ClearSign Technologies Corporation Announces Notification of Hold for ExxonMobil Project
ClearSign Technologies Corporation (Nasdaq: CLIR) has received a verbal notification from ExxonMobil to pause the testing of its ClearSign Core™ process burners at the Baytown, Texas refinery. This decision results from insufficient time to integrate the technology into the refinery's planned 2022 turnaround. CEO Jim Deller expressed disappointment, noting the company had anticipated completing the final product demonstration and installation, which were expected to showcase significant reductions in NOx emissions. An investor call is scheduled for September 8, 2021, to discuss further developments.
- None.
- Project testing with ExxonMobil put on hold due to insufficient time for integration.
- Disappointment expressed regarding the uncompleted product demonstration and installation.
- Potential delay in revenue and technological demonstration opportunities.
SEATTLE, Sept. 3, 2021 /PRNewswire/ -- ClearSign Technologies Corporation (Nasdaq: CLIR) ("ClearSign" or the "Company"), an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, announces that it has received a verbal notification from ExxonMobil to put on hold the testing of its ClearSign Core™ process burners to be installed at the Baytown, Texas refinery. The rationale for the notification was that there is now insufficient time for ExxonMobil to engineer their inclusion during the targeted 2022 refinery turnaround.
"We were informed late yesterday on a call that ExxonMobil was putting this project on hold," said Jim Deller, Ph.D., Chief Executive Officer of ClearSign. "This news was a surprise and obviously disappointing. We believe that we have met all of the necessary qualifications and were looking forward to completing the final product demonstration and subsequent installation in Baytown. Although these burners would have been but one of our growing number of installations, we were particularly excited about demonstrating the capabilities of these burners because of the extensive operating flexibility we have developed to meet the expansive needs of the ExxonMobil refinery while also showcasing ClearSign Core's unique ability to greatly reduce NOx emissions technology," concluded Dr. Deller.
As a reminder ClearSign will hold its previously announced investor call on Wednesday, September 8, 2021 at 5:00 PM ET. Investors interested in participating on the live call can dial 1-866-372-4653 within the U.S. or 1-412-902-4217 from abroad. Investors can also access the call online through a listen-only webcast at https://www.webcaster4.com/Webcast/Page/987/42573 or on the investor relations section of the Company's website at http://ir.clearsign.com/overview.
About ClearSign Technologies Corporation
ClearSign Technologies Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of industrial and commercial systems, including operational performance, energy efficiency, emission reduction, safety and overall cost-effectiveness. Our patented technologies, embedded in established OEM products as ClearSign Core™, and ClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, transport 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." You can find many (but not all) of these statements by looking for words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "would," "should," "could," "may," "will" or other similar expressions. 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, that 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, the performance of our products, our ability to obtain financing, competition, whether our technology will be accepted and adopted and other factors identified in our Annual Report on Form 10-K filed with the Securities and Exchange Commission and available at www.sec.gov and other factors that are 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.
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SOURCE ClearSign Technologies Corporation
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