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Advanced Clean Technologies, Inc. Reports Department of Energy and Department of Interior Project $77.2 Billion in 2010 Funding

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  Published in House and Home on Tuesday, November 24th 2009 at 3:09 GMT by Market Wire
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HUNTINGTON BEACH, CA--(Marketwire - November 24, 2009) - Advanced Clean Technologies (PINKSHEETS: [ ACTH ]) reported today that the Department of Energy and the Department of the Interior have proposed a total of $77.2 billion in new 2010 funding for Clean Energy projects. According to Business Green, the US renewable energy industry received a major boost recently as the release of new budget proposals from Energy Secretary Steven Chu at the Department of Energy (DOE) and the Department of Interior Secretary Ken Salazar (DOI) confirmed that billions of dollars of new investment will flow into the sector next year.

Presenting the [ DOE's $26.4 billion budget ] for fiscal year 2010, Energy Secretary Steven Chu said the new spending program reflected President Obama's "commitment to ending our dependence on foreign oil, restoring our scientific leadership and putting Americans back to work through [ investments ] in a new green energy economy."

Russ Kidder, CEO of Advanced Clean Technologies, stated, "Our recent successful testing of our clean technology for the production of Canadian and Utah oil sands is an excellent example of how well qualified our company is to apply for funding under these programs being budgeted for 2010. The APS technology for the oil reclamation and clean-up process has previously been used to complete projects for some of the largest oil and gas companies in the United States. These companies include ConocoPhillips, ExxonMobil, Avon Petroleum, Valero Petroleum, as well as the US Navy Petroleum Reserve. We intend to apply to the Department of Energy as well as the Department of the Interior for funding of projects related to this proprietary technology."

The budget runs parallel to plans to invest a further $38.8 billion of economic stimulus spending in clean energy projects that will see a massive increase in spending on low-carbon projects, including an 83 per cent year-on-year increase in investment in solar energy projects to $145 million, a 60 per cent increase in spending on green buildings to $98 million, a 36 per cent increase in wind [ energy investment ] to $20 million and a 22 per cent increase in spending on low-carbon vehicles to $60 million.

The [ DOI's $12 billion budget ] similarly focused heavily on clean energy, including $183 million in increased funding for clean energy projects on federal land and initiatives to mitigate the impacts of unavoidable climate change. The budget came just days after interior secretary Ken Salazar unveiled plans for four new renewable energy permitting offices and a number of renewable energy teams across the country, designed to reduce red tape and accelerate the processing of applications for new renewable energy projects.

About Advanced Clean Technologies, Inc.

Advanced Clean Technologies, Inc. is focused on clean technology applications in both conventional energy and alternative energy markets. Our wholly owned subsidiary, American Petroleum Solutions, Inc., provides proprietary technology for oil field and heavy construction remediation services, as well as projects complicated by environmental, regulatory, and other hazardous waste issues. Founded by engineering professionals with environmental construction and remediation engineering backgrounds, APS provides our clients the benefit of a combination of practical solutions and technical experience in working with hazardous substances that are unique to the construction and remediation industry. Other past major project experience includes the Mobil Oil - Torrance Refinery, Southern California Gas Company, Southern California Edison Company and the Long Beach Unified School District.

For more information about Advanced Clean Technologies, Inc., please visit our website, [ http://www.actcleantech.com ].

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A number of statements referenced in this Release, and any other interviews that have been made, are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, and goals, assumption of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this actions may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may, "could," or "might," occur. Such statements reflect the current views of the company's management with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful closing of acquisition transactions and their subsequent integration, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors described in the Company's filings with the Pink Sheets. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company does not undertake any responsibility to update the "forward-looking" statements contained in this news release.