May 3, 2018
SEATTLE, May 3, 2018 /PRNewswire/ -- ClearSign Combustion Corporation (Nasdaq: CLIR) ("ClearSign" or the "Company"), an emerging leader in industrial combustion technologies that reduce emissions and improve efficiency, is providing an update on the pilot test project with one of China's largest providers of residential and commercial heating services.
"We're making encouraging progress as we work to achieve ultra-low emissions levels in one of the world's largest markets for our technology," said Steve Pirnat, Chairman and CEO of ClearSign. "This has created significant opportunities for us to work throughout the broader district heating market in China as well as the vast refinery, chemical, and petrochemical industries. While the time constraints of the heating season prevented us from finalizing our testing, our partner remains interested in our patented Duplex technology and we are very optimistic our technology will prevail, as it has in all other commercial installations."
As previously announced, ClearSign is working with a large state-owned enterprise (SOE) to install and demonstrate ClearSign's innovative Duplex™ technology in one of its boilers. The project is a joint collaboration with ClearSign handling the design and oversight of the fabrication by the local partner.
During this initial phase of testing, the Company's experts determined substantial burner modifications are necessary to simplify the delivery of gas and air to provide an ideal operating environment for ClearSign's Duplex technology to achieve ultra-low NOx emissions. The level of modification is consistent with previous initial installations for customers in other verticals. Making the modifications to their existing equipment remains a key motivation for the customer because of the potential cost-savings of retrofitting versus replacing the existing burners.
The Company believes that once the first installation is successful, the time required for subsequent installations will be dramatically reduced, consistent with its experience in other verticals. This is relevant to note, as the the Memorandum of Understanding (MOU) with this customer specifies after successful completion of the pilot test, the parties will move to negotiate a subsequent definitive agreement to retro-fit multiple boilers within the district's operational footprint of more than 1,000 units.
China's heating season traditionally restarts in the fourth quarter. ClearSign intends to use the time before the restart to work with the customer on multiple options to demonstrate the Duplex technology and satisfy the testing requirements as soon as practical.
"While this initial project has taken longer than originally planned, the Chinese market remains a vast and important opportunity for ClearSign," said Steve Pirnat. "Unlike our domestic market, there is clear and urgent government mandate driving adoption of Low NOx technologies like Duplex."
As previously disclosed during the Q4 2017 conference call, the Company is actively engaged in advanced discussions with additional customers in China in the refinery and petrochemical industries. "We look forward to providing shareholders with updates on our progress in China in the coming months," said Pirnat.
First Quarter 2018 Conference Call Announcement
ClearSign will be filling their 10-Q and putting out a release regarding the Company's First Quarter results ended March 31, 2018 prior to the call.
ClearSign invites you to a conference call discussing the Company's First Quarter on Wednesday, May 23, 2018 at 4:30 PM Eastern Time. To listen to the conference call, you should dial 1-866-372-4653 (international: +1-412-902-4217) five to ten minutes before the scheduled start time and request to be connected to the ClearSign Combustion Corporation conference call. To listen by webcast use this link: https://www.webcaster4.com/Webcast/Page/987/25668 or visit ClearSign's Investor Relations page. If you wish to listen to a replay of the conference call, you may dial 1-877-344-7529 (international: +1-412-317-0088) and enter conference ID 10119962. The replay will be available for 7 days after the conference call.
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of combustion systems, including emissions and operational performance, energy efficiency and overall cost-effectiveness. Our patented Duplex™, Duplex Plug & Play™ and Electrodynamic Combustion Control™ platform technologies enhance the performance of combustion systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, and power industries. For more information, please visit www.clearsign.com.
Cautionary note on forward-looking statements
All statements in this press release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements included in this press release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, general business and economic conditions, the performance of management and our employees, our ability to obtain financing, competition, whether our technology will be accepted and other factors identified in our Annual Report on Form 10-K filed with the Securities & Exchange Commission and available at www.sec.gov and other factors that are to be detailed in our periodic and current reports available for review at www.sec.gov. Furthermore, we operate in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
SOURCE ClearSign Combustion Corporation
For further information: Investor Relations, Matthew Selinger, Three Part Advisors, LLC for ClearSign, +1 817-310-8776, [email protected] OR Media, Sylvester Palacios, Jr., Pierpont Communications for ClearSign, +1 512-448-4950, [email protected]
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