Sep 16, 2020
Clean Energy Technologies, Inc. (OTCQB: CETY), a clean energy company focusing on products in the energy efficiency and environmental sustainability market, announced today that it has signed a joint venture agreement with Khorgos Shuxin Co. Ltd (KS), solidifying a strong partner to aid in operating within China's rapidly growing clean and renewable energy market.
Under the terms of this agreement CETY will be the majority partner in the venture and will provide the JV the licenses and know-how to market its products and solutions in China.
Khorgos Shuxin is a leading company in China that invests and operates multiple clean energy and natural gas projects. KS's management team has accumulated deep knowledge of the China energy industry with over 15 years of experience in both mid-stream and down-stream natural gas projects including LNG trade and production, transportation energy supply station construction and operation, large-scale industrial user transmission and distribution pipeline construction and operation, long-distance pipeline construction and operation, contract energy management, as well as distributed energy. Their team currently operates projects with a combined revenue of USD 150 million. HS brings to the JV a large pipeline of sales opportunities as well as a team of local experts who can implement CETY's products and solutions.
This is a significant strategic step for CETY as China, according to the 2020 BP Statistical Review of World Energy, is the largest consumer of energy in the world, representing 24.3% of global consumption. Given the policy directive to reduce coal as the major source of power generation, the Chinese government highlighted in its 13th Five Year Plan to invest approximately CNY 3.1 trillion into the clean energy industry, of which CNY 336 billion will be invested into biomass energy and geothermal energy. CETY will benefit directly from this major policy trend and has a strong local partner to execute its business strategy.