Business
Clean Energy Technology Announces Third Quarter 2021 Financial Results
COSTA MESA, Calif., Nov. 17, 2021 (GLOBE NEWSWIRE) -- Clean Energy Technologies (OTCQB: CETY), ("Clean Energy" or the "Company"), a low carbon energy company
About this update from Clean Energy Technologies, Inc.
[{"type":"text","content":"COSTA MESA, Calif., Nov. 17, 2021 (GLOBE NEWSWIRE) -- Clean Energy Technologies (OTCQB: CETY), (\"Clean Energy\" or the \"Company\"), a low carbon energy company focusing on products and solutions in the energy efficiency and environmental sustainability market, today announces financial results for the quarter ended September 30, 2021. Financial and corporate highlights for the quarter ended September 30, 2021 and subsequently include the following: Acquisition of Leading Wave Limited (LWL), a liquified natural gas (LNG) trading company in China.Finalized agreement on $15M renewable energy processing facility to convert 10,000 tons per year of clean woody feedstock into an estimated 16,500 MWh electricity/year. In addition, the facility will produce 1,400 metric tons of BioChar and 26,000 MM BTU of heat per yer.Secured a $500K sales order for the installation of a Clean Cycle Waste Heat Generator at the Aries Linden Biosolids Gasification Facility.Retained CORE IR to assist the Company with investor relations, public relations and shareholder communications services. Kam Mahdi, CEO of Clean Energy Technologies stated, “While the third quarter gross profit slowed year-over-year, the last quarter and even the beginning of the fourth quarter have been eventful for the Company. We have made significant progress in providing a renewable energy processing facility, and a sales order for our waste heat generator. However, more importantly, we recently expanded our global footprint to help drive additional revenue from an acquisition in China to provide liquified natural gas to it’s growing natural market. We also have renewed our dedication to improving communications with our stock holders, including the hiring of CORE IR, which is designed to improve our communications output and quality as we begin to prepare for a potential up-list to a major exchange.” Financial Results for Quarter Ended September 30, 2021 Net Sales The Company has five reportable segments: Clean Energy HRS (HRS), CETY Europe srl, CETY Renewables Ashfield, CETY Waste to Energy division and engineering & manufacturing services division. Segment breakdown During the nine months ended September 30, 2021, revenue from Engineering and Manufacturing was $91,263 compared to $361,697 for the same period in 2020. The decrease was due to shift of focus on the heat recovery...