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- Renewable Power Purchase Agreement Anticipated Value of $53M
COSTA MESA, CA., Sept. 07, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (NASDAQ:CETY), today announced a 20-year Power Purchase Agreement (PPA) between Vermont Renewable Gas, LLC (VRG), a limited liability company affiliated with CETY and VEPP, Inc., a not-for-profit corporation that administers two of Vermont's Renewable Energy Programs under contract with the Vermont Public Utility Commission. VRG will exclusively sell all electric power and other related benefits from its 2.2-megawatt biogas facility in Lyndonville, Vermont, to VEPP, Inc. The deal, anchored by the Lyndonville project's anticipated generator availability, is valued at $53 million.
VRG Lyndonville has been qualified as a Farm Methane project under Vermont's Standard Offer Program. VEPP, Inc., acting as the Program Facilitator, will distribute renewable energy and other benefits from the VRG project to Vermont's 17 electric distribution companies.
CETY will spearhead the facility's design, construction, and operation, leveraging its innovative high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor). Located in Lyndonville, Vermont, this facility will convert agriculturally derived organic material into renewable fuel gas and BioChar fertilizer as a byproduct. The produced renewable gas will be converted into renewable electricity and heat. Expected outputs are over 18,000 MWh of renewable electricity and 1,500 tons of BioChar annually, with a projected commission timeline within 12 months. Site permitting and final engineering for the Lyndonville project has commenced.
CETY's existing Heat Recovery Solutions business will also capitalize on each biomass project, with its unique technology potentially boosting the energy value of such projects by 15%. These biomass endeavors will spur both top and bottom-line growth for CETY, forging steady, high-return income channels with high IRR cash flows.
"This project is the first of many anticipated renewable biomass projects and is expected to serve as a model for developing new projects to capture market share in this highly profitable and growing industry. By vertically integrating the biomass projects into our business, we are also able to grow our heat recovery business horizontally," stated Kam Mahdi, CEO of CETY. "Our new renewable energy biomass projects are expected to further expand our goal of becoming a complete solution for industrial and municipal scale projects in the strategic markets we are targeting."
Posted In: CETY
