Clean Energy Technologies, Inc. (OTC: CETY) announced on Nov. 2, 2016 that it has secured $420,000 in common stock venture financing at $.04 per share to capitalize on the international market expansion of CETY subsidiary Clean Energy HRS LLC's Clean Cycle™ ORC heat recovery steam generator. The investment was made by Cybernaut Zfounder Ventures LLC's Cyberfuture One LP fund.
The investment in CETY will support the international market expansion of the Clean Cycle™ products, including pursuant to CETY's memorandum of understanding entered into in October 2016 with Mr. Bairui Tu, principal of China-based BR Energy. The MOU lays the foundation for a China-based joint venture to manufacture and commercialize the Clean Cycle™ products in the People's Republic of China, the development of a commercial-scale manufacturing production facility in China to manufacture the products, and the planned distribution and sales of the Clean Cycle™ products in China.
In addition to support for the pursuit of the joint venture in China, the proceeds will be used in support of CETY's marketing and sales of its products world-wide and to continue broadening and enhancing CETY's overall HRS solution portfolio. "This latest investment in CETY reflects a high level of confidence by Cyberfuture One LP in CETY's ability to execute and in the market opportunity for its Clean Cycle™ products," said Meddy Sahebi, Executive Chairman of CETY.
Kam Mahdi, CEO of CETY stated, "We are excited to complete this platform investment managed by leading technology investor Cybernaut Zfounder Ventures LLC. We believe this investment will lay the foundation for our continued market and product expansion, both inside and outside of the important China market, as well as further institutional and commercial partner investment in the Company. We are confident that this validation by a key venture capital investor partner will help establish CETY as a significant participant in the portfolio of commercial, industrial, and utility customers seeking market-leading efficient economic sustainable energy solutions. We at CETY are proud to team with Cybernaut Zfounder Ventures LLC and we look forward to working with Mr. Tu and his team in furtherance of the recently completed MOU to lead the next generation of sustainable distributed energy solutions in China."
About Clean Energy Technologies, Inc.
Clean Energy Technologies, Inc., designs, builds and markets clean energy products focused on energy efficiency and environmentally sustainable technologies. The Company's principal product is the Clean CycleTM generator utilized as the core of ORC and non-ORC heat recovery steam generation systems. The Clean CycleTM and related heat recovery steam generation (HRSG) products and services are offered through CETY's Clean Energy HRS subsidiary – also known as Heat Recovery Solutions (www.heatrecoverysolutions.com). The Clean Cycle™ HRSG system captures waste heat from a variety of sources and turns it into electricity that users can use or export to an energy grid. CETY's proven, cutting-edge technology allows commercial and industrial heat generators to boost their overall energy efficiency with no additional fuel, no additional pollutants, and virtually no maintenance. CETY's engineering and manufacturing resources support the Heat Recovery Solutions business, as well supporting other clean tech and emerging growth companies with their electronics manufacturing needs. Headquartered in Costa Mesa, California, CETY's common stock is currently traded on the OTC Market under the symbol CETY. For more information regarding CETY, please visit www.cetyinc.com.
Source: PR Newswire