Clean Energy Technologies, which develops waste heat recycling and waste to energy systems, lowered the proposed deal size for its upcoming IPO on Tuesday. The company is currently listed on the OTCQB under the ticker "CETY".
The Costa Mesa, CA-based company now plans to raise $5 million by offering 1.1 million shares at a price range of $4 to $5. The company had previously filed to offer 2.2 million shares at the same range. At the midpoint, Clean Energy Technologies will raise 50% less in proceeds than previously anticipated. The IPO float is now just 2.9% of basic shares outstanding.
If the company raises less than $5 million, Clean Energy Technologies will be excluded from Renaissance Capital's 2023 IPO stats.
Clean Energy Technologies offers an organic Rankine cycle system containing its Clean Cycle generator, which allows for the capture of wasted heat energy to produce electricity. 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 and R.F. Lafferty & Co. are the joint bookrunners on the deal.
