Clean Energy Technologies CEO Kam Mahdi Issues Letter To Stockholders
COSTA MESA, Calif., Nov. 9, 2020 /PRNewswire/ -- Clean Energy Technologies, Inc. (OTCQB: CETY) Chief Executive Officer issues shareholder update:
Dear Fellow Stockholders:
I am writing to you to provide you with update of CETY's growth initiatives during 2020.
I would like to take this opportunity to thank our stockholders for their continued support and interest in CETY.
Firstly, we want to express our heartfelt sympathy to families of the coronavirus pandemic victims. We are also grateful for all the sacrifices made by our first responders and medical professionals. Covid-19 pandemic has impacted everyone in some way, it goes without saying that these are unprecedented times.
Coronavirus has also affected every business around the world with many that have already gone out of business. I believe CETY is positioned well to emerge out of these crises even better in pursuit of its vision to become a leading company in energy efficiency industry by introducing innovative & disruptive technologies and solutions to the market.
As I stated earlier in the year, we had several projects and commissioning requirements to fulfill. We have continued to work diligently to build and ship products and make our supply chain and service capabilities more robust.
Although faced with the challenges of the worldwide pandemics and the lockdowns we have been able to maintain our revenue momentum and gross profit margins. We are working to increase our long-term projected cash flow. We are continuing to work to favorably leverage our balance sheet. We are also building a strong global sales pipeline, including US, United Kingdom, Spain, Belgium, Turkey, Hungary, Pacific Islands, Russia, and China.
As previously reported, we have established several key strategic global relationships to expand our product offering & solutions and promote scalability. This includes a joint venture agreement with a major Chinese Clean Energy conglomerate that invests and operates multiple clean energy and natural gas projects. This partner will bring CETY a large pipeline of sales opportunities.
We also signed an agreement with Meishan California Smart City and will be launching our Asia Headquarters in Meishan in the 1st quarter of 2021. Through our relationship with MCSC and COFCO an international agricultural and real estate giant we will be able to promote sales and applications of our products and solutions.
Our distribution channels in Europe are continuing to scale up their marketing and sales efforts as interest grows and sales continue in the region.
In the US moving forward, the Energy Department will continue to drive strategic investments in the transition to a cleaner, domestic, and more secure energy future. Congress is currently working on Waste Heat to Power Incentive Tax Credit included in Clean Energy Standard Act. With the hopeful passage of the new Clean Energy Standard Act (H.R. 2597/S. 1359), there are several tax provisions that create a more equitable environment for Waste Heat to Power to be favorably treated.
We have also signed a manufacturing and sales agreement with ENEX to design, build, own and operate renewable energy and waste recovery facilities. ENEX's technology is based on organic waste treatment in the high temperature ablative pyrolysis reactor (ENEX HTAP) with the production of synthetic (renewable) natural gas to be used as fuel for onsite power generation.
We plan to apply this technology to the BioMat feed-in Tariff program. The California law SB1383 established in 2018 mandating 40% methane reduction by 2030, 75% organics diversion from landfills by 2025 and 100% by 2030 has resulted into a series of renewable energy opportunities. The BioMat feed-in Tariff opportunity in California Requires each of the big 3 utilities in California to purchase up to 250 MW collectively of power at a starting price of $127.8 per MwH. The feed stock to project must be agriculture waste, biosolids, green waste, or biomass diverted from landfills.
The BioMAT program uses a standard long-term contract to purchase renewable power generated from agriculture and forestry waste at $0.18- $0.19 per kWh. This equates to approximately $4 million a year, for the 20-year duration of the purchase agreement.
We are also working hard to improve the capital position of the company, seeking capital to expand our global sales & marketing, production, research & development and entertain acquisition opportunities.
I will continue to keep you all informed as to current and longer-term plans supporting our company's growth.
Meanwhile, please feel free to contact me for any questions or comments that you may have.
Thanks much for your continued support.
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa, California, Clean Energy Technologies, (CETY) delivers power from heat and biomass with zero emission and low cost. We design, produce and market clean energy products & solutions focused on energy efficiency and renewable energy. The Company's principal product is the Clean Cycle™ magnetic bearing heat recovery generator, offered by CETY's Clean Energy HRS, or Heat Recovery Solutions, subsidiary, www.heatrecoverysolutions.com. The Clean Cycle™ system captures waste heat from a variety of sources and turns it into electricity that can be used or sold back to the grid. CETY's proven, reliable technology allows municipal, commercial, and industrial users with heat sources, such as from biomass, industrial processes or energy production, to boost their overall energy efficiency with no additional fuel, no pollutants, and little ongoing maintenance. CETY's common stock is currently traded on the OTC Market under the symbol CETY. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified my words such as "expect," "look forward to," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project," or words of similar meaning. Because such statements include risks, uncertainties and contingencies, many of which are outside our control, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties, and contingencies include, but are not limited to those relating to: changes in general economic and market conditions; future technology performance; market acceptance and adoption of CETY's products and competitive products; the availability of financing; the acquisition and integration of business assets and operations, technologies, or companies; and other risk factors as outlined in CETY's periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.
Clean Energy Technologies, Inc.
Kam Mahdi, Chief Executive Officer
SOURCE Clean Energy Technologies, Inc.
Clean Energy Technologies CEO Kam Mahdi Issues Letter To Stockholders
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