TULSA, Okla. - ClearSign Technologies Corporation (NASDAQ:CLIR), a company specializing in industrial combustion and sensing technologies, has received two new purchase orders from a California refinery. These orders are for the detailed engineering of burners intended for two additional process heaters, expanding upon previous installations.
The recent orders come after ClearSign successfully installed burners for two heaters at the same refinery earlier in the year. The new orders suggest a growing relationship between the refinery and ClearSign, with the refinery continuing to invest in ClearSign's technology to meet and exceed California's stringent clean air standards.
Jim Deller, Ph.D., CEO of ClearSign, expressed gratitude for the continued partnership, highlighting the refinery's commitment to advancing their emissions and clean air objectives with ClearSign's technology. The orders are expected to lead to subsequent purchase orders for the manufacturing and supply of the burners.
ClearSign's technology plays a crucial role in helping the refinery adhere to California's environmental regulations by reducing emissions beyond the established limits. The company's patented technologies, such as ClearSign Core™ and ClearSign Eye™, are designed to enhance the performance of combustion systems and fuel safety systems across various industries, including energy, chemical, petrochemical, and power sectors.
The information for this report is based on a press release statement from ClearSign Technologies Corporation.
InvestingPro Insights
ClearSign Technologies Corporation's (NASDAQ:CLIR) recent success in securing additional orders from a California refinery underscores its strategic position in the industrial combustion sector. As the company's technology continues to gain traction for its environmental benefits, it's important to consider several financial metrics and analyst insights that provide a broader picture of ClearSign's market standing.
According to InvestingPro data, ClearSign has a market capitalization of 39.75 million USD, reflecting its size and scale within the industry. Despite a significant revenue growth of 542.51% over the last twelve months as of Q1 2023, the company's P/E ratio stands at -5.97, indicating that it is not currently profitable. The high Price / Book ratio of 7.66 also suggests that the stock is trading at a premium relative to the company's book value.
InvestingPro Tips for ClearSign include the observation that the company holds more cash than debt on its balance sheet, which could provide a degree of financial stability. Additionally, analysts foresee sales growth in the current year, which may be indicative of ClearSign's potential for expansion and increased market share. However, it's worth noting that analysts do not anticipate the company will be profitable this year, and the stock has experienced a decline over the last month, with a 1-month price total return of -16.05%.
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