COSTA MESA, Calif. (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (OTCQB: CETY), a clean energy company focusing on products and solutions in the energy efficiency and environmental sustainability market, announced CETY has received subscriptions under its offering under Regulation A+ in the amount of $786,000 at a price of $.08 per share. The capital will be used for a minority investment in a natural gas pipeline project that is estimated to supply up to 50 million cubic meters per year to a region with a population of approximately 130k people, and a focus on industrial use.
The management of CETY believes that this investment will better position the company to execute its strategic plan and business growth it has planned in China for 2022, including executing projects, increasing sales efforts, and propelling its efforts through strategic partnerships in the $120+ Billion Chinese Natural Gas market.
As announced on 11/29/21, CETY has established a joint venture with Shenzhen Gas, a major Chinese Natural Gas A-Share company valued at an estimated $3B. The joint venture is expected to contribute approximately USD 12 million in net income annually to CETY by 2024, with the Company owning a 49% stake in the joint venture. The joint venture is already evaluating and in the due diligence phase with multiple acquisitions.
Kam Mahdi, Chief Executive Officer said “We are grateful for the strong support from our institutional investors that believe in our ability to execute. The new capital infusion is important in giving us the ability in converting the opportunities we have in front of us in China natural gas industry and we expect that the returns will contribute to our efforts to develop our biomass and heat recovery solution markets in North America.
These investments are critical aspects of our clean energy growth strategy to bring additional revenue to the company and expand in multiple verticals. We also expect the additional capital to fuel our projected rapid growth in key clean energy markets in China and continue to develop new revenue channels for the company.”