Business
CETY Finalizes Acquisition of Jiangsu Huanya Jieneng New Energy Co. Allowing Penetration into China's Natural Gas Sector
COSTA MESA, Calif., Nov. 11, 2021 /PRNewswire/ -- Clean Energy Technologies, Inc. (OTCQB: CETY), a low-carbon energy company focusing on products and
About this update from Clean Energy Technologies, Inc.
[{"type":"text","content":"COSTA MESA, Calif., Nov. 11, 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, announces today the acquisition, through a series of wholly owned subsidiaries, of Jiangsu Huanya Jieneng New Energy Co. (JHJ), a liquified natural gas (LNG) trading company currently focused on the mainland China LNG trading market. Since China is aggressively working to reduce its coal consumption and transition to natural gas, the Company's strategic objective is to develop an operating team and enter China's clean energy natural gas sectors, while also generating immediate cash flow. \nJHJ has more than 10 years of experience in the natural gas and clean energy industry and has maintained relationships and partners with many natural gas enterprises in China. In addition, JHJ maintains a supply contract with a leading LNG supplier that will provide approximately 200 tons of imported LNG to JHJ daily 270 days a year. JHJ plans to sell the imported LNG to natural gas power plants located in Guangdong and Guangxi. This trading is projected to contribute to an estimated 200 million yuan (USD $30M) in sales revenue and about 6 million yuan (USD $940,000) in net profit to JHJ.\n\"This is a key strategic acquisition for CETY as it is expected to significantly increases our revenue, expands our geographic footprint while also taking our energy efficiency offerings beyond our traditional waste to energy and heat recovery solutions,\" commented Kam Mahdi, CEO of Clean Energy Technologies, Inc.\nLNG is natural gas that has been cooled to a liquid form and can be shipped and stored. This process makes the volume about 600 times more compact than when in its gaseous state, allowing for it to be transported over long distances and to places pipelines cannot reach.\nAdditionally, the sale of heavy-duty trucks that transport LNG has increased over the years due to China's continued environmental protection policies, which has also led to rapid development of LNG refuelling stations. This rapid growth has produced a foundation for China's LNG production industry. JHJ plans to continue to expand their LNG trading business in order to increase revenues and profits, subject to the market conditions.\nAbout Clean Energy Tech...