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Clean Energy Technologies Secures $12 Million Financing for Waste-to-Biogas Project
ByAinvest
Wednesday, Jun 26, 2024 5:29 pm ET1min read
Clean Energy Technologies (NASDAQ: CETY) and its subsidiary VRG secured a $12 million loan to develop a waste-to-biogas facility. The loan, with a two-year term and a 12-month SOFR + 4.75% interest rate, is tied to project milestones. Lenders can convert up to 30% of the loan into CETY shares at a 15% discount. AMEC may acquire half the loan with an additional 10% conversion right. The move underscores CETY's commitment to renewable energy and value enhancement, with loan terms and conversion rights detailed in SEC filings.
Clean Energy Technologies, Inc. (CETY) and its affiliate Vermont Renewable Gas, LLC (VRG) have secured a significant financing boost to advance their renewable energy initiatives. The duo announced the receipt of a $12 million loan from undisclosed lenders [1]. This loan, which comes with a two-year term and a 12-month SOFR + 4.75% interest rate, is tied to project milestones.
Notably, lenders can convert up to 30% of the loan into CETY shares at a 15% discount, providing an added incentive for investors. Moreover, AMEC, a leading engineering and consulting firm, may acquire half the loan with an additional 10% conversion right. This strategic move underscores CETY's commitment to renewable energy and value enhancement [2].
This financing round follows CETY's selection as a USDA grant recipient, securing $74 million in funding for wood innovation projects [2]. The company's focus on renewable energy aligns with the global shift towards sustainable practices, positioning CETY as a key player in the industry.
With the waste-to-biogas facility project in the pipeline, CETY aims to convert organic waste into biogas, thereby reducing greenhouse gas emissions and promoting circular economy practices. This initiative not only supports CETY's growth but also contributes to a more sustainable future.
In conclusion, Clean Energy Technologies' recent financing acquisition and strategic partnership demonstrate the company's unwavering commitment to renewable energy and value creation. As the world continues to embrace sustainable practices, CETY's innovative solutions position the company for long-term growth and success.
References:
[1] GlobeNewswire. (2024, June 11). Clean-Energy Technologies, Inc. Affiliate Selected as USDA Grant Recipient. Retrieved from https://www.globenewswire.com/news-release/2024/06/11/2896799/0/en/Clean-Energy-Technologies-Inc-Affiliate-Selected-as-USDA-Grant-Recipient.html
[2] Investing.com. (n.d.). Clean Energy Technologies, Inc. (CETY). Retrieved from https://www.investing.com/equities/clean-energy-technologies-inc-cety-us
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