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| And then in a section reviewing the ClearSign Rogue boiler burner, the quote, this boiler burner using the ClearSign core technology has exceptional flexibility for controlling NOx emissions |
| Take a step back and look at ClearSign more generally, the recent additions of Tina Unachukwu, bringing her considerable sales management and business development talent to ClearSign and now Matthew Martin with his opportunity-focused technical expertise in addition to, I believe, is a truly world-class talent we already have in the team of ClearSign provides ClearSign with a very strong capability to expand our offerings beyond the progression of our current low-emission burner technologies |
| Beyond these projects, we do see a growing pipeline and encouragingly a growing interest from customers in the Texas Gulf Coast region |
| And to me, it's a really exciting opportunity |
| We believe that successfully completing this project will make a powerful statement for ClearSign, significant to both our customer base and also the regional air regulators |
| So a few quotes: the report findings include unlike other burner manufacturers who have tweaked a regular burner to get ultra-low-NOx levels, ClearSign's burner has purpose -- been purposely developed to be ultra-low-NOx from the beginning and, therefore, have tremendous operational flexibility |
| His combination of technical excellence and creativity, combined with his market and business acumen is exceptional |
| It is an exciting opportunity to be able to leverage our collaborative relationships with SoCalGas and get in front of the customers that rely on them for their fuel |
| He also has a strong background in assessing the refining and related energy equipment markets and opportunities to deliver value to customers through improving the technology available |
| I'm very optimistic and to looking forward to the future opportunities for ClearSign |
| And what I'm excited about is developing an offering that we believe will be competitive throughout the United States and beyond, significantly expanding the customer base that we can pursue today |
| These are longer range and further out, but I really believe there's great potential in the work that Narion is completing as well |
| And then the indications we've got from customers following the segmentation of ClearSign being favorably seen amongst the other bidders for other products in California also resulting from that segmentation |
| We have sales opportunities to progress in both boiler burner and process burner product lines and both in and out of California |
| Longer term, obviously, we're all watching the circular hydrogen economy and the development of the hydrogen pipelines and the introduction of hydrogen into fuel gas systems and that has got enormous potential |
| The S5 version is a simplified ClearSign core burner and a simpler control system, modified to provide a superior offering in a segment where there are awesome alternative burners available, albeit with hit and miss results, low operating efficiency and higher maintenance needs |
| We continue to have good engagements with the government at local levels |
| SoCalGas is an exciting partner as they have focused on clean energy innovations designed to decarbonize hard to electrify sectors of the economy |
| Who will now have first-hand experience of the efficacy of ClearSign burners and the competitive advantage that they provide for them, which we believe will result in even more sales, both for the heater manufacturer and us |
| We hope to grow and foster this relationship by bringing products into the market that can help companies like SoCalGas meet their forward-looking mandates by providing their customers access to our boiler and process heater technology |
| Driving changes like this through takes focus, management and experience, and I'm very pleased to have Tina work with us and with California Boiler that brings her vision into practice together |
| This year-over-year decrease was predominantly due to our change in gross profit, which improved due to sales volume |
| Unidentified Analyst I think the encouraging thing for me is that I have not seen a failure in a product that once it's been installed that a customer has had to withdraw or anything, everything has been successful |
| It is very encouraging to have someone with his magic in the industry, redirect their career and join us at ClearSign |
| On behalf of myself and the other Directors, I want to pass my gratitude for his engagement and advisory and help, and we do wish him the best in the future |
| Our balance sheet, we felt is healthy right now |
| One of our key strengths in China is our partnership with what may be their biggest 5G boiler manufacturer in China called Shuangliang |
| This is unique in the fact that this is our first application of our boiler burner technology into a non-boiler heater and very importantly, our first sale to a heater manufacturer, who has included our burner as their chosen solution to meet their customers' needs |
| This is a truly enormous company |
| I am very excited to have Matt join us |
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| So I think as an investor and a long-term believer in the company, it's just a frustration that things aren't picking up faster, but I understand patience |
| Additionally, as we have mentioned and is very important, this customer came back to ClearSign after initiating an alternative option to install a traditional selective catalytic reduction or SCR, NOx control system and inherent complexities associated with such a system |
| Our year-to-date net loss for 2023 was approximately $4.2 million, which is approximately $200,000 decrease year-over-year compared to the prior year |
| Unidentified Analyst My question is, as a long-term investor is the market cap of the company and the fact that the stock prices remain really low, and we can't seem to turn the corner on it or maintain anything with it |
| And that in addition have been notified that we have been identified as the favorite supplier for a new multi-burner project in California |
| In this segment, our competition is a cathodic unit back-end cleanup system, which is a much more capital and operationally expensive alternative |
| That's not really in our control |
| And unfortunately, he will not be able to continue his service to ClearSign as a Director |
| The risks and uncertainties associated with the forward-looking statements made in this conference call include, but are not limited to, whether field testing and sales of ClearSign's products will be successfully completed, or whether ClearSign will be successful in expanding the market for its products and other risks that are described in ClearSign's public periodic filings with the SEC, including the discussion in the risk factors section of the 2022 Annual Report on Form 10-K and the Quarterly Report on the Form 10-Q for the quarterly period ended September 30, 2023 |
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