Item 1.01 Entry into a Material Definitive Agreement.
On December 14, 2202, CETY Capital , LLC, ("CETY Capital") a wholly owned
subsidiary of Clean Energy Technologies, Inc. ("CETY") entered into to an
Operating Agreement (the "Agreement") with Synergy Bioproducts Corporation
("Synergy") to establish Vermont Renewable Gas, LLC (the "Company") to develop a
pyrolysis plant (the "Project"). The plant is expect to convert approximately
10,000 tons/year of woody biomass feedstock into approximately 16,500 MWh
electricity/year, 1,400 MT/year of biochar and 26,000 MM BTU/year of thermal
energy by using high temperature ablative fast pyrolysis reactor. CETY holds an
exclusive right to exploit the technology. CETY will provide services and
products critical for the development of the project.
CETY Capital holds a 49 percent interest in the Company and has various rights
to protect its interests as a minority member. In addition, CETY will hold
positions on the Board of Managers. The Agreement provides other provisions
commonly found in operating agreements of this nature.
The foregoing descriptions of the Agreement, does not purport to be complete and
are qualified in their entirety by the full text of the form of the Operating
Agreement which is filed as exhibits 10.162 to this Report on Form 8-K.
Item 9.01 Financial Statement and Exhibits.
Exhibit No. Description
10.162 Form of Operating Agreement between CETY Capital LLC and Synergy
Bioproducts Corporation, dated December 14, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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