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Clean Energy Technologies, Inc. Affiliate Secures Prime Project Site Through Agreement with Northeastern Vermont Development Association
COSTA MESA, CA., May 31, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (“CETY” or the “Company”), a rising leader in clean energy
About this update from Clean Energy Technologies, Inc.
[{"type":"text","content":"COSTA MESA, CA., May 31, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (“CETY” or the “Company”), a rising leader in clean energy solutions, is pleased to announce a significant development in its renewable energy sector. Vermont Renewable Gas, LLC, an affiliated limited liability company of CETY, has entered into a Purchase and Sale Agreement (P&S) with Northeastern Vermont Development Association to purchase 8 acres in the Saint Johnsbury/Lyndon Industrial Park. The property will serve as a site for VRG - Lyndonville, a biomass renewable energy processing facility. At the heart of this project is CETY’s revolutionary high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor). With an investment of $10 million, CETY will orchestrate the design, construction, and operation of this facility in Lyndonville, Vermont. This facility will convert low-grade, woody fiber sourced from local working lands into renewable fuel gas and BioChar fertilizer. The renewable fuel gas generated will subsequently be converted into renewable electricity and heat. Anticipated to be fully commissioned within a 12-month timeframe, the plant is expected to yield over 14,600 MWh of renewable electricity and 1,500 tons of BioChar annually. With the P&S now in effect, immediate focus will be directed towards site permitting and final engineering. CETY’s concentration on HTAP applications for various waste types, including industrial and municipal solid waste, landfill waste, agriculture waste, and forestry waste, reflects the growing trend of incentivizing clean energy investments in commercial and industrial sectors, as well as the escalating interest in clean energy solutions within municipalities. Furthermore, this project stands to benefit from the recently enacted Inflation Reduction Act passed in August of 2022. In conjunction with CETY’s existing portfolio of 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 globally. Moreover, CETY’s existing Organic Rankine Cycle (ORC) business will also capitalize on each Biomass project, offering Heat Recovery Solutions that increase value by 15%. This synergy between projects not only enhances the profitability of t...