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Energy systems developer Clean Energy Technologies sets terms for $10 million Nasdaq uplisting

November 23, 2022

Clean Energy Technologies, which develops waste heat recycling and waste to energy systems, announced terms for its IPO on Wednesday. In its latest filing, the company also disclosed financials for the nine months ended September 30, 2022. Clean Energy Technologies is currently listed on the OTCQB under the ticker "CETY".

The Costa Mesa, CA-based company plans to raise $10 million by offering 2.2 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Clean Energy Technologies would command a market value of $67 million.

Clean Energy Technologies’ offers an organic Rankine cycle (ORC) system containing its Clean Cycle generator, which allows for the capture of wasted heat energy to produce electricity. The patented technology used in the Clean Cycle generator was purchase from GE International, and the company has an exclusive license from Calnetix to use its magnetic turbine for heat waste recovery applications. To date, approximately 121 Clean Cycle generators have been deployed for use in biomass and waste to energy projects, diesel electric generators, turbine electric generators, and industrial electric production applications. Clean Energy Technologies has also developed a patented high temperature ablative pyrolysis biomass reactor, and has LNG trading operations in China.

Clean Energy Technologies was founded in 1995 and booked $3 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol CETY. Craft Capital Management is the sole bookrunner on the deal.