IRVINE, CA., March 10, 2025 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq: CETY) (the “Company” or “CETY”), a turnkey energy solutions provider leveraging advanced technologies to deliver cost-effective, eco-friendly green energy solutions, clean energy fuels, and alternative electricity for a sustainable future is pleased to announce signing a Memorandum of Understanding (MOU) with Qymers Canada Inc.
As part of this agreement, CETY has secured an initial $500,000 order for purchase of two of its Clean Cycle units to support the development and deployment of Qymera’s monobore geothermal technology. This innovative solution should enable mines, manufacturing facilities, and data centers to access a single, dedicated power source tailored to their specific needs, providing reliable, sustainable baseload power with zero carbon emissions.
This partnership underscores CETY’s commitment to accelerating the global transition to clean energy along with expanding its footprint in heat-to-power applications.
Key Highlights of the CETY-Qymera Partnership:
- Pilot Deployment: Qymera will integrate the CETY magnetic bearing heat-to-power generator into its geothermal projects on a pilot basis, with CETY providing technical and operational support.
- Technology and Innovation: CETY will contribute its expertise to optimize heat-to-power conversion, while Qymera will provide operational data and feedback.
- Joint Development Opportunities: CETY and Qymera will explore future opportunities for joint development of geothermal and heat-to-power solutions.
One of the key advantages of Qymera's monobore technology is that wells can be drilled to shallower depths, eliminating the need for injection wells and their management. This simplifies operations by reducing the complexity and costs associated with managing fluid reinjection systems. Furthermore, Qymera's system addresses seismic events caused by the reinjection of fluids to maintain steam production, a significant concern in traditional geothermal energy development. Since Qymera’s system does not rely on traditional steam generation but instead focuses purely on heat flow, these seismic issues are entirely avoided.
Kam Mahdi, CEO of Clean Energy Technologies, Inc., commented, "By utilizing Qymera’s geothermal technology, mining, manufacturing, and data center companies and developers should be able to not only achieve reliable baseload power but will also contribute to global green initiatives and generate carbon credits. Qymera’s system significantly reduces both the cost and time required by traditional geothermal projects, supporting operational efficiency and environmental responsibility. CETY’s end-to-end turnkey energy solutions should expedite market launch and deployment of these technologies. Additionally, CETY's diversified heat-to-power solutions utilize Organic Rankine Cycle (ORC) technologies that we acquired from General Electric, and under our strategic partnership with Exergy, to address mid-size to large-scale heat applications. The two Clean Cycle units sold should support the pilot run for the B.C. Canada project and create a foundation for other initiatives."
About Qymera Canada Inc.:
Qymera Canada Inc. has introduced its groundbreaking monobore geothermal technology, designed to provide sustainable, baseload power for industries such as mining, manufacturing, and data farms. The Memorandum of Understanding (MOU) signed with CETY enables provision of Organic Rankine Cycle (ORC) systems for lower-temperature heat zones, allowing Qymera’s solution to deliver power with zero carbon emissions. Qymera’s pilot project in British Columbia, Canada will showcase its ability to provide reliable, eco-friendly power while generating carbon credits.
Qymera’s monobore system utilizes a proprietary, highly conductive resin to optimize heat transfer in geothermal wells, significantly reducing the need for deep drilling and eliminating traditional injection wells. This efficient approach minimizes seismic risk and lowers the environmental footprint, requiring less than 5 acres for a 10-megawatt installation. Enhanced with a proprietary resin and a unique wellbore design, the system accelerates heat flow, reduces costs, and can be deployed in regions where geothermal power was previously unviable.
Qymera Canada Inc. is committed to advancing geothermal development with cost-effective, green energy solutions. The company’s technology enables operators to reduce energy costs, minimize environmental impact, and contribute to global sustainability efforts.
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Irvine, California, Clean Energy Technologies, Inc. (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green 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 CycleTM generator to create electricity. CETY Waste to Energy Solutions convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. CETY Engineering, Consulting and Project Management Solutions provide expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.
CETY's common stock is currently traded on the Nasdaq Capital Market under the symbol “CETY.” For more information, visit www.cetyinc.com .
Follow CETY on our social media channels: Twitter | LinkedIn | Facebook
This summary should be read in conjunction with the Company’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2024 and other periodic filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, which contain, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at www.sec.gov .
Safe Harbor Statement
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: "anticipate," "plan," "expect," "estimate," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Clean Energy Technologies, Inc.
Investor and Investment Media inquiries:
949-273-4990
ir@cetyinc.com
Source: Clean Energy Technologies, Inc.
MWN AI FAQ **
** MWN AI Questions are based on asking OpenAI to ask and answer four questions about this news release.
