Clean Energy Technologies announced that its subsidiary Heat Recovery Solutions has secured a new Clean CycleTM generator order for a Waste Biomass application in Europe.
The contract was secured in the second quarter of 2017 and it's expected to ship immediately.
The value of the global biomass manufacturing market is estimated to be worth around 600 billion dollars and is expected to witness significant growth over the next few years. Growing disposable income and the consequent demand for nonconventional sources of energy are expected to drive the demand for the biomass market.
Furthermore, the rapid depletion of fossil fuels, global warming and stringent standards by European government to curb GHG emissions from landfills are also favoring the increase in biomass market size.
As a result, we are targeting both domestic and international landfill and waste to energy markets. CETY currently serves 88 biomass applications all over the world.
Various biological and thermal technologies are used to convert municipal solid waste, live feedstock, agriculture waste and industrial waste into different forms of heating fuel. The wasted heat from these sources can be used by CETY's Heat Recovery Solutions Clean CycleTM Generators to produce additional electricity. The CCIITM generators provide customers with lower emissions, fuel savings, and additional revenue from the wasted heat.
Kam Mahdi, Chief Executive Officer of Clean Energy Technologies, said, "This is an exciting time for our company. We are growing both our domestic and international presence, and are very pleased that our customers are seeing the value of this technology and product which we acquired from General Electric. We are eager to continue proving the superiority of our solution and grow our market share."