ClearSign Engaged with Second Supermajor for Duplex™ Evaluation
SEATTLE, July 26, 2018 /PRNewswire/ -- ClearSign Combustion Corporation (Nasdaq: CLIR) ("ClearSign" or the "Company"), an emerging leader in industrial combustion technologies that improve energy and operational efficiencies while dramatically reducing emissions, today announced that it has signed a Non-Disclosure Agreement with an unnamed supermajor for the purpose of evaluating the Company's revolutionary Duplex™ combustion technology. ClearSign is actively working with the supermajor to identify equipment for an initial installation at one of its many refinery locations.
This is the second supermajor oil and gas company to evaluate and consider standardizing ClearSign's Duplex technology to existing heaters. As previously announced last November 27, 2017, ExxonMobil commissioned and completed a comprehensive set of qualification tests and is actively working with the Company to finalize plans for the deployment of Duplex at an initial refinery location.
Stephen Pirnat, ClearSign's Chairman and CEO, stated, "After achieving a key milestone with ExxonMobil last fall, we are encouraged that a second supermajor has decided to evaluate our Duplex technology for installation. We believe that this development serves as another important validation of our technology and represents an increasing commercial interest from global supermajors and a critical reinforcement for the deployment of our technology across an approximately $1 billion addressable market in the refinery, chemical and petrochemical industries."
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™, Duplex Plug & Play™ and Electrodynamic Combustion Control™ platform technologies enhance the performance of combustion systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, 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 the Company's control, which 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 the Company's employees, the Company's ability to obtain financing, competition, whether the Company's technology will be accepted and other factors identified in the Company's Annual Report on Form 10-K filed with the Securities & Exchange Commission and available at www.sec.gov and other factors that are detailed in the Company's periodic and current reports available for review at www.sec.gov. Furthermore, the Company operates 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. The Company disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.
SOURCE ClearSign Combustion Corporation
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