Clean Energy Technologies, Inc. (NASDAQ:CETY) shares surged 58.9% on Tuesday after the company announced it has won a $10 million contract to deliver a Battery Energy Storage System (BESS) project in New York State.
The clean-tech firm said this award represents its largest energy-storage engagement to date, and marks the first of several similar installations it expects to secure across New York in the months ahead.
The project calls for the deployment of a 5MW/20MWh standalone storage system designed to bolster grid reliability, support peak-demand management, and participate in state incentive programs under New York’s Value of Distributed Energy Resources (VDER) framework. The site could eventually scale up to as much as 20MW/80MWh, pending interconnection capacity.
CETY will provide full Engineering, Procurement, and Construction (EPC) services, including system engineering, equipment sourcing, installation, commissioning, and regulatory compliance.
“This $10 million award is a major milestone for our energy storage business,” said Kam Mahdi, CEO of CETY. “Battery energy storage is essential for grid stability and renewable integration.”
The company said it is entering the new year with more than $20 million in contracted backlog across its EPC, waste-to-energy, and heat-to-power divisions. CETY emphasized that executing larger, higher-margin projects remains central to its strategy to become free-cash-flow positive and enhance access to capital.