Clean Energy Technologies enters agreement with Synergy Bioproducts Corp
Located in Vermont, US this project will convert forest biomass waste products into renewably generated electricity and BioChar fertiliser. The plant is expected to deliver up to 14,600 MWh of renewable electricity and 1,500 tons of BioChar annually, and be fully commissioned within 12 months.
CETY said is focusing on HTAP applications for industrial and municipality solid waste, landfill waste, agriculture waste and forestry waste. This builds on the current increase in incentives for investment in clean energy solutions for commercial and industrial users, as well as a surge in interest in clean energy solutions in municipalities. This project will also benefit from the recent Inflation Reduction Act passed in August of 2022.
In combination with existing CETY technologies and solutions, these projects will advance the company’s mission to offer a more vertically integrated and scalable platform for clean energy solutions across multiple industries in most key markets globally.
CETY’s existing ORC business will also capitalise on each biomass project, with the opportunity to deliver Heat Recovery Solutions. Such synergies increase energy value by 15% for the biomass project. CETY’s portfolio of biomass projects will in turn drive top line and bottom-line growth elsewhere in the company creating long term predictable income streams with high IRR cash flows, it said.
It further provides a footprint for future projects utilising HTAP Biomass Reactor technology in the rapidly growing biomass renewable energy sector. The HTAP Biomass Reactor is a unique and proprietary process that transforms organic waste by using ultra-high temperatures and produces renewable electrical power, BioChar fertiliser and high heating value fuel gas in addition to other commercially valuable chemicals.
Kam Mahdi, CEO of CETY, stated: “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.
"We hope that our future projects will be large by orders of magnitude and have a profound impact on the environment while bringing us new sources of income.
"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.
"By offering additional renewable energy solutions with near-zero emissions, zero solid waste residue, and better waste sourcing capabilities, we firmly believe that renewable energy biomass projects will establish our reputation as a viable and attractive renewable biomass energy solution while generating a new stream of revenues and profits for our company.”