Palantir shares rise 5% premarket as AI-fueled demand powers annual guidance raise
IRVINE, CA - Clean Energy Technologies, Inc. (NASDAQ:CETY), a clean energy company currently trading near its 52-week low of $0.36, has announced securing $12 million in funding for the construction of the Vermont Renewable Gas (VRG) biomass waste to energy project. According to InvestingPro data, the company faces financial challenges with a weak overall health score and a current ratio of 0.5, indicating potential liquidity concerns. The project also includes a $20 million long-term operations and maintenance (O&M) agreement, with CETY serving as the technology provider and O&M partner.
The VRG project is part of CETY’s strategy to deliver turnkey clean energy solutions and expand its presence across multiple applications, including power generation, waste to energy, and heat to power solutions. This expansion comes as the company faces significant headwinds, with revenue declining by 64% in the last twelve months. The company has successfully navigated a year-long permitting process for the VRG project and is awaiting the final sign-off from the Public Utility Commission. With other permits in place, CETY is in the final stages of regulatory review and is preparing to proceed with project execution upon approval.
In addition to the VRG project, CETY has secured a $500,000 project with Qymera in Q1 2025, which involves deploying proprietary technology into sectors such as industrial manufacturing, data centers, and utilities. The company is preparing its shipment to Qymera.
CETY has also formed strategic partnerships with Metis Power and Exergy to offer integrated systems that include power generation, large-scale heat recovery, energy storage, and advanced energy management. Multiple bids for data center and large-scale heat-to-power projects are currently under consideration.
However, due to declining natural gas prices and reduced industrial demand, CETY expects lower near-term revenues from its natural gas activities. Consequently, the commencement of the Shenzhen Gas joint venture will be deferred until market conditions improve.
The company is also addressing tariffs affecting the cost structure of its heat-to-power products by pursuing international manufacturing partnerships to optimize efficiency and maintain competitiveness.
The information in this article is based on a press release statement from Clean Energy Technologies, Inc. Based on InvestingPro analysis, CETY appears overvalued at current levels. Unlock 11 additional ProTips and comprehensive financial metrics with an InvestingPro subscription to make more informed investment decisions.
In other recent news, Clean Energy Technologies, Inc. announced a strategic agreement with Sagacity, focusing on the development of a 350 kW magnetic bearing Organic Rankine Cycle (ORC) system. This partnership, starting with $400,000 in sales, aims to enhance CETY’s supply chain and advance ORC technology for large industrial applications. The initiative is expected to improve energy efficiency and reduce operational costs, supporting the company’s commitment to scaling its technology. Additionally, CETY has partnered with Qymers Canada Inc. through a Memorandum of Understanding, which includes a $500,000 order for two Clean Cycle units to support geothermal technology. This collaboration will integrate CETY’s heat-to-power generator into Qymers’ geothermal projects, offering sustainable power with zero carbon emissions. The pilot project in British Columbia will demonstrate the potential for reliable, eco-friendly power and carbon credit generation. These developments indicate CETY’s strategic moves to expand its market presence and enhance its technology offerings in the clean energy sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.