Clean Energy Technologies, which develops waste heat recycling and waste to energy systems, raised $4 million by offering 1 million shares at $4, the low end of the range of $4 to $5. The company had been listed on the OTCQB under the ticker "CETY". The IPO float is just 2.6% of basic shares outstanding.
Because the company raised 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 plans to list on the Nasdaq under the symbol CETY. Craft Capital Management, R.F. Lafferty & Co., and Ninth Eternity Capital HK acted as joint bookrunners on the deal.
