Clean Energy Technologies, Inc. Announces $10M EPC Contract with Vermont Renewable Gas, LLC for Lyndonville, Vermont Facility
COSTA MESA, CA., July 12, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (NASDAQ: CETY) (“CETY” or the “Company”), a rising leader in clean energy solutions, announced today that it has entered into a fixed-price engineering, procurement, and construction (EPC) contract with Vermont Renewable Gas, LLC for the proposed Lyndonville biogas to power facility. The EPC contract, valued at $10 million, demonstrates CETY's leadership in clean energy solutions.
CETY will spearhead the design, construction, and operation of the $10 million facility, placing its revolutionary HTAP Biomass Reactor, a high temperature ablative fast pyrolysis reactor, at the heart of the project. Situated in Lyndonville, Vermont, this facility will convert low-grade, woody fiber sourced from local working lands into biogas and BioChar fertilizer. The renewable fuel gas produced will be harnessed to generate sustainable electricity and heat. Anticipated to be fully commissioned within 12 months, the plant is projected to deliver over 14,600 MWh of renewable electricity and 1,500 tons of BioChar annually. With the EPC agreement executed, project engineering and permitting are now underway.
Kam Mahdi, CEO of CETY, stated “The Lyndonville project is the first of many anticipated renewable biomass projects and is expected to serve as a model for developing new project opportunities to capture market share in this highly profitable and growing industry. Execution of this EPC contract allows CETY to begin development of this innovative facility in Vermont. We hope that this project will catalyze additional project opportunities in the areas of renewable electricity and low-carbon fuels while realizing new revenue in engineering and clean energy equipment sales.”
CETY is focused on HTAP applications for industrial and municipal solid waste, landfill waste, agricultural 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. Additionally, the project aligns with the benefits introduced by the Inflation Reduction Act passed in August 2022. In tandem with CETY’s existing technologies and solutions, these projects propel the Company’s mission of providing a vertically integrated and scalable platform for clean energy solutions across various industries in key global markets.
CETY’s existing ORC business will also capitalize on each biomass project, with the opportunity to deliver Heat Recovery Solutions. These synergies could result in an increase in energy value by 15% for the biomass projects. 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 the 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. Its outputs include renewable electrical power, BioChar fertilizer, high heating value fuel gas, and other commercially valuable chemicals.
About Clean Energy Technologies, Inc. (CETY)
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 CycleTM 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 natural gas trading operations in China 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 .
SAFE HARBOR STATEMENT
This news release may include forward-looking statements. 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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; expansion plans; future business development, financial condition and results of operations; the trends in, and size of, biomass renewable energy market; the Company’s expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
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