Core Insights - Clean Energy Technologies, Inc. (CETY) has signed a Memorandum of Understanding (MOU) with Qymera Canada Inc. to enhance clean energy solutions [1][3] - The partnership includes an initial order of $500,000 for two Clean Cycle units to support Qymera's monobore geothermal technology [2][6] Partnership Details - Qymera's monobore technology allows for shallower drilling, eliminating the need for injection wells, thus reducing operational complexity and costs [5][8] - The technology addresses seismic risks associated with traditional geothermal energy development by focusing on heat flow rather than steam generation [5][6] Strategic Benefits - The collaboration aims to provide reliable baseload power with zero carbon emissions for industries such as mining, manufacturing, and data centers [2][7] - CETY's end-to-end energy solutions are expected to expedite the market launch and deployment of these technologies [6][9] Technological Innovations - Qymera's system utilizes a proprietary resin to optimize heat transfer, significantly reducing the need for deep drilling and minimizing environmental impact [8][10] - The system requires less than 5 acres for a 10-megawatt installation, making it suitable for regions previously deemed unviable for geothermal power [8][10] Future Opportunities - CETY and Qymera will explore joint development opportunities for geothermal and heat-to-power solutions [9][10] - The pilot project in British Columbia aims to showcase the ability to provide reliable, eco-friendly power while generating carbon credits [7][10]

Core Insights - Clean Energy Technologies, Inc. (CETY) has announced a strategic partnership with METIS Power to develop advanced microgrid solutions specifically for AI data centers and cryptocurrency mining operations [1][2] - The collaboration aims to address the increasing energy demands of these sectors by providing innovative, reliable, and sustainable microgrid solutions [2] Company Overview - CETY specializes in clean energy manufacturing and engineering, offering eco-friendly solutions, clean energy fuels, and alternative electric power for small and mid-sized projects across North America, Europe, and Asia [1][4] - The company's principal products include Waste Heat Recovery Solutions and Waste to Energy Solutions, which convert waste products into electricity and BioChar [4] Partnership Details - METIS Power is recognized for its scalable and efficient energy systems, integrating CETY's microgrid solutions to support data centers [2][3] - The partnership will leverage waste heat recovery systems to reduce cooling costs by utilizing wasted heat from natural gas turbines [2] - Customized microgrid solutions will optimize energy use, enhance efficiency, reduce operational costs, increase uptime, and minimize carbon footprints [2] Industry Context - Microgrids are essential for providing stable and resilient power supplies, particularly for energy-intensive operations like AI data centers and cryptocurrency mining [2] - The collaboration aligns with the growing demand for sustainable energy solutions in the face of increasing energy consumption in these industries [2]

