Clean Energy Technologies Inc. Signs Framework Agreement with A “Top 500 Enterprises of China”
May 24 2023 - 9:10AM
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
www.cetyinc.com
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