COSTA MESA, Calif. (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (OTCQB: CETY), a clean energy company offering products and solutions in the energy efficiency and environmental sustainability market, announced that it has formed a technology partnership with Enertime, a clean technology company focused on large scale ORC solutions above 1 MW of power generation. Enertime manufactures ORC modules to recover heat and generate electricity, high temperature large heat pumps and natural gas expanders.
ORCs replace steam with organic fluid allowing electricity to be generated from low-medium temperature heat sources dramatically reducing a power plant’s dependance on grid electricity. The organic fluid has a lower boiling point and is therefore able to use low temperature heat sources to produce electricity. We believe ORC systems are one of the most technically advanced and economically viable solutions available today, with higher performance and lower capital costs than alternative methods of energy saving products.
As energy demands have soared, companies are developing strategies to transform waste heat into energy as opposed to releasing this heat into the atmosphere. The waste heat recovery industry is predicted to exceed $114 billion by 2028 as rising energy usage and cost drive the market, according to a report by Market Research Future. This is especially important to industries with heavy energy utilization, where electricity costs can account for up to 70% of their operating costs annually.
Many companies are exploring utilizing systems such as CETY’s proprietary technology, the Clean Cycle generator, and Enertime’ s ORC systems for larger scale facilities. These solutions capture wasted heat produced by the facility and convert it into grid-ready electricity that can either be sold for a profit or offset electrical expenses of the facility.
The US Office of Energy and Renewable Energy has stated in a recent study that half of all industrial energy input is lost because of heat waste from exhaust gasses, cooling water and equipment surfaces. By capturing this energy and utilizing it to offset power costs, companies across the world could save billions of dollars a year and dramatically reduce their carbon footprint simultaneously.
Kam Mahdi, CETY’s CEO said “Technology partnerships are essential elements in the creation of a successful business and should allow us to obtain immediate access to markets, and operational scalability that would simply not be possible if we rely on internal organic growth. Our partnership with Enertime is expected to greatly improve our ability to address a larger market and allow us to continue to expand our share of the clean energy sector”.