Financial Performance - For the nine months ended September 30, 2024, total revenue was $1,944,333, a decrease of 63.2% compared to $5,278,203 for the same period in 2023, primarily due to the deconsolidation of China operations [309][317]. - Gross profit for the nine months ended September 30, 2024, was $641,575, down from $992,943 in the same period in 2023, reflecting lower revenue from China operations [309][321]. - Operating expenses increased to $3,193,447 for the nine months ended September 30, 2024, compared to $2,463,090 for the same period in 2023, driven by higher salaries and professional fees [310][326]. - The net loss for the nine months ended September 30, 2024, was $3,550,669, compared to a net loss of $2,460,489 for the same period in 2023, attributed to increased salaries and professional fees [311]. - Revenue from the waste-to-energy segment was $231,679 for the nine months ended September 30, 2024, down from $779,720 in the same period in 2023, with a large $12M contract pending for the Vermont project [314]. - Revenue from the natural gas business amounted to $1,185,178, a significant decrease from $10,462,385 for the same period in 2023, due to the deconsolidation of revenue from China operations [320]. - Net loss increased to $3,550,669 for the nine months ended September 30, 2024, compared to a loss of $2,460,489 in 2023, driven by lower revenues and higher SG&A expenses [336]. Equity and Cash Flow - Stockholder's equity decreased to $3,583,444 as of September 30, 2024, compared to $5,869,198 as of September 30, 2023, primarily due to loss of revenue from China operations [315]. - Net cash used in operating activities was $(2,788,608) in 2024, an improvement from $(3,842,232) in 2023 [338]. - Net cash provided by financing activities decreased to $2,660,036 in 2024 from $3,906,498 in 2023 [338]. - Interest and finance fees decreased to $902,002 in 2024 from $1,707,690 in 2023, due to lower borrowing amounts [335]. - Customer deposits outstanding as of September 30, 2024, were $41,462, down from $210,310 as of December 31, 2023 [367]. Business Segments and Strategy - The company has established four business segments to diversify revenue streams, including Clean Energy HRS, Waste-to-Energy, Engineering and Manufacturing, and CETY HK [312]. - The company anticipates larger revenue contributions from higher gross margin segments such as Waste-to-Energy and Heat Recovery in the upcoming year [312]. - The company aims to leverage its presence in China for synergistic partnerships and technology transfers, particularly in the growing EV charging sector [325]. Expenses and Cost Management - Salaries expense increased to $1,481,316 for the nine months ended September 30, 2024, up from $957,759 in 2023, due to hiring key personnel and expanding the workforce [327]. - Travel expenses decreased to $135,964 in 2024 from $326,905 in 2023, attributed to reduced business travel in China subsidiaries [328]. - Professional fees rose to $484,990 in 2024 from $259,476 in 2023, due to engaging a new audit firm [329]. - Facility lease and maintenance expenses decreased to $230,798 in 2024 from $253,041 in 2023, resulting from relocating to a lower-cost facility [330]. Consolidation and Legal Matters - The Company concluded that Shuya is a variable interest entity (VIE) and will consolidate it into its financial statements effective January 1, 2023 [369]. - Following the Termination Agreement on January 1, 2024, the Company will no longer consolidate Shuya as it holds less than 50% of the voting rights [370]. - The Company plans to continue funding operations through equity sales, which may result in dilution for existing shareholders [373]. - There are no significant off-balance sheet arrangements that could materially affect the Company's financial condition [374]. - The Company is not currently involved in any legal proceedings that are likely to have a material adverse effect on its financial position [377]. Internal Controls and Compliance - The Company believes that the impact of recently issued accounting standards will not materially affect its financial position upon adoption [378]. - As of September 30, 2024, the Company's disclosure controls and procedures were deemed ineffective due to the lack of independent board members [380]. - There have been no significant changes in the Company's internal controls over financial reporting during the nine months ended September 30, 2024 [381].

Core Viewpoint - Clean Energy Technologies, Inc. (CETY) has signed a memorandum of understanding with Freyr Technology Pte. Ltd. to provide AI Computing and Data Center services in Southeast Asia, addressing the growing market demand for these services [1][3]. Group 1: Partnership Details - CETY will collaborate with Freyr, which is a preferred partner of NVIDIA, to enhance technical solutions for optimizing Model Flop Utilization (MFU) of NVIDIA's GPUs [2][3]. - Freyr will lead client acquisition and Data Center operations, while CETY will provide the necessary NVIDIA infrastructure and support global marketing and sales efforts [3]. Group 2: Strategic Benefits - This partnership allows CETY to cross-sell its clean energy solutions to AI Data Centers, leveraging its expertise in energy efficiency to reduce operational costs [4]. - CETY specializes in eco-friendly energy solutions, including Waste Heat Recovery and Waste to Energy Solutions, which can be integrated into the operations of Data Centers [5]. Group 3: Company Overview - CETY is headquartered in Irvine, California, and focuses on zero-emission energy solutions for small and mid-sized projects across North America, Europe, and Asia [5]. - The company’s principal products include patented Clean Cycle™ generators and consulting services for clean energy project development [5].

Core Viewpoint - Clean Energy Technologies, Inc. (CETY) is expanding into the Cryptocurrency Mining and Artificial Intelligence Datacenter (AIDC) sectors due to strong market demand for its eco-friendly energy solutions [1][2]. Company Overview - CETY is headquartered in Irvine, California, and focuses on providing zero-emission green energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects across North America, Europe, and Asia [3]. - The company specializes in Waste Heat Recovery Solutions, Waste to Energy Solutions, and offers Engineering, Consulting, and Project Management Solutions for clean energy projects [3]. Market Expansion - Following a Memorandum of Understanding with True North Computation, Inc., CETY aims to deliver advanced microgrid solutions for cryptocurrency mining operations, indicating a strategic move into the growing sectors of Cryptocurrency Mining and AIDC [2]. - CETY's management recognizes strong market trends in these sectors and is considering further operational expansion beyond renewable energy [2].

