Clean Energy Technologies Reaches Memorandum of Understanding for $ 15 Million Biomass Project
Located in Massachusetts, USA, this project will convert forest biomass waste into renewable electricity and biochar fertilizer. The project is expected to provide up to 14,600 MWh of renewable electricity per year and 1,500 tonnes of biochar by the first quarter of 2022.
The MOU, which is subject to the execution of definitive agreements, gives the CETY project rights to raw materials, site control, approved grid interconnection and revenues from purchase agreements. electricity. CETY anticipates up to 35% net present value (NPV) on the $ 15 million (€ 12.3 million) project and internal rates of up to 12%. With a longer time horizon (10+ years) the NPV / internal rate of return is even higher, showing that the substantial value of CETY will lock in for years to come.
Kam Mahdi, CEO of CETY, said: “This project is the first of four planned renewable biomass projects and should serve as a model for the development of new projects to gain market share in this highly profitable and growing industry.
“By vertically integrating biomass projects into our business, we are also able to develop our heat recovery business horizontally. We hope that our future projects will be large-scale and will have a profound impact on the environment while providing us with new sources of income.
“Our new renewable energy biomass projects are expected to further broaden our goal of becoming a complete solution for industrial and municipal projects in the strategic markets we are targeting.
“By offering additional renewable energy solutions with near zero emissions, zero solid waste residue and improved waste supply capabilities, we firmly believe that renewable energy biomass projects will establish our reputation as viable and attractive renewable biomass energy solution while generating a new stream of revenue and profit for our business. “