• Clean Energy Technologies Scales Natural Gas Trading Operations as China Market Recovers

    Источник: Nasdaq GlobeNewswire / 31 мар 2023 08:32:00   America/New_York

    COSTA MESA, CA., March 31, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (the “Company”), a clean energy manufacturing and services company, offering recyclable energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia today announced it has secured and sold 6.65 million cubic meters of natural gas (NG) through its subsidiaries and joint ventures in China for the first quarter of 2023, which totals to approximately USD 2.5 million in sales. Management believes that the NG market has significantly improved compared to the fourth quarter of 2022 when China’s economy was battered by COVID lockdowns and restrictions. China’s Manufacturing Purchasing Managers Index reached 52.6 in February 2023 from a low of 47.0 in December 2022 (http://www.stats.gov.cn/). In the 2023 Government Work Report (http://www.gov.cn), the Chinese government set the economic growth target for 2023 at about 5% and made economic recovery the government's most important task. CETY expects continuous high growth in demand for NG in China and is currently in the process of securing major NG sales contracts for the remainder of the year.

    Due to the Ukrainian and Russian conflict, NG prices have fluctuated significantly in the past year. To better manage market risk as well as reduce exposure to cyclical factors such as lowered demand due to national holidays or weather, CETY is adjusting its NG strategy to stable higher volume trading in Pipeline Natural Gas (PNG) rather than opportunistic low volume trading with higher margins in Liquified Natural Gas (LNG) or Compressed Natural Gas (CNG).

    Kam Mahdi, CETY’s CEO said, “Our Natural Gas trading operations and NG pipeline business in China opens cross selling opportunities for CETY products and solutions. As we see an uptick in China’s economy returning to normal, we expect even more contribution from this business segment in the near future.”

    About Clean Energy Technologies, Inc. (CETY)

    Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) plans to become a leader in the zero-emission revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company's principal products are Waste Heat Recovery Solutions using our patented Clean Cycle TM generator to create electricity. Waste to Energy Solutions converting waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions providing expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies. Our NG trading operations in China is to source and supply Natural Gas to industries and municipalities located in China.

    CETY's common stock is currently traded on the Nasdaq Capital Market under the symbol CETY. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those statements that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements involve inherent risks and uncertainties. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release. We are not obligated to publicly update or revise any forward-looking statement, except as required under applicable law, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

    SOURCE Clean Energy Technologies, Inc.

    Investor Relations Contact :
    ir@cetyinc.com

    Contact:
    Clean Energy Technologies, Inc.
    2990 Redhill Avenue
    Costa Mesa, CA 92626
    949.273.4990 main
    949.273.4990 fax
    www.cetyinc.com


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