Clean Energy Technologies Inc. Signs Framework Agreement with A “Top 500 Enterprises of China”
- CETY signed a framework agreement with SDES for the implementation of Waste Heat Recovery products in SDES's projects in China
- CETY will be a prioritized supplier to SDES for ongoing and future projects
- The implementation of CETY's products in SDES's projects will accelerate the cross-selling of CETY's products in China
- None.
COSTA MESA, CA., May 24, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (“CETY” or the “Company”), 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 today announced that Clean Energy Technologies (H.K.) Limited (CETY HK), a wholly owned subsidiary and its other subsidiaries signed a framework agreement with SCEI Distributed Energy Systems Co., Ltd. (SDES), a subsidiary of Sichuan Energy Investment Group Co., Ltd. (SCEI), a Top 500 Enterprises in China.
SCEI was established in February 2011 with a registered capital of CNY 17.506 billion. Its mission is to accelerate the construction of energy infrastructure projects in Sichuan Province, China. In 2022, SCEI’s assets exceed CNY 250 billion, with an annual operating income of over CNY 90 billion. Through its natural gas (NG) trading operations, CETY HK was introduced to SDES, the subsidiary of SCEI that operates distributed energy investment, development, and construction.
SDES recognizes that CETY’s zero emissions Waste Heat Recovery product, which can improve the energy utilization rate of natural gas distributed energy projects. At the same time, SDES believes that CETY's ability to secure natural gas supply can benefit its natural gas distributed energy projects by improving supply stability of natural gas resources. At present, SDES has 6 completed projects, 4 projects under construction, 17 approved and filed projects, and 20 projects in the pipeline. The first natural gas distributed energy project completed in Sichuan is the SCEI Xindu China Resources Snow Beer project which showcases the model in Western China. CETY’s wholly owned subsidiary Heat Recovery Solutions division headquartered in California, U.S., is currently evaluating the technical and economic feasibility of installing Waste Heat Recovery systems in each of these projects. SDES will further evaluate and potentially accept CETY’s proposals if it meets their emission reduction and energy efficiency standards. As SDES is the leader in the natural gas distributed energy and energy-saving service sector in Sichuan, the implementation of CETY’s Waste Heat Recovery products and solutions in SDES’s projects will greatly accelerate the cross-selling of CETY's products and solutions in China.
The framework agreement states that CETY will be a prioritized supplier to SDES for all ongoing and future projects that could apply CETY’s Waste Heat Recovery product or other energy-savings technology. CETY will assist SDES in optimizing the composition of natural gas sources and to provide Waste Heat Recovery products which will reduce project operating costs, improve project energy utilization efficiency, and achieve net zero emissions. Other than CETY’s own products, CETY will also source other advanced energy-saving technologies, develop turnkey solutions, and implement such solutions into SDES’s distributed power projects.
About Clean Energy Technologies
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) is a rising leader in the zero-emission revolution by offering recyclable 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 Cycle TM 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 NG trading operations in China to source and supply Natural Gas to industries and municipalities located in China.
For information on CETY’s corporate structure refer to the Company’s 10K for the fiscal year ended December 31, 2022 located on the website of the Securities and Exchange Commission at www.sec.gov.
CETY's common stock is currently traded on the Nasdaq Capital Market under the symbol CETY. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com .
DISCLAIMER
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.
Investor Relations Contact:
ir@cetyinc.com
Contact:
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
FAQ
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