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IRVINE, CA - Clean Energy Technologies, Inc. (NASDAQ:CETY), a provider of energy solutions whose stock has declined over 18% in the past week, announced a partnership with Qymers Canada Inc. through a Memorandum of Understanding (MOU). The agreement includes an initial $500,000 order for two Clean Cycle units to support Qymers’ geothermal technology development. This collaboration aims to offer sustainable power sources with zero carbon emissions to various industries. According to InvestingPro data, CETY has shown strong revenue growth of 119% over the last twelve months, despite challenging market conditions.
The partnership will commence with a pilot deployment where CETY’s magnetic bearing heat-to-power generator will be integrated into Qymers’ geothermal projects. CETY will provide technical and operational support, while Qymers will contribute operational data and feedback. Both companies will explore joint development opportunities for geothermal and heat-to-power solutions.
Qymers’ monobore geothermal technology is designed to drill to shallower depths, negating the need for injection wells and their management, thus simplifying operations and reducing costs. This also addresses seismic concerns associated with traditional geothermal energy development. The pilot project in British Columbia, Canada, will demonstrate the ability to provide reliable, eco-friendly power and generate carbon credits.
Kam Mahdi, CEO of CETY, stated that the use of Qymers’ technology should enable reliable baseload power for industries, contributing to global green initiatives and carbon credit generation. He emphasized that CETY’s turnkey energy solutions could speed up the market launch and deployment of these technologies.
Qymers Canada Inc. offers a monobore geothermal system that uses a proprietary resin to optimize heat transfer, reducing the need for deep drilling and eliminating injection wells. This approach minimizes seismic risk and lowers environmental impact, requiring less space for installation. The system is designed to be deployed in regions previously unsuitable for geothermal power.
Clean Energy Technologies, Inc. is headquartered in Irvine, California, and provides green energy solutions, clean energy fuels, and alternative electric power for small to mid-sized projects globally. The company’s stock is traded on the Nasdaq Capital Market under the symbol CETY. InvestingPro analysis reveals the company operates with moderate debt levels and faces some financial challenges, with a current ratio of 0.86 and gross profit margins of 6.27%. For deeper insights into CETY’s financial health and additional analysis, including 8 more key ProTips, investors can explore InvestingPro’s comprehensive coverage.
This news article is based on a press release statement and should be read in conjunction with CETY’s quarterly report on Form 10-Q and other periodic filings, which contain detailed information about the company’s business operations and financial matters. The company’s overall financial health score stands at 1.74, rated as ’Weak’ by InvestingPro analysts, suggesting investors should conduct thorough due diligence before making investment decisions.
In other recent news, Clean Energy Technologies has made headlines with its financial and regulatory developments. The company has secured a $5 million equity line of credit agreement with Mast Hill Fund, providing financial flexibility for the next two years. This agreement allows Clean Energy Technologies to sell shares of its common stock at a specified price, with the potential to raise capital to support its growth initiatives. In addition to the equity line, a commitment fee of 50,000 shares was issued to Mast Hill Fund, along with a warrant for purchasing additional shares, subject to certain conditions.
On the regulatory front, Clean Energy Technologies received a notification from Nasdaq regarding non-compliance with listing rules due to not holding its annual meeting within the required timeframe. The company has until February 24, 2025, to submit a compliance plan to Nasdaq, which could lead to an extension for meeting listing requirements. Failure to comply could result in delisting, although the company retains the right to appeal. Clean Energy Technologies is actively working to organize its overdue annual meeting to address the compliance issue. These recent developments highlight the company’s efforts to strengthen its financial position and adhere to regulatory standards.
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