Clean Energy Technologies Scales Natural Gas Trading Operations as China Market Recovers
Clean Energy Technologies, Inc. (CETY) reported securing and selling 6.65 million cubic meters of natural gas (NG) in Q1 2023, generating approximately USD 2.5 million in sales. The company sees an improved NG market in China, with a Manufacturing PMI rising to 52.6 in February 2023. China's government aims for a GDP growth target of about 5% for 2023, fostering positive demand for NG. CETY is shifting from low-volume, higher-margin trading to stable higher-volume trading to mitigate market risks. CEO Kam Mahdi noted that NG operations in China provide cross-selling opportunities for CETY's products, anticipating increased contributions from this sector.
- Secured and sold 6.65 million cubic meters of NG in Q1 2023, totaling USD 2.5 million in sales.
- The Manufacturing PMI in China improved to 52.6 in February 2023, indicating economic recovery.
- CETY anticipates continuous high growth in NG demand in China.
- The NG market faced significant fluctuations due to the Ukrainian and Russian conflict.
- Transitioning from higher-margin LNG and CNG trading may impact profit margins.
COSTA MESA, CA., March 31, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (the “Company”), a clean energy manufacturing and services company, offering recyclable energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia today announced it has secured and sold 6.65 million cubic meters of natural gas (NG) through its subsidiaries and joint ventures in China for the first quarter of 2023, which totals to approximately USD 2.5 million in sales. Management believes that the NG market has significantly improved compared to the fourth quarter of 2022 when China’s economy was battered by COVID lockdowns and restrictions. China’s Manufacturing Purchasing Managers Index reached 52.6 in February 2023 from a low of 47.0 in December 2022 (http://www.stats.gov.cn/). In the 2023 Government Work Report (http://www.gov.cn), the Chinese government set the economic growth target for 2023 at about
Due to the Ukrainian and Russian conflict, NG prices have fluctuated significantly in the past year. To better manage market risk as well as reduce exposure to cyclical factors such as lowered demand due to national holidays or weather, CETY is adjusting its NG strategy to stable higher volume trading in Pipeline Natural Gas (PNG) rather than opportunistic low volume trading with higher margins in Liquified Natural Gas (LNG) or Compressed Natural Gas (CNG).
Kam Mahdi, CETY’s CEO said, “Our Natural Gas trading operations and NG pipeline business in China opens cross selling opportunities for CETY products and solutions. As we see an uptick in China’s economy returning to normal, we expect even more contribution from this business segment in the near future.”
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) plans to become a 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. Our NG trading operations in China is 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 www.cetyinc.com or www.heatrecoverysolutions.com.
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SOURCE Clean Energy Technologies, Inc.
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
www.cetyinc.com
FAQ
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