COSTA MESA, Calif., July 12, 2017 /PRNewswire/ -- Clean Energy Technologies, Inc. (CETY) announced today that its subsidiary Heat Recovery Solutions has secured a new Clean CycleTM generator order for a Waste Biomass application in Europe. The contract was secured in the second quarter of 2017 and it's expected to ship immediately.
The value of the global biomass manufacturing market is estimated to be worth around 600 billion dollars and is expected to witness significant growth over the next few years. Growing disposable income and the consequent demand for nonconventional sources of energy are expected to drive the demand for the biomass market. Furthermore, the rapid depletion of fossil fuels, global warming and stringent standards by European government to curb GHG emissions from landfills are also favoring the increase in biomass market size.
As a result, we are targeting both domestic and international landfill and waste to energy markets. CETY currently serves 88 biomass applications all over the world.
Various biological and thermal technologies are used to convert municipal solid waste, live feedstock, agriculture waste and industrial waste into different forms of heating fuel. The wasted heat from these sources can be used by CETY's Heat Recovery Solutions Clean CycleTM Generators to produce additional electricity. The CCIITM generators provide customers with lower emissions, fuel savings, and additional revenue from the wasted heat.
Kam Mahdi, Chief Executive Officer of Clean Energy Technologies, said, "This is an exciting time for our company. We are growing both our domestic and international presence, and are very pleased that our customers are seeing the value of this technology and product which we acquired from General Electric. We are eager to continue proving the superiority of our solution and grow our market share."
About Clean Energy Technologies, Inc. (CETY)
Clean Energy Technologies, Inc. designs, builds, and markets clean energy products focused on energy efficiency and environmentally sustainable technologies. The Company's principal product is the Clean CycleTM generator, offered by CETY's Clean Energy HRS, or Heat Recovery Solutions, subsidiary, www.heatrecoverysolutions.com. The Clean Cycle™ 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 industrial processes or energy production, to boost their overall energy efficiency with no additional fuel, no pollutants, and little ongoing maintenance. CETY's engineering and manufacturing resources support the Heat Recovery Solutions business, as well as CETY's other technologies. Headquartered in Costa Mesa, California, 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 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. Because such statements include risks, uncertainties and contingencies, 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 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 in this document 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.