CETY Finalizes Agreement on $15M Renewable Energy Facility in Ashfield Mass.
August 24 2021 - 9:00AM
InvestorsHub NewsWire
CETY Finalizes
Agreement on $15M Renewable Energy Facility in Ashfield
Mass.
COSTA MESA, CA
-- August 24, 2021 -- InvestorsHub NewsWire
-- Clean Energy Technologies, Inc. (OTCQB: CETY), a low carbon energy company
focusing on products and solutions in the energy efficiency and
environmental sustainability market, announced today that it has
finalized and executed definitive documents to
establish a special purpose vehicle to fund to co-develop
with Ashfield Ag
Resources a $15,000,000 renewable energy
processing facility in Massachusetts using the revolutionary high
temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor).
The Ashfield facility will convert approximately 10,000 tons per
year of clean woody feedstock into an
estimated 16,500 MWh electricity/year. Additionally, it will
produce 1,400 metric tons of BioChar and 26,000 MM BTU of heat per
year by using a high temperature ablative fast pyrolysis
reactor.
This
renewable energy project will be operated from within the newly
formed company and will be funded through the special purpose
vehicle Ashfield Renewable Ag Development, LLC. with equity and
debt secured by the project's revenues. Within the agreement, the
parties have agreed that CETY will hold all rights to Power
Purchase Agreement Revenues, feedstock, site control, and
approved grid. CETY management forecasts up to
a 35% net
present value over investment return to the company
over 10yr horizon
on the $15,000,000 project with internal rates of return of up
to 12%. With
a longer time horizon, the NPV/IRR
could
be greater
based on
additional revenues
over the ten year period that CETY will lock in for
future.
CETY's ORC wholly owned
subsidiary, Heat Recovery Solutions, plans to capitalize on each
HTAP
project with the
opportunity to deliver Heat Recovery Solutions. Such synergies
increase energy value by 12% to 14% for the HTAP project. CETY's portfolio
of HTAP projects are expected to
drive top line
and bottom-line growth elsewhere in the company
creating long term predictable income streams with high IRR cash
flows.
As previously announced by CETY, this project
is the first of four anticipated renewable biomass projects, and is
expected to serve as a model for developing new projects to capture
market share in this rapidly growing industry. This project also
outlines a roadmap for how CETY intends to further
capture and finance future projects utilizing HTAP
Biomass Reactor technology in the rapidly
growing biomass renewable energy sector. CETY management believes
it can secure additional biomass resources to deliver additional
projects ten times larger in the future.
About Clean
Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa,
California, Clean Energy Technologies (CETY) a low carbon energy
company delivers power from heat and biomass with zero emission and
low cost. CETY designs, produces, and markets clean energy products
& solutions focused on energy efficiency and renewable energy.
The Company's principal product is the Clean Cycle™ magnetic
bearing heat recovery generator, offered by CETY's subsidiary Clean
Energy HRS, or Heat Recovery Solutions.
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.
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.
Contact:
Clean Energy
Technologies, Inc.
Kam Mahdi, CEO
949-273-4990 x814
kmahdi@cetyinc.com
Clean Energy Technologies,
Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
www.cetyinc.com
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