Clean Energy Technologies, Inc. Affiliate selected as USDA

Irvine, California, June 11, 2024 (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (“CETY” or the “Company”) (Nasdaq: CETY) today announced that Vermont Renewable Gas, LLC (“VRG”), a subsidiary of CETY in which CETY indirectly owns 49%, has been selected by the United States Department of Agriculture ( USDA) as one of 171 Wood Innovations grant recipients. This $74 million initiative, administered by the USDA U.S. Forest Service, is made possible in part by the bipartisan Infrastructure and Inflation Reduction Act (IRA). VRG has been selected to receive $300,000 to install and test CETY’s high-temperature fast ablative pyrolysis reactor (“HTAP Biomass Reactor”) at VRG’s planned facility in Lyndonville, Vermont. This grant will also support the plant’s operator training program.

VRG and 170 other Wood Innovation Grant recipients were selected based on their ability to drive innovation, create new markets and support renewable energy. In a public press release, U.S. Deputy Secretary of Agriculture Xochitl Torres Small announced that “these investments will support good-paying jobs for families and communities.” The USDA announcement highlighted the impact the selected projects will have on producing renewable energy, promoting healthy forests, creating wildlife habitats and reducing the threat of catastrophic wildfires.

Centered around CETY’s HTAP biomass reactor technology, CETY will design, build and operate the VRG – Lyndon facility. VRG will convert waste biomass from farmland in northeastern Vermont into renewable gas fuel and BioChar fertilizer as a by-product. The produced renewable fuel gas will be converted into renewable electricity and heat. The plant is expected to deliver over 18,000 MWh of renewable electricity and 1,500 tonnes of BioChar per year and will be fully operational within 12 months.

CETY focuses on applications of high-temperature ablative pyrolysis (HTAP) to agricultural waste, forestry waste, industrial and municipal solid waste, and landfill waste. This builds on the current increase in state and federal incentives to invest in clean energy solutions for commercial and industrial users, as well as the increase in interest in clean energy solutions in municipalities.

Combined with CETY’s existing technologies and solutions, these projects will advance the Company’s mission to offer a more vertically integrated and scalable platform for clean energy solutions across multiple industries in most key markets around the world.

CETA’s existing Organic Rankin Cycle (ORC) business will also leverage any biomass project, offering the opportunity to provide heat recovery solutions. Such synergies increase the energy value of the biomass project by 15%. CETY’s portfolio of biomass projects will, in turn, drive earnings and profit growth elsewhere in the Company, creating long-term, predictable revenues.

More importantly, it provides an outline of future projects using HTAP biomass reactor technology in the rapidly growing biomass renewable energy sector. The HTAP biomass reactor is a unique and proprietary process that converts organic waste using ultra-high temperatures in an oxygen-free environment to produce renewable electricity, BioChar fertilizers and high-calorific fuel gas, as well as other commercially valuable chemicals.

Kam Mahdi, CEO of CETY, stated: “CETY is delighted with USDA’s decision to invest in VRG – Lyndon. News of the USDA’s decision follows CETY’s recent announcement of a memorandum of understanding with Asia Management Energy Capital Partners Pte. Ltd. (AMEC) for up to $12 million in development capital to support VRG. This combination of public and private commitments will propel VRG and CETY to achieve success in this highly profitable and growing industry. CETY recognizes the impact that the Federal Infrastructure Act and the IRA are having on the VRG project, starting with the Timber Innovation Grant. CETY looks forward to receiving final permits for the Lyndonville facility and beginning construction.

VRG will serve as a model for the development of new projects to gain market share in this highly profitable and growing industry. Thanks to the vertical integration of biomass into our operations, we are able to develop our heat recovery activities also horizontally. We hope that our future projects will be orders of magnitude large and have a huge impact on the environment, while providing CETY with new sources of revenue. Our new biomass renewable energy projects are expected to further expand our goal of becoming a complete solution for industrial and municipal scale projects in the strategic markets we target.”

About Clean Energy Technologies, Inc. (CETY)

Clean Energy Technologies, Inc. (CETY), based in Irvine, California, is an emerging leader in the zero-emission revolution, offering environmentally friendly green energy solutions, clean energy fuels and alternative electricity to small and medium-sized projects in North America, Europe and Asia. We provide energy from heat and biomass with zero emissions and low cost. The Company’s main products are waste heat recovery solutions using our patented Clean CycleTM generator to generate electricity. Waste to Energy Solutions transform waste generated in manufacturing, agriculture, wastewater treatment plants and other industries into electricity and BioChar. Engineering, consulting and project management solutions provide expertise and experience in developing clean energy projects for municipal, industrial and engineering, procurement and construction (EPC) clients.

CETY’s common stock is currently traded on the Nasdaq Capital Market under the symbol CETY. More information can be found at www.cetyinc.com.

More information can be found at www.cetyinc.com.

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This summary should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 and other periodic reports filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended amendments, which include, among other things, risk factors and financial footnotes, as well as a discussion of our business, operations and financial matters, located on the Securities and Exchange Commission’s website at www.sec.gov.

Safe Harbor Statement.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, with respect to the achievement of corporate objectives, the development of additional interests design, analysis of the Company’s ability to acquire and develop various design interests and certain other matters. These statements are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements contained herein. in this document. Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on the Company’s current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, forecasts, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond the Company’s control. Therefore, you should not place undue reliance on any of these forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate”, “plan”, “expect”, “estimate”, “strategy”, “future”, “likely”, “may”, “should”, “will” and similar references to future periods. Any forward-looking statements made by the Company in this press release are based solely on information currently available to us and speak only as of the date on which they are made. The Company undertakes no obligation to publicly update any forward-looking statements, whether written or oral , which may be made from time to time as a result of new information, future developments or other reasons.

Clean Energy Technologies, Inc.
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Source: Clean Energy Technologies, Inc.