Core Insights - A new report from Clean Energy Canada highlights that households can save hundreds of dollars monthly by adopting clean energy solutions, with an online calculator available for residents to estimate potential savings [1][3]. Group 1: Savings from Clean Energy Adoption - A Toronto household switching to electric vehicles and installing a heat pump could save $550 monthly, while a similar household in Vancouver could save $777, achieving over 90% reduction in carbon footprint [2][3]. - The report provides savings estimates for various types of homes across all Canadian provinces, indicating that switching to electric vehicles is financially beneficial nationwide [3]. Group 2: Barriers to Clean Energy Transition - The discontinuation of the federal Greener Homes Grant, which previously offered up to $5,000 for energy-saving measures, poses a challenge for many Canadians, although a new program for low- to median-income households is forthcoming [4]. - The prices of affordable electric vehicles (EVs) have increased or they have been discontinued, limiting options for consumers; for instance, the Chevrolet Bolt and Kia Soul EV production has been paused, and the cheapest Tesla Model 3 is no longer available in Canada due to new tariffs [5]. Group 3: Regional Disparities in Support - Access to financial incentives for clean energy varies significantly across provinces; for example, a median-income family in Vancouver can receive substantial rebates for EVs and heat pumps, while families in Toronto have no provincial support [6]. Group 4: Recommendations for Government Action - The report calls for all levels of government to implement measures such as rebates, improved charging access, simplified financing, and better electricity rates to promote cleaner energy options for all Canadians [7]. Group 5: Key Facts - Canadians can now use an online calculator to estimate savings from EVs and energy efficiency upgrades [8]. - EVs are projected to be cheaper over their lifetime in every province, with significant annual savings compared to gas-powered vehicles [8]. - The federal Electric Vehicle Availability Standard is expected to encourage automakers to offer more affordable EV options in Canada [8].

Core Insights - Clean Energy Technologies, Inc. (CETY) announced that its affiliate, Vermont Renewable Gas, LLC (VRG), received a $1 million grant from the USDA under the Rural Energy for America Program (REAP) to support the development of a 2.2-megawatt renewable energy facility in Lyndon, Vermont [1][2] - The REAP initiative, funded through the Inflation Reduction Act, has a total budget of $1.05 billion aimed at promoting economic development and rural prosperity across the United States [1][2] - The VRG – Lyndon facility will utilize CETY's HTAP Biomass Reactor technology to convert waste biomass into renewable fuel gas and BioChar fertilizer, generating over 18,000 MWh of renewable electricity and 1,500 tons of BioChar annually [3][7] Company Strategy - CETY is focusing on HTAP applications for various types of waste, including agricultural, forestry, industrial, and municipal solid waste, capitalizing on increasing state and federal incentives for clean energy solutions [4] - The company aims to create a vertically integrated and scalable platform for clean energy solutions across multiple industries, enhancing its market presence globally [5] - CETY's existing organic rankine cycle (ORC) business will benefit from biomass projects, potentially increasing energy value by 15% through synergies with heat recovery solutions [6] Future Outlook - The VRG – Lyndon project is expected to serve as a model for future projects in the biomass renewable energy sector, with plans for larger projects that could significantly impact the environment and generate new income sources for CETY [9] - The company anticipates that the combination of public and private funding will facilitate the success of the VRG – Lyndon project, with ongoing commitments from federal programs [8]

Core Insights - Clean Energy Technologies, Inc. (CETY) is actively participating in Latvia's economic delegation visit to the US, focusing on expanding its clean energy solutions in North America, Europe, and Asia [1][2] - The visit marks the first high-level economic delegation from Latvia to the US, aimed at fostering economic cooperation and exploring business opportunities in California [3][6] Company Overview - CETY specializes in eco-friendly green energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects [7] - The company has evolved from a focus on waste heat recovery to a comprehensive energy solutions provider, offering expertise in system design, generation, storage, distribution, and management [4] Recent Developments - CETY has been involved in a waste heat to energy project in Latvia since 2018, collaborating with EkoNams, a company focused on Scandinavian-style log homes [5] - The company is in discussions with other Latvian enterprises for potential collaborations and partnerships [5] Leadership Engagement - CETY's CEO, Kam Mahdi, presented at a program discussing California technology research and investment, highlighting the company's growth and global focus [2][4] - The delegation included significant meetings with major tech companies such as Microsoft, Google, NASA Ames, and Meta, with a focus on AI and its implications across various sectors [3]

