ClearSign Technologies Corporation (CLIR) ("ClearSign"), an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, provides an update on operations for the second quarter ended June 30, 2023.
"Our order flow increased in the second quarter, both in process burners and our boiler burner line," said Jim Deller, Ph.D., Chief Executive Officer of ClearSign. "The execution of these initial sales, for both boiler burners and process burners, will set the stage for our future growth. Getting these installations in the field will give us a larger installed base and reference list going forward. Additionally, the processing and execution of these commercial orders allows us to fine tune our processes with suppliers and collaborative partners in order to be prepared for future larger scale product deployments. We are very encouraged by the engagement we are receiving in the industry regarding our technologies and we believe that our recently announced Phase 2 government grant award through the Small Business Innovative Research (SBIR) program with the Department of Energy (DOE), which provides direct support for the engineering and commercialization of our 100% hydrogen burner products, will further enhance our visibility in the industry," concluded Dr. Deller.
Recent strategic and operational highlights during and subsequent to the end of the second quarter 2023 include:
Completed Successful Phase 1 Testing of Ultra-Low NOx 100% Hydrogen Burner and Awarded Phase 2 SBIR Grant for $1.65M: With this completion of the Phase 1 work, the Company submitted a follow-up proposal with testing data and documented industry support to continue the development work with a Phase 2 grant. Subsequently, the Company was awarded a Phase 2 government grant through the SBIR program with the DOE to further the development and commercialization of a ClearSign Core™ Ultra Low NOx burner fueled with 100% hydrogen.
Received Engineering Order and Follow on order for Two Multi Burner Heaters from a California Refinery: The order is for two separate heaters and for a total of 13 burners. This is from an early customer who has ongoing experience with the operation and performance of ClearSign burner technology. The supply of ClearSign's technology is to help the refinery adhere to the strict emissions limits implemented to support California's clean air goals.
Entered the Texas Gulf Coast Market with Burner Sale to Global Chemical Company: The Company announced the first sale of its fire tube boiler burner technology into a non-boiler heater of a global chemicals company in the Texas market. The boiler burner will be installed into a process heater, which is replacing an existing heater and SCR (Selective Catalytic Reduction) system. Both heater and burner were sold by Tulsa Heaters Midstream, a fast growing and innovative heater provider based in Tulsa, Oklahoma. The burner is scheduled to be installed in the third quarter of 2023.
The Company recognized approximately $150 thousand in revenue during the three months ended June 30, 2023, as compared to zero revenue for the same period of 2022.
Cash, cash equivalents and short-term investments were approximately $8.5 million as of June 30, 2023.
There were 38,562,086 shares of the Company's common stock issued and outstanding as of June 30, 2023.
