Why Did CETY Stock Double In Value Today?
Synopsis
CETY announced that it has secured a $10 million Battery Energy Storage System project in New York state and that it is the first in a series of similar BESS deployments it expects to finalize across the state in the coming months.
Shares of Clean Energy Technologies, Inc. (CETY) surged 100% on Tuesday after the company secured a $10 million Battery Energy Storage System (BESS) project in New York state.
CETY stock recorded its biggest intraday gain since Feb. 14, 2024.
Clean Energy Technologies will serve as the engineering, procurement, and construction (EPC) contractor for the project, managing planning, system engineering, hardware procurement, installation, testing, and commissioning.
The 5MW/20MWh system will improve grid reliability and support peak shaving. The site may eventually be expanded to a maximum capacity of 20MW / 80MWh, subject to grid interconnection availability.
The project marks the company’s largest energy storage contract to date. The company added that the project is the first in a series of similar BESS deployments it expects to finalize across the state in the coming months.
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