Clean Energy Technologies raises $2M convertible note from FuFront AI
What's the deal? Irvine, California-based Clean Energy TechnologiesDealroom has a profile for this one. Try Dealroom → has issued a $2 million convertible promissory note to FuFront AI Pte. Ltd., a Singapore exempt company. The deal closed and was funded on November 4, 2026, according to a Form 8-K filing signed by chief executive officer Kambiz Mahdi.
The terms: The note matures on October 3, 2027, and carries a 12% annual interest rate. FuFront can convert it into common stock six months after issuance at 85% of the lowest traded price over the prior 10 trading days.
The limits: Conversion cannot push FuFront's stake above 4.99% of outstanding shares. It is also capped at 2,432,004 shares absent shareholder approval under Nasdaq Rule 5635(d).
Why now? The note is far larger than CETY's recent financings. It follows a $500,000 convertible note in October and smaller raises, including a $150,000 cash deal in September.
What could go wrong? The financing is costly, dilution-capable debt rather than equity. The discounted conversion price means new shares could enter the market well below trading levels, and the pattern of repeated borrowing points to ongoing liquidity pressure.
The signal: The $2 million note marks a notable step-up in size for CETY, but the structure tells the real story. This is serial borrowing on tough terms — not evidence of an improving underlying business.
Read more: kalkinemedia.com
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