Revenue Performance - For the six months ended June 30, 2024, total revenue was $1,709,151, a decrease of 47.8% compared to $3,274,001 for the same period in 2023, primarily due to lower revenue from the natural gas business and deconsolidation of the Shuya entity [204][209]. - Revenue from the natural gas business amounted to $1,219,629, down 56.3% from $2,796,649 for the same period in 2023, due to economic slowdown in China and strategic focus on non-Chinese markets [212]. - Revenue from the waste-to-energy segment was $331,487, a decrease from $385,404 for the same period in 2023, with expectations for significantly higher revenue in the future [211]. - The engineering and manufacturing segment generated revenue of $9,341, down from $36,332 for the same period in 2023, as the team transitions to establish an innovation center in Europe [210]. Profitability and Loss - Gross profit for the six months ended June 30, 2024, was $429,035, slightly lower than $444,018 for the same period in 2023, with higher margins attributed to non-natural gas operations [204][213]. - The net loss for the six months ended June 30, 2024, was $2,251,278, compared to a net loss of $1,868,163 for the same period in 2023, driven by increased salaries and marketing expenses [205]. - Net loss for the six months ended June 30, 2024, was $2,251,278, an increase from the loss of $1,868,163 in the same period of 2023, driven by higher expenditures in salaries, IT, and legal fees [224]. Expenses - Salaries expense for the six months ended June 30, 2024, totaled $966,843, a significant increase from $535,237 in the same period of 2023, attributed to hiring key personnel and expanding the workforce [216]. - Travel expenses decreased to $81,224 for the six months ended June 30, 2024, compared to $200,139 in the same period of 2023, due to reduced travel related to China NG business development [217]. - Professional fees increased to $353,065 for the six months ended June 30, 2024, from $177,437 in the same period of 2023, primarily due to engaging a new audit firm [218]. - Interest and finance fees decreased to $422,863 for the six months ended June 30, 2024, down from $1,349,594 in the same period of 2023, due to fewer notes and bridge financing [223]. Cash Flow and Financing - Net cash used in operating activities was $(1,612,034) for the six months ended June 30, 2024, compared to $(2,620,809) in 2023, indicating improved cash flow management [224]. - Net cash provided by investing activities increased to $83,160 for the six months ended June 30, 2024, from $14,319 in the same period of 2023 [224]. - Net cash provided by financing activities was $1,828,380 for the six months ended June 30, 2024, down from $3,159,324 in the same period of 2023, reflecting changes in financing strategy [224]. - The company is working to finalize financing for its Vermont project in Q3 2024, as it currently relies on high-cost financing options [223]. Financial Position - The company had a working capital of $300,071 and an accumulated deficit of $25,429,293 as of June 30, 2024, raising concerns about its ability to continue as a going concern [203]. - Stockholder's equity decreased to $4,579,726 as of June 30, 2024, from $5,869,198 as of December 31, 2023, primarily due to the net loss for the year-to-date results [205]. - As of June 30, 2024, the company had $33,000 of deferred revenue expected to be recognized in Q4 2024, and outstanding customer deposits of $41,462 [240]. Strategic Outlook - The company expects larger revenue contributions from waste-to-energy, heat recovery, and engineering, procurement, and construction (EPC) segments in the latter half of the year [206]. - The four-segment strategy is believed to create operational synergies and cross-selling opportunities, with a positive outlook driven by global commitments to renewable energy [208]. - The Company will continue to rely on equity sales of common shares to fund business operations, which may result in dilution for existing stockholders [246]. Accounting and Compliance - Shuya is determined to be a variable interest entity (VIE) of JHJ, leading to its consolidation into the financial statements effective January 1, 2023 [242]. - Following the Termination Agreement on January 1, 2024, Shuya will no longer be consolidated as the Company holds less than 50% of the voting rights [243]. - There are no significant off-balance sheet arrangements that could materially affect the Company's financial condition or results of operations [247]. - The Company believes that recently issued accounting standards will not have a material impact on its consolidated financial position or results of operations upon adoption [248].

Irvine, CA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. ("CETY") (Nasdaq: CETY), a clean energy manufacturing and services company offering eco-friendly green energy solutions, clean energy fuels, and alternative electric power for small and mid-size projects in North America, Europe, and Asia, is pleased to announce the signing of a pivotal service agreement with Green Energy Ventures LTDA ("GEV"), a specialized consultancy firm in the renewable energy sector in Brazil. This partnersh ...