Renewable Power Purchase Agreement Anticipated Value of $53M
Costa Mesa, CA (GLOBE NEWSWIRE) - Clean Energy Technologies, Inc. today announced a 20-year Power Purchase Agreement (PPA) between Vermont Renewable Gas, LLC (VRG), a limited liability company affiliated with CETY and VEPP, Inc., a not-for-profit corporation that administers two of Vermont’s Renewable Energy Programs under contract with the Vermont Public Utility Commission. VRG will exclusively sell all electric power and other related benefits from its 2.2-megawatt biogas facility in Lyndonville, Vermont, to VEPP, Inc. The deal, anchored by the Lyndonville project's anticipated generator availability, is valued at $53 million.
VRG Lyndonville has been qualified as a Farm Methane project under Vermont’s Standard Offer Program. VEPP, Inc., acting as the Program Facilitator, will distribute renewable energy and other benefits from the VRG project to Vermont’s 17 electric distribution companies.
CETY will spearhead the facility's design, construction, and operation, leveraging its innovative high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor). Located in Lyndonville, Vermont, this facility will convert agriculturally derived organic material into renewable fuel gas and BioChar fertilizer as a byproduct. The produced renewable gas will be converted into renewable electricity and heat. Expected outputs are over 18,000 MWh of renewable electricity and 1,500 tons of BioChar annually, with a projected commission timeline within 12 months. Site permitting and final engineering for the Lyndonville project has commenced.
CETY’s existing Heat Recovery Solutions business will also capitalize on each biomass project, with its unique technology potentially boosting the energy value of such projects by 15%. These biomass endeavors will spur both top and bottom-line growth for CETY, forging steady, high-return income channels with high IRR cash flows.
“This project is the first of many anticipated renewable biomass projects and is expected to serve as a model for developing new projects to capture market share in this highly profitable and growing industry. By vertically integrating the biomass projects into our business, we are also able to grow our heat recovery business horizontally,” stated Kam Mahdi, CEO of CETY. “Our new renewable energy biomass projects are expected to further expand our goal of becoming a complete solution for industrial and municipal scale projects in the strategic markets we are targeting.”
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) is a rising leader in the zero-emission revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company's principal products are Waste Heat Recovery Solutions using our patented Clean Cycle TM generator to create electricity. Waste to Energy Solutions converting waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions providing expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies. Our NG trading operations in China is to source and supply Natural Gas to industries and municipalities located in China.
For more information, visit www.cetyinc.com.
Safe Harbor Statement
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: "anticipate," "plan," "expect," "estimate," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.