projects for municipal and
industrial customers and Engineering, Procurement and Construction
(EPC) companies.
CETY's common stock is currently traded on the
Nasdaq Capital Market under the symbol CETY. For more information,
visit www.cetyinc.com.
For more information,
visit www.cetyinc.com.
Follow CETY on our social media channels:
Twitter | LinkedIn | Facebook
This summary should be read in conjunction with
the Company’s quarterly report on Form 10-Q for the quarterly
period ended March 31, 2024 and other periodic filings made
pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934, as amended, which contain, among other matters, risk factors
and financial footnotes as well as a discussions of our business,
operations and financial matters located on the website of the
Securities and Exchange Commission at www.sec.gov.
Safe Harbor Statement
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. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on the Company's current
beliefs, expectations and assumptions regarding the future of
CETY’s business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company's control. Therefore, you should
not rely on any of these forward-looking statements.
Forward-looking statements can be identified by words such as:
"anticipate," "plan," "expect," "estimate," "strategy," "future,"
"likely," "may," "should," "will" and similar references to future
periods. Any forward-looking statement made by the Company in this
press release is based only on information currently available to
us and speaks only as of the date on which it is made. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Clean Energy Technologies, Inc. Investor and Investment Media
inquiries:949-273-4990ir@cetyinc.com
Source: Clean Energy Technologies, Inc.
Clean Energy Technologies (NASDAQ:CETY)
Gráfico Histórico do Ativo
De Jul 2024 até Ago 2024
Clean Energy Technologies (NASDAQ:CETY)
Gráfico Histórico do Ativo
De Ago 2023 até Ago 2024