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Clean Energy Technologies Inc. Signs Framework Agreement with A “Top 500 Enterprises of China”
COSTA MESA, CA., May 24, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (“CETY” or the “Company”), a clean energy manufacturing and
About this update from Clean Energy Technologies, Inc.
[{"type":"text","content":"COSTA MESA, CA., May 24, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (“CETY” or the “Company”), 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 today announced that Clean Energy Technologies (H.K.) Limited (CETY HK), a wholly owned subsidiary and its other subsidiaries signed a framework agreement with SCEI Distributed Energy Systems Co., Ltd. (SDES), a subsidiary of Sichuan Energy Investment Group Co., Ltd. (SCEI), a Top 500 Enterprises in China. SCEI was established in February 2011 with a registered capital of CNY 17.506 billion. Its mission is to accelerate the construction of energy infrastructure projects in Sichuan Province, China. In 2022, SCEI’s assets exceed CNY 250 billion, with an annual operating income of over CNY 90 billion. Through its natural gas (NG) trading operations, CETY HK was introduced to SDES, the subsidiary of SCEI that operates distributed energy investment, development, and construction. SDES recognizes that CETY’s zero emissions Waste Heat Recovery product, which can improve the energy utilization rate of natural gas distributed energy projects. At the same time, SDES believes that CETY's ability to secure natural gas supply can benefit its natural gas distributed energy projects by improving supply stability of natural gas resources. At present, SDES has 6 completed projects, 4 projects under construction, 17 approved and filed projects, and 20 projects in the pipeline. The first natural gas distributed energy project completed in Sichuan is the SCEI Xindu China Resources Snow Beer project which showcases the model in Western China. CETY’s wholly owned subsidiary Heat Recovery Solutions division headquartered in California, U.S., is currently evaluating the technical and economic feasibility of installing Waste Heat Recovery systems in each of these projects. SDES will further evaluate and potentially accept CETY’s proposals if it meets their emission reduction and energy efficiency standards. As SDES is the leader in the natural gas distributed energy and energy-saving service sector in Sichuan, the implementation of CETY’s Waste Heat Recovery products and solutions in SDES’s projects will greatly accelera...