Clean Energy Technologies, Inc. (CETY) secured a $10 million contract to design, procure, and construct a 5 MW/20 MWh battery energy storage system (BESS) in New York State. The system will support grid reliability, peak‑shaving, and participation in the state’s Value of Distributed Energy Resources (VDER) program.
The award marks CETY’s largest storage project to date and the first of a planned series of deployments across New York. The contract gives the company an EPC role that could be expanded to 20 MW/80 MWh if grid interconnection permits, positioning CETY to capture a growing share of the state’s expanding BESS market.
CETY’s recent financial performance has been challenging, with a three‑year revenue growth rate of –70.9% and negative operating and net margins. The new contract, worth twice the company’s market capitalization of $5.55 million, adds a significant revenue stream and helps move the firm toward its goal of becoming free‑cash‑flow positive. The company’s contracted project backlog now exceeds $20 million, underscoring robust demand for its services.
CEO Kam Mahdi said the award “is a major milestone for our energy storage business” and that the project “validates our EPC capabilities and sets the stage for a pipeline of additional BESS installations we expect to close soon.” He added that the contract “demonstrates CETY’s growing role as a trusted EPC partner for large‑scale energy storage projects, positioning us at the center of New York’s clean‑energy transition.”
The announcement was met with a positive market reaction, reflecting investor optimism about the company’s ability to secure high‑margin projects and improve its financial trajectory.
While the contract provides a strong tailwind, CETY still faces headwinds such as the need to secure grid interconnection and the broader challenge of turning its backlog into cash flow. The company’s strategy to pursue larger, higher‑margin projects and to expand its BESS footprint in New York signals confidence in sustained demand for storage solutions, but success will depend on execution and continued market support.
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