CETY Finalizes Agreement on $15M Renewable Energy Facility in Ashfield Mass.
COSTA MESA, Calif., Aug. 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, 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
[email protected]
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
www.cetyinc.com
SOURCE Clean Energy Technologies, Inc.
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