This morning, those looking into the major gainers could consider having a look at Clean Energy Technologies Inc’s (OTCMKTS:CETY). Its shares jumped after the company announced that it signed a Memorandum of Understanding (MOU) with Ashfield Ag Resources.
Shares of CETY are trading at .088 gaining .022 up 34% as of 2:40 . Volume is 22 million shares on 1702 trades. Trading opened at .0698 and ran to a high of .1189. CETY has been in an up trend for the last 6 sessions.
As per the terms of the MOU, Clover is going to co-develop the initial biomass renewable energy processing plant. It is going to deploy the use of the advanced high temperature ablative fast pyrolysis reactor.
It is a significant development for Clean Energy Technologies. The plant is going to be situated in Massachusetts and it is going to be engaged in converting forest biomass products into renewable electricity.
The plant is going to help in generating annual renewable electricity to the tune of 14600 MWh by the end of the first quarter of 2022. The two parties also expect to produce 1500 tons of BioChar by that time.From the press release:- CETY management believes it can secure additional biomass resources to deliver additional projects ten times larger in the future. The biomass renewable energy project will be operated from within a newly formed company and is expected to be funded through a special purpose vehicle with equity and debt secured by the project’s revenues.