Shares of Clean Energy Technologies, Inc. ( CETY ) are trading higher Tuesday after the company secured a $10 million project.

What To Know: Clean Energy Technologies ( CETY ) announced that it secured a $10 million Battery Energy Storage System (BESS) project in New York State, its largest storage project to date. The deal marks the first of several similar deployments that it expects to finalize in the months ahead.

For this project, Clean Energy Technologies ( CETY ) will provide full planning, engineering and system design, as well as procurement of advanced storage hardware and balance-of-system equipment, construction, installation, testing and commissioning.

The company is entering the new year with more than $20 million of contracted project backlog. Clean Energy Technologies ( CETY ) said executing larger, higher-margin projects is central to its plan to become free-cash-flow positive, improve access to inexpensive capital and position itself for strategic mergers and acquisitions that can accelerate long-term growth.

"This $10 million award is a major milestone for our energy storage business," said Kam Mahdi, CEO of Clean Energy Technologies ( CETY ). "Battery energy storage is essential for grid stability and renewable integration. Securing this project not only validates our EPC capabilities but also sets the stage for a pipeline of additional BESS installations we expect to close soon.”

CETY Price Action: Shares of Clean Energy Technologies ( CETY ) were up 82.84%, trading at $1.95 at the time of publication on Tuesday, according to Benzinga Pro.

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