SYS-CON MEDIA Authors: Adrian Bridgwater, Yeshim Deniz, Elizabeth White, Sean Houghton, Glenn Rossman

News Feed Item

ClearSign Combustion Corporation Announces Second Quarter 2014 Results

Company highlights milestones including scale demonstration and field test agreement for Duplex™ Tile technology and the addition of Plum Creek to Solid Fuel Working Group.

SEATTLE, Aug. 12, 2014 /PRNewswire/ -- ClearSign Combustion Corporation (Nasdaq: CLIR), an emerging leader in combustion and emissions control technology for industrial, commercial and utility markets, today announced its results for the quarter ended June 30, 2014. The Company incurred losses of $1,626,000 and $3,273,000 for the three months and six months ended June 30, 2014, respectively, as compared to losses of $1,405,000 and $2,762,000 for the same periods in 2013.  

Research and development costs totaled $556,000 and $1,163,000 for the three months and six months ended June 30, 2014, respectively, as compared to $537,000 and $995,000 for the same periods in 2013, reflecting increased personnel levels and research activities in 2014. General and administrative costs increased to $1,072,000 and $2,113,000 for the three months and six months ended June 30, 2014, respectively, as compared to $871,000 and $1,774,000 for the same periods in 2013, reflecting increased business development and marketing costs. 

Working capital at June 30, 2014 totaled $4,211,000, including cash and cash equivalents of $4,731,000. Management expects these funds to be sufficient to fund activities at least through early 2015.

"The second quarter and first half of 2014 have marked the successful beginning of an important transition for the Company from technology development to an intense level of activity in market and business development," said ClearSign CEO, Rick Rutkowski.

"In May, we reported that we successfully operated our Duplex™ Tile technology in a full scale demonstration at 5mmbtu/hr, achieving emissions of less than 5ppm of NOx at temperatures of greater than 1600°F and with O2 at 3%. This powerful demonstration of an unprecedented combination of features at commercial scale has subsequently been at the center of a significant increase in business development activities focused on delivering this powerful innovation to the marketplace, beginning in the second half of this year.

"To that end, we recently entered into a Field Test Agreement with a large oil company in Southern California to install our Duplex Tile on-site in a large steam generation unit used for enhanced oil recovery. We expect to provide more details on the agreement and the planned installation in the days ahead. This project will mark not only the first use of our technology in a commercial system, but will also demonstrate the scale potential of the Duplex at a heat release of up to 50mmbtu/hr.

"There are over 750 once-through steam generator (OTSG) units in California alone and many more in other areas where thermally enhanced oil recovery (EOR) is utilized to enable heavy oil production. Following the demonstration of our technology at this commercial site, which we anticipate may begin in the current quarter, we plan to launch the Duplex Tile technology into the market for large-scale steam generation systems during the first half of 2015. We expect to refine this outlook in the weeks ahead including announcing several partnerships that will support our business development effort and the delivery of our technology."

Rutkowski continued, "In June, our CTO, Joe Colannino, presented ClearSign's technology to a highly receptive audience at the Air and Waste Management Association's 107th annual conference. We are now engaged in active dialogue with several oil refiners who are prospective candidates for early and ongoing commercial deployment of the Duplex Tile technology for refinery process heaters. Based on recent discussions, we anticipate that we may be able to install refinery demonstration systems on site as early as the second half of this year and begin commercial deployment in the first half of 2015. We believe that Duplex technology provides unique and significant advantages for refinery process heaters by reducing NOx to unprecedented levels, while improving flame pattern and heat distribution to increase process throughput, and reduce maintenance costs and downtime.

"We continue to target entry into the industrial package boiler retrofit market in 2015 and are currently in advanced discussions and negotiations with both manufacturers and distributors of these systems in order to access a sales and service channel. In addition to our pending OTSG demonstration and our planned site demonstrations at refineries we are exploring and evaluating demonstration sites for industrial package boilers as well as the potential for funding support for some of these early installations.

"As we prepare to undertake field demonstrations and the commercial launch of our Duplex Tile technology, we continue to make progress in the development of our proprietary Electrodynamic Combustion Control™ (ECC™) technology with our current focus on the application of this technology to the industrial scale combustion of solid fuels. In July, we announced this commercialization effort has been accelerated by the formation of the Solid Fuel Working Group -- key industry stakeholders who have pledged a combination of development funding and in-kind support as well as access to candidate sites for testing and eventual commercial deployment of ClearSign's ECC technology. Founding members of the Working Group are Covanta, a world leader in sustainable waste management and renewable energy and Great River Energy, a regional energy cooperative based in Minnesota that provides energy from a range of sources including both coal and biomass-based waste to energy systems.

