COSTA MESA, Calif., Aug. 26, 2020 /PRNewswire/ -- Clean Energy Technologies, Inc. (OTCQB: CETY), a clean energy company focusing on products in the energy efficiency and environmental sustainability market, announced today that it has signed a manufacturing agreement to build proprietary equipment designs from Envirepel Energy. Under the terms of this agreement CETY's engineering and manufacturing services will manufacture the emission control and electronic control systems for each Envirepel's biomass energy projects to their specifications equating to approximately $2M and sell the Product to Projects developed by Envirepel Energy.
Envirepel is a renewable energy company that develops clean energy projects selling power to public utilities that has developed an agricultural green waste to energy project that will generate approximately 3 MW of power, delivering energy under a 20 year power purchase agreement (PPA) to Southern California Edison. The company has additional projects in development that can include CETY ORC heat recovery equipment.
Infrastructure projects like the construction of biomass and waste to energy plants that are designed to not pollute the environment as previous technologies have, are poised to capitalize on the legislation that mandates the elimination of organic waste from landfills.
This announcement follows the release of CETY's 10-Qs which indicates the company was cashflow positive the first quarter of 2020, showing the company is progressing towards their growth milestones despite the World's recent events.
"This agreement represents an organic expansion of our business model," said Kam Mahdi, CEO of CETY. "Our value proposition is so closely aligned with renewable energy producers it just makes sense to become more than just a value-added supplier of equipment".
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa, California, Clean Energy Technologies, (CETY) delivers power from heat and biomass with zero emission and low cost. We design, produce and market clean energy products & solutions focused on energy efficiency and renewable energy. The Company's principal product is the Clean Cycle™ ORC heat recovery generator, offered by CETY's Clean Energy HRS, or Heat Recovery Solutions, subsidiary, www.heatrecoverysolutions.com. The Clean Cycle™ system captures waste heat from a variety of sources and turns it into electricity that can be used or sold back to the grid. CETY's proven, reliable technology allows municipal, commercial, and industrial users with heat sources, such as from biomass, industrial processes or energy production, to boost their overall energy efficiency with no additional fuel, no pollutants, and little ongoing maintenance. CETY's common stock is currently traded on the OTC Market under the symbol CETY. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com.
About Envirepel Energy
Envirepel was founded to solve multiple local environmental and energy problems by capturing waste streams where they are generated and converting them into "clean" forms of energy.
The Envirepel business model is to create tailored solutions to local energy and environmental challenges through a fully integrated system that is compliant with today's environmental laws. These systems convert solid fuels to useable thermal energy at 96% conversion efficiency from almost any biomass source, including green waste, sludge, plastics, municipal solid waste ("MSW"), wood and other organics. For more information, visit www.envirepel.com
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.
Clean Energy Technologies, Inc.
Kam Mahdi, CEO
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
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SOURCE Clean Energy Technologies, Inc.