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Clean Energy Technologies Affiliate Announces Favorable Order from Maine Public Utilities Commission
IRVINE, CA., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (NASDAQ: CETY), a clean energy manufacturing and services company, offering
About this update from Clean Energy Technologies, Inc.
[{"type":"text","content":"IRVINE, CA., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (NASDAQ: CETY), 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 announced today that Vermont Renewable Gas, LLC (VRG), an affiliate limited liability company, has received a favorable order from the State of Maine Public Utilities Commission (PUC). The order grants New Renewable Resource Certification status for VRG – Lyndon, a 2.2 MW biogas generator facility under development in Lyndonville, Vermont. In recent months, VRG initiated a request with the Maine PUC for certification as a qualified generator under Maine’s Renewable Portfolio Standard (RPS). In January 2024, the PUC announced its decision that VRG – Lyndon, as a biomass project, qualifies as both a Class I and Class IA Renewable Resource within Maine. The PUC’s decision allows VRG to participate in the trading of Renewable Energy Certificates within the state’s market. By aligning with Maine's RPS, VRG - Lyndon actively contributes to the state's goal of sourcing 100% of its energy from renewable sources by 2050. The facility is projected to generate $5.2 million in revenue over the first 10 years of participation in the program. Centered around CETY’s revolutionary high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor), CETY will design, build, and operate the $10 million facility. Located in Lyndonville, Vermont, the facility will convert agriculturally-derived organic material into renewable fuel gas and BioChar fertilizer as a byproduct. The renewable fuel gas generated will be converted into renewable electricity and heat. The plant is expected to deliver in excess of 18,000 MWh of renewable electricity and 1,500 tons of BioChar annually and be fully commissioned within 12 months. CETY is focused on HTAP for transforming industrial, municipal, landfill, agricultural, and forestry waste into clean energy, aligning with the growing investment in clean energy solutions for commercial, industrial, and municipal sectors. The project will also benefit from the Inflation Reduction Act passed in August of 2022. Kam Mahdi, CEO of CETY, stated “This decision issued by the Maine PUC is one of several positive anno...