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Investing.com -- Clean Energy Technologies, Inc. (NASDAQ:CETY) stock surged 58.9% on Tuesday after the company announced it secured a $10 million Battery Energy Storage System (BESS) project in New York State.
The clean energy technology company described the award as its largest storage project to date, marking the first of several similar BESS deployments it expects to finalize across New York State in the coming months.
The project involves deploying a 5MW/20MWh standalone energy storage system designed to support grid reliability, peak-shaving, and market participation under New York’s Value of Distributed Energy Resources program. The site has potential to increase storage capacity to 20MW/80MWh, subject to grid interconnection availability.
Under the agreement, CETY will serve as the Engineering, Procurement, and Construction contractor, handling system design, equipment procurement, installation, testing, and ensuring compliance with state regulations.
"This $10 million award is a major milestone for our energy storage business," said Kam Mahdi, CEO of CETY. "Battery energy storage is essential for grid stability and renewable integration."
The company reported entering the new year with more than $20 million of contracted project backlog, which includes its EPC, waste-to-energy, and heat-to-power systems. CETY stated that executing larger, higher-margin projects is central to its plan to become free-cash-flow positive and improve access to capital.
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