CETY Enters China's Rapidly Growing Clean Energy Market by Signing Joint Venture Agreement with Major Chinese Clean Energy Conglomerate
COSTA MESA, Calif., Sept. 16, 2020 /PRNewswire/ -- Clean Energy Technologies, Inc. (OTCQB: CETY), a clean energy company focusing on products in the energy efficiency and environmental sustainability market, announced today that it has signed a joint venture agreement with Khorgos Shuxin Co. Ltd (KS), solidifying a strong partner to aid in operating within China's rapidly growing clean and renewable energy market.
Under the terms of this agreement CETY will be the majority partner in the venture and will provide the JV the licenses and know-how to market its products and solutions in China.
Khorgos Shuxin is a leading company in China that invests and operates multiple clean energy and natural gas projects. KS's management team has accumulated deep knowledge of the China energy industry with over 15 years of experience in both mid-stream and down-stream natural gas projects including LNG trade and production, transportation energy supply station construction and operation, large-scale industrial user transmission and distribution pipeline construction and operation, long-distance pipeline construction and operation, contract energy management, as well as distributed energy. Their team currently operates projects with a combined revenue of USD 150 million. HS brings to the JV a large pipeline of sales opportunities as well as a team of local experts who can implement CETY's products and solutions.
This is a significant strategic step for CETY as China, according to the 2020 BP Statistical Review of World Energy, is the largest consumer of energy in the world, representing 24.3% of global consumption. Given the policy directive to reduce coal as the major source of power generation, the Chinese government highlighted in its 13th Five Year Plan to invest approximately CNY 3.1 trillion into the clean energy industry, of which NY 336 billion will be invested into biomass energy and geothermal energy. CETY will benefit directly from this major policy trend and has a strong local partner to execute its business strategy.
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. We design, produce and market 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 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 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. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com.
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.
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SOURCE Clean Energy Technologies, Inc.