CETY finalizes agreement on $ 15 million renewable energy facility at Ashfield Mass.
COSTA MESA, California, August 3, 2021 / PRNewswire / – Clean Energy Technologies, Inc. (OTCQB: CETY), a low-carbon energy company focusing on products and solutions in the energy efficiency and environmental sustainability market, has announced today that it has finalized and executed final documents to establish a target vehicle to be funded to co-develop with Ashfield Ag Resources a $ 15,000,000 renewable energy treatment facility in Massachusetts using the revolutionary high temperature ablative rapid pyrolysis reactor (HTAP Biomass Reactor). the Ashfield The facility will convert approximately 10,000 tonnes per year of clean wood raw material into approximately 16,500 MWh of electricity / year. In addition, it will produce 1,400 metric tonnes of BioChar and 26,000 MM BTUs of heat per year using a high temperature ablative rapid pyrolysis reactor.
This renewable energy project will operate within the newly formed company and will be funded by the special purpose vehicle Ashfield Renewable Ag Development, LLC. with equity and debt secured by project income. As part of the agreement, the parties have agreed that CETY will own all rights to the revenues from the power purchase agreement, raw materials, site control and the approved network. CETY management anticipates up to 35% of the net present value on the company’s return on investment over a 10-year horizon over the $ 15,000,000 project with internal rate of return of up to 12%. With a longer time horizon, the NPV / IRR could be higher depending on the additional income over the ten-year period that CETY blocks for the future.
CETY’s wholly owned ORC subsidiary, Heat Recovery Solutions, plans to capitalize on each HTAP project with the ability to provide heat recovery solutions. Such synergies increase the energy value by 12-14% for the HTAP project. CETY’s HTAP project portfolio is expected to generate revenue and bottom line growth elsewhere in the business, creating long-term predictable revenue streams with high IRR cash flows.
As previously announced by CETY, this project is the first of four planned 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 describes a roadmap for how CETY intends to capture and fund more future projects using HTAP biomass reactor technology in the rapidly growing renewable biomass energy sector. CETY management thinks it can secure additional biomass resources to carry out additional projects ten times larger in the future.
About Clean Energy Technologies, Inc. (CETY)
Based at Costa Mesa, California, Clean Energy Technologies (CETY), a low-carbon energy company, provides electricity from heat and biomass with zero emissions and low cost. CETY designs, produces and markets clean energy products and solutions focused on energy efficiency and renewable energies. The Company’s main product is the Clean Cycle â¢ magnetic bearing heat recovery generator, offered by CETY’s subsidiary Clean Energy HRS, or Heat Recovery Solutions.
The Clean Cycle â¢ 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 and reliable technology enables municipal, commercial and industrial users with heat sources, such as biomass, industrial processes or power generation, to increase their overall energy efficiency without additional fuel, pollutants and with little ongoing maintenance. CETY’s ordinary shares are currently traded on the OTC market under the symbol CETY.
This press 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 the achievement of 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 of the forward-looking statements contained. in this document.
Clean Energy Technologies, Inc.
Kam Mahdi, CEO
949-273-4990 ext 814
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, California 92626
SOURCE Clean Energy Technologies, Inc.