Clean Energy Technologies, Inc. Affiliate Selected as USDA Grant Recipient
Clean Energy Technologies (CETY) announced that its affiliate, Vermont Renewable Gas (VRG), has been selected for a $300,000 USDA Wood Innovations Grant. The grant supports installing CETY's HTAP Biomass Reactor at VRG's new facility in Lyndonville, Vermont, which aims to convert waste biomass into renewable energy and BioChar fertilizer. The plant is expected to produce 18,000 MWh of renewable electricity and 1,500 tons of BioChar annually within 12 months. This initiative, backed by the bipartisan Infrastructure Law and the IRA, aims to create jobs, promote renewable energy, and reduce wildfire risks. The project aligns with CETY's strategy to expand its clean energy solutions and generate long-term revenue growth.
- VRG, an affiliate of CETY, received a $300,000 USDA Wood Innovations Grant.
- The HTAP Biomass Reactor will convert waste biomass into renewable fuel gas and BioChar fertilizer.
- Facility in Lyndonville expected to produce 18,000 MWh of renewable electricity and 1,500 tons of BioChar annually.
- The grant is part of the $74 million USDA initiative supported by the bipartisan Infrastructure Law and IRA.
- CETY's project will boost top-line and bottom-line growth across multiple industries.
- Synergies with CETY's existing ORC business increase energy value by 15%.
- VRG's project leverages increasing state and federal incentives for clean energy.
- The project requires final permitting and successful construction commencement.
- Potential delays in the project's commissioning within the planned 12-month timeframe could affect revenue projections.
- Dependence on public and private funding could pose financial risks if future investments are not secured.
The USDA grant of
Moreover, the grant aligns with current federal incentives aimed at promoting clean energy, suggesting potential future financial support for similar projects. The diversification into biomass energy projects could lead to predictable long-term revenue streams, positioning CETY to benefit from increased governmental focus on renewable energy. However, it's important to monitor the project's execution risks and reliance on continued policy support.
In the short term, investors might see an uptick in stock price due to positive sentiment around the grant. Long term, the potential for scalable, vertically integrated clean energy solutions could significantly enhance CETY’s earnings and market position.
The grant positions VRG and by extension CETY as a key player in the rapidly growing biomass renewable energy sector. The uniqueness of CETY's HTAP Biomass Reactor technology, which converts waste biomass into renewable fuel gas, BioChar fertilizer and renewable electricity, provides a competitive edge. The expected annual output of 18,000 MWh of renewable electricity and 1,500 tons of BioChar underscores the project's potential to meet the increasing demand for sustainable energy solutions.
The focus on converting waste materials aligns with global trends towards circular economy principles, where waste is minimized and resources are reused. This positioning could open up new markets and partnerships, especially as regulatory requirements for sustainable practices tighten worldwide.
This initiative also has the potential to create ancillary markets for BioChar and renewable fuel gas, further diversifying revenue streams for CETY. The operator training program could be a value-add, ensuring skilled labor for future projects and enhancing operational efficiency. Investors should consider the broader market growth potential and CETY’s ability to capture and expand its market share in the clean energy sector.
CETY’s HTAP Biomass Reactor is a standout technology in the clean energy space. This high temperature ablative fast pyrolysis reactor operates by converting organic waste into valuable byproducts such as renewable electric power, BioChar fertilizer and high heating value fuel gas. This technology differentiates CETY from other players in the sector as it offers a comprehensive solution to waste management while simultaneously generating energy and valuable byproducts.
The integration of this technology into VRG’s facility in Vermont will serve as a proof-of-concept for its scalability and efficiency. The HTAP Reactor’s ability to convert various types of waste into energy is particularly relevant given the increasing regulatory pressures to reduce landfill waste and carbon emissions.
The expected commissioning within 12 months is an ambitious timeline, but it underscores the readiness and feasibility of the technology. The potential to achieve a 15% increase in energy value through synergies with CETY’s organic rankine cycle business is an additional technical advantage that could enhance overall project efficiency and profitability. For retail investors, understanding these technical merits is vital, as they highlight the innovation and potential future scalability of CETY’s solutions.
Irvine, CA., June 11, 2024 (GLOBE NEWSWIRE) -- 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
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
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
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.
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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.
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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.
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Source: Clean Energy Technologies, Inc.
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