"Today, we are pleased to announce that Plum Creek, one of the largest private landowners in the United States with 6.8 million acres of timberlands and wood products facilities, has added their support to the Working Group.

"In addition to these highlights, we continue to make outstanding progress in our business development efforts in China as well as in other application segments within the industrial combustion market. We will discuss these in greater detail during our call."

A conference call discussing the release of the Company's results for the second quarter ended June 30, 2014 will be held today, August 12, 2014, at 4:30 PM Eastern Time. To listen to the conference call, you should dial 1-877-870-4263 (international: +1-412-317-0790) five to ten minutes before the scheduled start time and request to be connected to the ClearSign Combustion Corporation conference call. Click here or visit ClearSign's Investor Relations page to listen to the call online. If you wish to listen to a replay of the conference call, you may dial 1-877-344-7529 (international: +1-412-317-0088) and enter conference ID 10050857. The replay will be available for 7 days after the conference call.

About ClearSign Combustion Corporation

ClearSign Combustion Corporation designs and develops technologies that aim to improve key performance characteristics of combustion systems including energy efficiency, emissions control, and fuel flexibility and overall cost effectiveness.  Our primary technologies include our Electrodynamic Combustion Control™ (ECC™) and Duplex™ platform technologies that improve control of flame shape and heat transfer and optimizes the complex chemical reactions that occur during combustion in order to minimize harmful emissions. For more information about the Company, please visit www.clearsign.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 Annual Report on Form 10-K 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.

 

 

ClearSign Combustion Corporation





Statements of Operations

























For the Three Months Ended June 30,


For the Six Months Ended June 30,












2014


2013


2014


2013

Operating expenses:












Research and development


$    556,000


$    537,000


$  1,163,000


$    995,000

General and administrative


1,072,000


871,000


2,113,000


1,774,000













Total operating expenses



1,628,000


1,408,000


3,276,000


2,769,000













Loss from operations 





(1,628,000)


(1,408,000)


(3,276,000)


(2,769,000)

Interest income





2,000


3,000


3,000


7,000













Net Loss





$(1,626,000)


$(1,405,000)


$(3,273,000)


$(2,762,000)













Net Loss per share





$        (0.17)


$        (0.16)


$        (0.35)


$        (0.31)













Weighted average number of shares outstanding

9,631,972


8,789,433


9,347,647


8,785,413

 

ClearSign Combustion Corporation

Balance Sheets













June 30,






2014


2013

ASSETS
















Current Assets:








Cash and cash equivalents


$  4,731,000


$  2,688,000

Prepaid expenses





212,000


118,000

Total current assets 



4,943,000


2,806,000









Fixed assets, net





371,000


427,000

Patents and other intangible assets

2,030,000


1,459,000

Other assets





10,000


10,000









Total Assets





$  7,354,000


$  4,702,000









LIABILITIES AND STOCKHOLDERS' EQUITY









Current Liabilities:








Accounts payable





$    216,000


$    297,000

Accrued compensation and taxes

516,000


586,000

Total current liabilities


732,000


883,000

Deferred rent





38,000


31,000

Total liabilities





770,000


914,000









Stockholders' Equity:








Common stock, 9,637,320 and 8,810,674 shares 

issued and outstanding at June 30, 2014 and  


December 31, 2013, respectively

1,000


1,000

Additional paid-in capital



23,820,000


17,751,000

Accumulated deficit




(17,237,000)


(13,964,000)

Total stockholders' equity

6,584,000


3,788,000









Total Liabilities and Stockholders' Equity

$  7,354,000


$  4,702,000

 

SOURCE ClearSign Combustion Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
This builds on Puppet Labs' first class Windows support, including native .MSI packages for x32 and x64 operating systems, modules to extend common Windows server management tools, including Powershell, and integrations with Microsoft Azure and Visual Studio. By automating common Windows administration tasks, Puppet Labs is enabling users to adopt DevOps practices, thereby reducing the time needed to deploy applications from weeks to hours.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.