"We are pleased that Tricor has awarded ClearSign this additional project and that we can deliver the performance the customer seeks, namely reduced emissions and improved efficiency. We are eager to meet or exceed the customer's expectations by again delivering Best Available Control Technology level solutions that enhance Tricor's operation and put them at the forefront of environmental compliance," said Stephen Pirnat, Chairman of the Board and CEO of ClearSign.
This phased project will begin with an interactive design process with the customer. Once the design is agreed upon, then the project will proceed to the field development stage for installation, and start-up. The design phase is expected to take approximately six months with installation to be subject to Tricor's operational requirements and shut-down schedule. Therefore, assuming customer approval of the design, this project is expected to be completed before the fourth quarter of 2017.
Although Tricor's water tube boiler is used in oil refining, it is part of the broader market for packaged boilers. This award marks ClearSign's entrance into a fourth and significant market vertical. A 2016 Market Assessment Report from Frost & Sullivan identified packaged boilers to have a 10-year serviceable available market of up to $1.7 billion. Commercial installations for ClearSign's Duplex technology are also presently underway in three other significant market verticals: once through steam generators used in the enhanced oil recovery industry, process heaters in the oil refining industry and wellhead enclosed flares required in certain oil production applications.
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™ and Electrodynamic Combustion Control™ platform technologies enhance the performance of combustion systems in a broad range of markets, including the chemical, petrochemical, refinery, power and commercial/industrial boiler industries. For more information, please visit www.clearsign.com.
About Tricor Refining
Tricor Refining, LLC is located in Bakersfield, California at the site of the former Golden Bear Oil Specialties Refinery. The refinery was purchased in 2001 by Ergon, Inc. and San Joaquin Refining Co., Inc. The facility has been redesigned into a processing, transloading and storage facility for elevated temperature, non-hazardous material, petroleum products and asphalt. Tricor offers processing capabilities for industrial asphalt customers with its two automated asphalt blowing stills, emulsion plant and polymer plant. Additionally, Tricor offers for sale its well-known Golden Bear Preservation Products, SC cutback asphalt, emulsion base stock and emulsions. With over 500,000 barrels of asphalt storage and an additional 500,000 barrels of other petroleum product storage and 38 heated railcar unloading spots, Tricor is able to provide economical transloading, tank leasing to a variety of customers for their long-term or short-term needs. Ergon, Inc. and San Joaquin Refining Co., Inc. are both privately held refiners, processors, transporters, and marketers of petroleum products are located in Jackson, Mississippi and Bakersfield, California, respectively. For more information, please visit www.tricorrefining.com.
Cautionary note on forward-looking statements
This press release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management's belief, as well as assumptions made by, and information currently available to, management. While we believe that our expectations are based upon reasonable assumptions, there can be no assurances that our goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect our actual results and may cause results to differ materially from those expressed in forward-looking statements made by us or on our behalf. Some of these factors include the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in our Quarterly Report on Form 10-Q and other periodic reports filed with the SEC. We specifically disclaim any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
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SOURCE ClearSign Combustion Corporation