ClearSign Combustion Corporation, an emerging provider of industrial combustion technologies that help to reduce emissions and improve efficiency, has announced its results for the 2Q16 ending 30 June 2016.
"After 18 months here at ClearSign, I remain as excited as ever about our technologies and the potential for the company to transform the combustion industry," said Steve Pirnat, ClearSign Chairman and CEO. "Our focus is on execution of our eight installations in various verticals and conversion of those into successful trials. Our continued success will ultimately convert into follow-on orders, as seen in the recent wellhead flare vertical, and greater market acceptance," continued Pirnat.
Strategic and operational highlights during and subsequent to the quarter included:
- Received significant follow on order in enclosed wellhead flare vertical. This is the first significant follow-on order the company has received and it validates the Duplex technology. The order is valued at over US$1 million and is scheduled to be completed over the next 6 - 12 months.
- Completed initial demonstration trial at Southern California refinery. ClearSign and the refiner have agreed to work together to further optimise the performance of the Duplex technology to meet the refinery's dynamic requirements.
- Met and reviewed OTSG installations with California operator. The once through steam generator (OTSG) pilot unit continues to perform reliably and is operating below the permitted air pollution control district emission limits. The operator and ClearSign are both pleased with the performance of the pilot unit. The subsequent unit purchase is installed and awaiting commissioning. The operator has asked ClearSign to meet this fall to discuss potential future requirements.
- Awarded contract with major Canadian oil producer. ClearSign will deliver a fully engineered Duplex system design, as well as cost and budget, for testing and deployment to the producer's existing and planned fleet of OTSGs. Upon conclusion, the Canadian company will have the option to first field test; and upon validation, to deploy Duplex to all or a portion of their fleet of approximately 40 units in North America.
Primarily due to increased field testing of its Duplex technology, ClearSign incurred a loss of US$2.4 million, as compared to a loss of US$1.8 million for the same period of 2015 and a loss of US$2.6 million for the 1Q16 ended 31 March 2016.
Working capital at 30 June 2016 totalled US$4.6 million including cash and cash equivalents of US$5.4 million. Shares outstanding at 11 August 2016 total 12 956 882.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/19082016/clearsign-combustion-corp-releases-second-quarter-2016-results-3912/