Clean Energy Technologies, Inc. Affiliate Receives Air Quality Permit from the Vermont Department of Environmental Conservation.
Clean Energy Technologies (NASDAQ: CETY) announced that its affiliate, Vermont Renewable Gas, (VRG), received a Permit to Construct and Operate from the Vermont Department of Environmental Conservation. This permit is for the proposed 2.2 MW biogas facility, VRG – Lyndon, in Lyndonville, Vermont. VRG is 49% owned by CETY. The facility will use CETY's high-temperature ablative fast pyrolysis reactor to convert waste biomass into renewable electricity, heat, and BioChar fertilizer. The project, costing $12 million, is expected to generate over 18,000 MWh annually and be fully operational within 12 months. The project benefits from the Inflation Reduction Act and aims to expand CETY's clean energy solutions. CEO Kam Mahdi emphasized the permit's significance for future growth and market capture.
- VRG received an air quality permit, important for project commencement.
- The 2.2 MW facility will generate over 18,000 MWh annually.
- The project will cost $12 million and be fully operational within 12 months.
- The facility will produce renewable electricity, heat, and BioChar fertilizer.
- The project benefits from the Inflation Reduction Act.
- CETY aims to expand its clean energy solutions, increasing top and bottom-line growth.
- The project provides a foundation for future biomass projects using HTAP technology.
- No meaningful negative business aspects were highlighted in the PR.
The approval of the Air Quality Permit for the VRG – Lyndon facility is a significant step forward for Clean Energy Technologies, Inc. (CETY). This development aligns well with the increasing demand for sustainable energy solutions driven by regulatory frameworks and environmental policies.
The projected annual output of 18,000 MWh of renewable electricity and 1,500 tons of BioChar highlights the facility’s potential to contribute significantly to both local renewable energy sources and soil fertility improvement. BioChar, as a byproduct, can enhance soil health by increasing nutrient retention and reducing soil acidity, thus adding value beyond energy production.
From a policy perspective, this venture benefits from the Inflation Reduction Act, indicating potential financial incentives and tax benefits that could improve the project’s profitability. The vertical integration of biomass solutions within CETY’s operations and the synergy with their Organic Rankine Cycle (ORC) business suggests a comprehensive strategy to maximize resource utilization.
For investors, the environmental benefits coupled with policy support create a favorable long-term outlook. However, the initial investment of
The permit acquired by VRG – Lyndon is a pivotal milestone for CETY, as it sets the stage for a new revenue stream from renewable energy. The planned 2.2 MW biogas generation facility signals potential growth in the company's financial performance.
Financially, the investment of
Efficiency gains through the integration with the ORC business, further enhancing energy value by 15%, is a notable point. This synergy can reduce operational costs and increase profitability, making future biomass projects more viable and financially attractive.
Retail investors should note the long-term benefits versus the upfront costs. With the facility set to be fully commissioned within 12 months, the delayed financial returns need to be considered alongside the potential steady income from renewable energy sales and BioChar production.
IRVINE, CA., June 25, 2024 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (NASDAQ: CETY), announced today that Vermont Renewable Gas, LLC (VRG), an affiliate of CETY in which CETY indirectly retains
Issued to VRG – Lyndon as a non-major source of air emissions, the Vermont DEC permit provides strict construction and operating guidelines specific to the biomass feedstock preparation, biogas production, and electric generation components of VRG’s planned facility among other requirements. The permit’s parameters are based on environmentally oriented standards that protect the public and environment from the effects of adverse air quality.
Centered around CETY’s revolutionary high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor), CETY will design, build, and operate the
CETY is focusing on HTAP applications for forestry waste, agricultural waste, industrial and municipal solid waste, and landfill 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. This project will also benefit from the Inflation Reduction Act passed in August of 2022.
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
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 and produces renewable electric power, BioChar fertilizer and high heating value fuel gas in addition to other commercially valuable chemicals.
Kam Mahdi, CEO of CETY, stated “This permit issued by Vermont DEC is one of several positive announcements CETY has made concerning VRG – Lyndon. With this permit in hand, VRG and CETY are one step closer to realization of this critically important project. 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.”
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.
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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:
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Source: Clean Energy Technologies, Inc.
FAQ
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