Sep 14, 2015
SEATTLE, Sept. 14, 2015 /PRNewswire/ -- ClearSign Combustion Corporation (NASDAQ: CLIR) announced today that it has been awarded a commercial order for its Duplex™ Technology by Aera Energy LLC. Under the initial purchase order, Duplex will be retrofitted to a second once-through steam generator (OTSG) used by Aera for enhanced oil recovery (EOR). The order is part of a previous agreement which includes time-sensitive pricing, delivery and installation terms that, if elected, will apply to future purchases by Aera.
This news marks the company's first commercial sale to Aera based on the success of field trials. ClearSign and Aera previously engaged in a demonstration of the Duplex on an initial OTSG in Bakersfield, California, where the technology achieved a measurable and significant increase in energy efficiency throughout testing. That OTSG is now operating at a higher firing rate and maintaining steam quality and capacity, with NOx emissions reduced to less than 5 parts per million (PPM).
"This commercial order marks an inflection point in ClearSign's growth, underscoring the unique environmental and economic benefits of our technology," said ClearSign Chairman and CEO, Steve Pirnat. "This strong entry into the upstream oil and gas market presents a significant opportunity for ClearSign, and we look forward to working with Aera and other companies in the EOR space on this, and future, projects."
About Aera Energy
Aera Energy LLC is one of California's largest oil and gas producers, accounting for nearly 25 percent of the state's production. With headquarters in Bakersfield, most of the company's production is centered in the San Joaquin Valley. Aera also has oil field operations in Ventura and Monterey counties.
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs, develops and markets technologies that drive to improve key performance characteristics of combustion systems, including emissions and operational performance, energy efficiency and overall cost-effectiveness. Our patent-pending Duplex™ and Electrodynamic Combustion Control™ platform technologies enhance the performance of combustion systems in a broad range of markets, including the chemical, petrochemical, refinery, power and commercial boiler industries. For more information, please visit www.clearsign.com
Cautionary note on forward-looking statements
This press release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management's belief, as well as assumptions made by, and information currently available to, management. While we believe that our expectations are based upon reasonable assumptions, there can be no assurances that our goals and strategy will be realized. Numerous factors may affect our actual results and may cause results to differ materially from those expressed in forward-looking statements made by us or on our behalf. Some of these factors include the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in our Annual Report on Form 10-K and other periodic reports filed with the SEC. We specifically disclaim any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
SOURCE ClearSign Combustion Corporation
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