Clean Energy Technologies Affiliate Announces Favorable Order from Maine Public Utilities Commission
IRVINE, CA., Feb. 07, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: CETY), a clean energy manufacturing and services company, 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 announced today that Vermont Renewable Gas, LLC (VRG), an affiliate limited liability company, has received a favorable order from the State of Maine Public Utilities Commission (PUC). The order grants New Renewable Resource Certification status for VRG – Lyndon, a 2.2 MW biogas generator facility under development in Lyndonville, Vermont.
In recent months, VRG initiated a request with the Maine PUC for certification as a qualified generator under Maine’s Renewable Portfolio Standard (RPS). In January 2024, the PUC announced its decision that VRG – Lyndon, as a biomass project, qualifies as both a Class I and Class IA Renewable Resource within Maine. The PUC’s decision allows VRG to participate in the trading of Renewable Energy Certificates within the state’s market. By aligning with Maine's RPS, VRG - Lyndon actively contributes to the state's goal of sourcing 100% of its energy from renewable sources by 2050. The facility is projected to generate $5.2 million in revenue over the first 10 years of participation in the program.
Centered around CETY’s revolutionary high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor), CETY will design, build, and operate the $10 million facility. Located in Lyndonville, Vermont, the facility will convert agriculturally-derived organic material 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 focused on HTAP for transforming industrial, municipal, landfill, agricultural, and forestry waste into clean energy, aligning with the growing investment in clean energy solutions for commercial, industrial, and municipal sectors. The project will also benefit from the Inflation Reduction Act passed in August of 2022.
Kam Mahdi, CEO of CETY, stated “This decision issued by the Maine PUC is one of several positive announcements CETY has made concerning VRG - Lyndon. With a $53 million, 20-year power purchase agreement in-hand and now this decision from the Maine PUC, CETY looks forward to completing final permitting for the 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 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.”
In combination with CETY’s current clean energy technologies and solutions, these projects will advance the company’s mission to offer a more vertically integrated and scalable platform for renewable power solutions across multiple industries in most key markets globally.
Furthermore, CETY’s existing ORC business will 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 growth elsewhere in the company which creates long term predictable income streams with high IRR cash flows.
More importantly, this milestone provides a footprint for future projects utilizing CETY’s proprietary HTAP Biomass Reactor technology. In the rapidly growing biomass renewable energy sector, its solution produces renewable electric power, BioChar fertilizer and high heating value fuel gas in addition to other commercially valuable chemicals.
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Irvine, 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 NASDAQ Market under the symbol CETY.
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