Clearsign Technologies Corp - CLIR STOCK NEWS

ClearSign Technologies (Nasdaq: CLIR) provided an update on Q2 2024 operations, highlighting significant new orders and product development. Key developments include:

1. An initial engineering order for a 26-burner project at a Texas petrochemical facility.
2. Sale of their largest boiler burner to date (90 million BTU/hr) for a Texas gas processing facility.
3. Successful start-up of a second multi-burner heater at Kern Energy.
4. Two additional purchase orders for burner engineering at Kern Energy.
5. Closing of a public offering and private placement, raising approximately $13.6 million in gross proceeds.

The company reported cash and cash equivalents of about $16 million as of June 30, 2024, with 50,205,657 shares of common stock outstanding.

ClearSign Technologies (Nasdaq: CLIR), a leader in industrial combustion and sensing technologies, will host a second quarter 2024 conference call on August 21, 2024, at 5:00 PM ET. The company plans to file its quarterly report on Form 10-Q with the SEC soon and will release a summary of its financial and operating results for the quarter ending June 30, 2024, on the day of the call. Investors can participate via phone or listen to a webcast online. The webcast will be archived on the company's investor relations website for at least 90 days, and a telephonic playback will be available for 7 days after the call.

ClearSign Technologies (Nasdaq: CLIR) has appointed G. Todd Silva to its Board of Directors, effective August 1, 2024. Silva, nominated by clirSPV , brings over 30 years of leadership and finance experience across various industries. He currently serves as the Chief Financial Officer of Radiance Therapeutics, Inc., and has previously held CFO positions at Point Pickup Technologies, Inc. and founded Silva Partnership & Co.

Silva's extensive background includes corporate advisory services, mergers and acquisitions, capital raises, and corporate governance. He holds an MBA from Columbia University and a BS from Lehigh University. ClearSign's CEO, Jim Deller, Ph.D., expressed enthusiasm about Silva joining the board, citing his wealth of experience as valuable for the company's continued expansion and development.

ClearSign Technologies (Nasdaq: CLIR) has received an initial engineering order from Birwelco USA Inc. for a project to retrofit four process heaters with a total of 26 ClearSign Core™ burners at a Gulf Coast facility of a Fortune 500 global chemical company. This marks ClearSign's largest process burner order to date, including computational flow simulations and physical testing for performance optimization.

The project, set to be rolled out in phases, is expected to have final burner delivery around the second half of 2025. This order follows an in-depth evaluation by Birwelco USA, highlighting the growing traction of ClearSign's technologies in the industry. The collaboration between ClearSign, Birwelco USA, and the end-user is seen as a strategic partnership to ensure project success.

ClearSign Technologies announced the sale of its largest burner to date from its horizontally fired process burner product line. The burner, sold by Devco Process Heaters, is close to 90 million BTU/hr, nearly double the size of its previous largest burner. This development showcases ClearSign's capability across small, medium, and large size ranges. The burner will be installed in a new heater at a gas processing facility in central Texas, with delivery expected in the third quarter. This deal marks ClearSign's entry into the midstream market, potentially expanding its customer base and sales channels.

ClearSign Technologies announced that clirSPV has exercised its participation right, resulting in $4.3 million in gross proceeds. The funds will be used for working capital, R&D, marketing, sales, and general corporate purposes. Additionally, Robert T. Hoffman, Sr. has resigned from the Board of Directors, and clirSPV is involved in nominating a successor. This investment brings clirSPV's total capital infusion to $19.1 million since 2018. ClearSign is optimistic about future orders and partnerships, with recent product efficacy and BACT designation boosting commercial prospects.

ClearSign Technologies (Nasdaq: CLIR) reported significant progress in Q1 2024, with revenue increasing to $1.1 million from $900k in Q1 2023. Key achievements include successful burner installations at Kern Energy, leading to additional orders, and a new multi-boiler burner order from California Boiler. The company's technology has been validated through new BACT emissions thresholds in California, enhancing its market position. ClearSign closed an equity offering post-quarters with net proceeds of $8.7 million, bolstering cash reserves to $4.6 million as of March 31, 2024. The company aims for increased customer acceptance and sales momentum.

ClearSign Technologies (Nasdaq: CLIR) has announced the successful start-up of a second multi-burner heater at Kern Energy, located in California. This installation is part of a larger project consisting of two heaters totaling 13 burners. The first heater with eight burners was completed in January. Independent source testing confirmed that the emissions levels are below the guarantee levels, showcasing ClearSign's technology efficiency. This achievement highlights ClearSign's ongoing capacity to support California's stringent clean air goals by reducing emissions while improving energy and operational efficiency. The partnership with Kern Energy, a repeat customer, further validates the effectiveness and reliability of ClearSign's burner technology in the industrial market.

ClearSign Technologies (Nasdaq: CLIR) will host a conference call on Thursday, May 23, 2024, at 5:00 PM ET to discuss their quarterly financial and operating results for the first quarter ending on May 31, 2024. Investors can participate via phone or online webcast. The company will issue a press release on the day of the call with a summary of the results.