COSTA MESA, Calif., Jan. 7, 2021 /PRNewswire/ -- Clean Energy Technologies, Inc. (OTCQB: CETY), a clean energy company focusing on products and solutions in the energy efficiency and environmental sustainability market, announced today that congress passed a bill just before the holidays that has seemed almost impossible in recent years. Tucked up into the coronavirus stimulus package are provisions that address climate change and promote clean energy spending, and we are excited.
The reason this bill is so significant is because it represents actual action addressing global warming by Congress in over a decade. This bill allows $35 billion in clean energy spending and requires that the United States phase down emissions of a greenhouse gas. It also requires companies in the United States to decrease production and use of hydrofluorocarbons (HFCs) by 85 percent over the next 15 years. Not only is this piece of legislation with bipartisan support the most significant relating to clean energy in over a decade, but it also offers vital tax credit eligibility for waste heat to power.
CETY's Clean Cycle Organic Rankine Cycle (ORC) heat recovery generator is a magnetic bearing waste heat to power technology. According to the Heat is Power Association, waste heat to power (WHP) is the process of recovering heat that is wasted and using it to create power with no combustion or emissions. Due to inefficiencies in factories, homes, cars, and several other places, most of the energy that is accessible is lost. This heat that is lost is often hot air and is considered "waste heat." Our technology converts heat from a variety of sources into clean, affordable electricity, which can be either sold back to the grid, or offset electrical costs. The Department of Energy (DOE) suggests that in the United States waste heat is the biggest opportunity for industrial energy efficiency and estimates that there are 15 gigawatts of waste heat to power capacity. CETY's technology and other WHP systems have many benefits, according to the Heat is Power Association, including "improving industrial energy efficiency, improving electrical reliability for key processes, reducing carbon footprints, reducing the cost of purchased electricity and fuel, and generating revenue by selling excess power."
Included in the bill is crucial tax credit eligibility for WHP systems. For the first time, WHP has become eligible for a 30 percent tax credit. In recent years, investment tax credits helped increase solar and wind development by reducing costs. According to the DOE, recognizing WHP for the Investment Tax Credit would benefit the industry in the United States by increasing efficiency, reducing emissions, and saving money. Simultaneously, we believe it would boost implementation rates of WHP systems, which would lead to the creation of more manufacturing jobs in the United States. Waste heat is important because it is clean energy that is emission free and fuel-free, and therefore should have the same incentives as other renewable sources.
If the bill passes through the Senate as many have projected, we believe it could bring more attention to WHP systems like ours. With the investment tax credits, costs for WHP projects would be lowered as well. We are optimistic that with the recognition and lowered costs, more companies would benefit and use WHP systems like ours. Thus, we could expect an increase in economic as well as environmental benefits including more American jobs, support vital manufacturing industries in the United States, and reducing our carbon footprint on an overheating planet.
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) delivers power from heat and biomass with zero emission and low cost. CETY designs, produces and markets clean energy products & solutions focused on energy efficiency and renewable energy. The Company's principal product is the Clean Cycle™ magnetic bearing heat recovery generator, offered by CETY's subsidiary Clean Energy HRS, or Heat Recovery Solutions.
The Clean Cycle™ system 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 biomass, industrial processes or energy production, to boost their overall energy efficiency with no additional fuel, no pollutants, and little ongoing maintenance. CETY's common stock is currently traded on the OTC Market under the symbol CETY.
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
Clean Energy Technologies, Inc.
Kam Mahdi, CEO
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa , CA 92626
SOURCE Clean Energy Technologies, Inc.