COSTA MESA, Calif., Jan. 30, 2019 /PRNewswire/ -- CETY announces its year in review with an update on the progress and improvements it has made at Clean Energy Technologies, Inc. in 2018 and to share some insight into its plans to achieve significant growth going forward in 2019.
First, we want to thank all of our shareholders for their patience and loyalty while we have been quietly and diligently building our company since 2016 into one that now has the exciting potential to generate substantial and profitable growing sales in a $20 Billion industry of capturing wasted heat and converting it to valuable electric power.
2018 was a pivotal year for our company where we achieved several important milestones to substantially increase our ability to generate much larger revenues with the world class heat to power technology that we purchased from General Electric.
Following is a list of milestones we have achieved in 2018 and since we purchased the Heat Recovery division from General Electric:
- Consolidated our operations and moved into an 18000 sq-ft facility in Costa Mesa, California in October of 2016.
- We restructured a strong board of directors and its composition in 2018 made up of bankers with strong financial skills and advanced budgeting, executives in marketing and relevant industry experience providing guidance on major issues to help the company achieve its objectives.
- We secured our first round of major funding with MGW II in March of 2018 and are focused on the next round to support our growth strategy, including acquisitions and increase strength in our financial position.
- Sold 10 Heat Recovery Systems at an average price of $300,000 each to 3 different markets.
- Completed the installation of 2 systems to the Marshall Islands Utility Company under a $2.3M dollar lease with expected commissioning in the 1st quarter of 2019.
- Sold and commissioned 3 units to a waste water treatment plant in Nashville, Tennessee.
- Entered the Canada's large Biomass Industry with our first installation at an anerobic digestion facility.
- Delivered the first system for use in high-profile, high rise buildings in NY with potential to lead to many sales opportunities as property management companies and building owners and operators learn about the opportunity to slash electric power costs. We expect to commission this first high-rise system in the first quarter of 2019.
- CETY is beginning 2019 with over a million in backlog.
- New cross sales agreement finalized in 2018 with Biomass Power LTD, a waste to energy systems provider with potential for large number of unit sales.
- New distribution and sales agreement with Corycos finalized in 2018 and closed on one-unit sale with potential for large number of unit sales.
- Launched our sales and service center in Italy in October of 2018 supporting over many existing installations in Europe and potential from many new sales.
These accomplishments are due to our committed and hardworking employees and the team of experts that we have retained from GE's Heat Recovery Solution and in part to our superior core technology with the patented magnetic levitating bearing generator with its lower maintenance costs due to no oil and no lubricants, and is efficient at any output with no gear box and the power electronics with a power factor of 1. Our technology requires no fuel, has no emissions and minimal integration with a rapid payback. The existing sales and our expansion in Biomass, waste water treatment plants and Combined Heat to Power (CHP) in the North American Market provides customers with proof of concept and supports future scalable sales.
The commissioning of Marshal Islands should support additional sales to the Island Nations in the Pacific Islands taking advantage of fuel savings and increasing efficiency. We have several similar opportunities with the other Island Nations awaiting MEC's commissioning.
Our recent launch of our sales and service center should re-establish CETY Heat Recovery Solutions in Europe and support additional sales throughout the continent.
In 2018 we expanded our revenue opportunities by partnering with other companies for sales and distributions and to cross sell systems that could increase revenues by several multiples.
Our aim is to become a leader in efficient power generation and renewable energy.
We are focused on building a strong backlog for Clean Cycle II (existing product acquired from GE), developing the next disruptive generation of waste heat generators, introducing larger waste heat generators addressing the larger markets, providing integrated solutions in combined heating, cooling and power (CCHP) applications, and acquiring synergistic technologies.
We wish to thank our customers, partners, employees, and shareholders for their continued trust, confidence, and support as we move into the next exciting phase of CETY.
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 CycleTM organic rankine cycle heat recovery generator (HRG), offered by CETY's Clean Energy HRS, or Heat Recovery Solutions, subsidiary, www.heatrecoverysolutions.com. 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 industrial processes or energy production, to boost their overall energy efficiency with no additional fuel, no pollutants, and little ongoing maintenance. 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.
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified my words such as "expect," "look forward to," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project," or words of similar meaning. Because such statements include risks, uncertainties and contingencies, many of which are outside our control, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties, and contingencies include, but are not limited to those relating to: changes in general economic and market conditions; future technology performance; market acceptance and adoption of CETY's products and competitive products; the availability of financing; the acquisition and integration of business assets and operations, technologies, or companies; and other risk factors as outlined in CETY's periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.
Clean Energy Technologies, Inc.
Kam Mahdi, CEO
SOURCE Clean Energy Technologies, Inc.