Cleantech Transit Inc. (OTC: CLNO), on Wednesday, announced that it intends to build and operate additional power plants as part of its business development strategy.
Under its new business development strategy, CLNO plans to focus operations on biomass power generation. The company said this week that it will grow its participation level in various alternative energy power plans and also build and operate new green energy facilities in North America and around the world.
According to sustainable business news, the market value of electricity generated from biomass in the U.S. is expected to increase to $53 billion by 2020.
CLNO is currently in discussions to acquire larger 1MW plants, which is double the size of its existing 500 KW plant located in Merced County. CLNO has access to a number of biomass plants ranging from 1MW to 2MW in size through its partnerships.
CLNO believes that the additional plants will help it in achieving a steady revenue stream, which can be reinvested in developing larger biomass facilities around the world.
Kenneth Bosket, President and CEO of Cleantech Transit, said that CLNO’s strong commitment to building, implementing and operating the biomass power plans will give it the potential to develop into a significant player in the field of alternative energy.
CLNO shares have risen sharply this week. On Wednesday, the stock rose 52.14% to finish the day at $0.0890 on above average volume of 10.17 million. The stock has gained more than 150% this week.
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