COSTA MESA, Calif., Dec. 4, 2018 /PRNewswire/ -- Clean Energy Technologies, Inc. (OTC: CETY), a rapidly growing designer and producer of energy efficient & environmentally sustainable products with its patented magnetic turbine heat recovery generator, announced today that it has entered into an agreement (through its wholly owned subsidiary, Clean Energy HRS, LLC) with Corycos Group, an international Solar, Oil and Gas Energy company headquartered in Turkey, to promote and sell its products in that country.
The agreement calls for Corycos to implement a business development plan to market and solicit orders for CETY products. Corycos has included CETY's Clean Cycle II Organic Rankine Cycle (ORC) heat recovery generator in its product offerings to its clients in the Biogas industry as an important factor in improving efficiencies in new and existing facilities.
This three-year agreement may become exclusive and may be extended beyond the term based upon performance. This agreement and Corycos' impressive reputation support CETY's stated goals in both volume of sales and geographic expansion, as well as providing further evidence that this technology is an important element to improve the efficiencies of, and produce added revenue from, existing facilities that produce waste heat, which is common among Corycos clients. This agreement has already resulted in the first six-figure sale.
Kam Mahdi, Chief Executive Officer of CETY said, "The entire team at CETY is enthusiastic about this expansion, not only into a new territory such as Turkey, but also into the Biogas industry where we believe the synergies cannot be ignored. We know our counterparts at Corycos feel the same. Through this agreement with Corycos, CETY will provide a low maintenance, highly efficient ORC system utilizing our patented magnetic turbine generator that is easy to deploy and simple to maintain. We believe that this agreement will be very beneficial for the immediate, and long-term growth of our company."
Ahmet Yigit Kazanc and Hakan Dogan, Co-Founders of Corycos Group added: "Waste to Energy represents the future of human civilization. It is not just an advancement in energy technology, it is a change of mindset and the future way of doing business. Strict energy efficiency criteria and forward thinking, innovative and practical energy policies of the Republic of Turkey sets an example to rest of the world in terms of reducing GHG emissions and transforming heavy industry into state of the art modern, facilities. Currently, many landfill biogas-fueled power plants biomass-powered industrial facilities exist in the Republic of Turkey. As a nation bridging the East and the West, CETY's Turkish installations will serve as showcases to the rest of the world. Benefits of environmentally friendly small, scalable waste to energy solutions are undeniable and the exponential growth of that industry is impossible to ignore. Corycos is pleased to work with Clean Energy Technologies and introduce their product line into our extensive client base. CETY's technology is a perfect fit for our business and we are excited about where this agreement will lead."
The Biogas markets represent one of most sizable industries and gaining exposure to this industry is no small feat and could take CETY to an entirely new level. Global Market Insights reports the waste to energy market size was $20.86 Billion in 2015 of which thermal based waste to energy technology occupied a significant percentage of the market, which may surpass $29 billion by 2023.
About Clean Energy Technologies, Inc. (CETY)
Clean Energy Technologies, Inc. designs, builds, and markets clean energy products focused on energy efficiency and environmental sustainability technologies. The Company's principal product is the Clean Cycle II ORC heat recovery generator, offered by CETY's subsidiary Heat Recovery Solutions, (www.heatrecoverysolutions.com). Our Clean Cycle II™ ORC heat recovery generator uses our patented magnetic bearing turbine technology to capture wasted heat from industrial manufacturing, waste processing and power generation facilities and converts it into electricity that can be used or sold back to the grid. CETY's Clean Cycle II ORC heat recovery generator is distinguished from its competitors by its magnetic bearing turbine technology offering lower maintenance and higher efficiency. CETY has more than 1,000,000 fleet operating hours and 8 years of history in the field.
CETY's technology allows municipal, commercial, and industrial generating wasted heat from industrial processes or energy production, to improve their energy efficiency without burning additional costly fuel, or polluting the environment, and, at the same time, reducing their maintenance costs for heat recovery. 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.
About Corycos Group
Corycos Group (www.corycos.com) designs, builds, and operates renewable energy facilities across multiple countries for its own investment and on behalf of Industrial, Government and Utility clients. Corycos Group developed and built over 33MWs of utility scale and industrial solar farms in Turkey, Greece, Canada and United States. Separately, Corycos currently operates 19MWs of utility scale solar farms in Turkey, where visionary and forward-thinking energy policies of the Turkish Government leapfrogged the renewables industry in the past five years.
In addition to renewable energy, Corycos Group is active in the upstream oil and gas industry in California. Corycos Group acquires and transforms unproductive, mismanaged, and aging oilfields into revitalized hydrocarbon resources, bringing oil fields online in record times. Corycos team has dealt with oil and gas properties at all stages of development ranging from undeveloped acreage to mature producing fields. Currently, Corycos Group is developing two oil fields in Lost Hills, California with total proven reserves over 19 million barrels of oil as well as two light oil fields in Bakersfield, California with total proven reserves over 8 million barrels of oil.
Our financial depth combined with technical know-how allows us to commercialize frontier technologies and innovate business models to make an impact worldwide. www.corycos.com
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect CETY's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in CETY's filings with the Securities and Exchange Commission.
Clean Energy Technologies, Inc.
Kam Mahdi, CEO
SOURCE Clean Energy Technologies, Inc.