Clean Energy Technologies Inc (NASDAQ:CETY) Stock Extends Rally: Here is Why
Investors are often seen as being on the lookout for stocks that may have gained momentum and for good reason too. If a stock gains meaningful momentum, it often continues to move upward, and that may be one of the reasons behind the focus on such stocks. There were a number of stocks that gained momentum yesterday, and one of those was Clean Energy Technologies Inc. (NASDAQ:CETY).
The company is an emerging leader in the field of clean energy solutions, and on July 12, it made a significant new announcement. Clean Energy announced at the time that it had entered into a fixed-price engineering, procurement, and construction (EPC) contract with Vermont Renewable Gas LLC. The contract was related to the proposed biogas-to-power facility located in Lydonville. The contract had a value of $10 million and was thought to be an indication of Clean Energy’s important position in the clean energy solutions space.
The company would be responsible for taking charge of the construction, design, and operation of the $10 million plant. The highly innovative HTAP Biomass Reactor from Clean Energy would be the basis of the project. The HTAP Biomass Reactor is an ablative fast pyrolysis high-temperature reactor. The plant in Lyndonville would convert low-grade wood fiber, which would be sourced locally, into BioChar fertilizer and biogas.
The renewable fuel gas that would be produced at the plant would be used to generate sustainable heat and electricity. The plant is expected to be commissioned fully in 12 months. It is projected to deliver as much as 14600 MW of renewable energy to go along with 1500 tons of BioChar on an annual basis. The project engineering and permit-related work had been started by the company following the execution of the EPC contract.
The Chief Executive Officer of Clean Energy Kam Mahdi spoke about the situation as well. He revealed that the Lyndonville project was the first of many other renewable biomass projects that the company would be involved in.
In fact, the project could serve as a template for the company’s development of new project opportunities that could capture meaningful market share. The EPC contract would allow Clean Energy to start the development of the project. He expressed hope that the project would prove to be a catalyst for further opportunities.
On June 22, the company hit the news wires after it announced that it was going to be a participant at the prestigious McTER Congregation Milan event. The event was scheduled for June 29, 2023, in Milan, Italy. Clean Energy was slated to be a major participant at the event.
The company was supposed to host a workshop on June 29 titled “The Small ORC Clean Cycle CCII: A Concentration of Technology at the Service of Energy Efficiency”. It was also noted that during the season, those in attendance were going to get keen insights into the company’s advanced small ORC Clean Cycle CCII technology.
