ClearSign Technologies Corporation (NASDAQ:CLIR) Q3 2022 Earnings Call Transcript

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Sameer Joshi: Understood, thanks for that color. And you mentioned several times on this call that there are several other parties that are looking at it and including some of the interaction that you had at the API meeting earlier this month, earlier in November. What is this — like what is the stage of their involvement with you? Have they issued RFQs and have you responded to those, are they waiting for the California project to come through. And then they will be going through the RFQ process?

Jim Deller: I mix, we talked to, I believe, we talked to all of it. I like to think all the refineries in the U.S. certainly the very vast majority, and rather global majors. Their engagement with this ranges to the other refinery and has the European Super major installations. So they’re actually running one of our burners and continue to be very interested. They also have California refineries. We have other refiners that have given us RFQs to quote, although they’re not ready to move, but they are looking at us very seriously. And then there are others who are interested in the technology, they meet with us often with — met with their engineering teams. But they are waiting to get comfortable with the technology before they start to present specific heaters to us for quote.

Sameer Joshi: Okay, okay. I think there was some technical difficulty on my side. So I will follow-up on this separately. But just one last question, for the enclosed oxidizer, I think the press release said it was sold. Does that mean that you have a purchase order? And are working on delivering it or has it already been delivered?

Jim Deller: That project is the order has been received, and the equipment has been shipped to our clients. So that order is complete.

Sameer Joshi: Understood, thanks a lot. And good luck on execution. Thanks, Jim.

Jim Deller: Thanks, Sameer.

Operator: The next question comes from Jeff Feinglas , Private Investor. Please go ahead.

Unidentified Analyst: Yes, hi, Jim. Thanks for taking my question. Hey, I just want to try to put a little meat to some of the numbers you’re throwing around there. I mean, if I put back of the envelope, that this 20 burner order, sort of north of $2.5 million, is that fair to say in revenue?

Jim Deller: Yes, we can follow those guidelines, Jeff, yes you’ve got the math about right there.

Unidentified Analyst: Okay, and that’s just to make sure the 20 burner order was just for one heating unit itself. It’s not for an entire facility.

Jim Deller: It’s a single order, the burners are actually going into its two heaters that are in one unit of the refinery but they are a very small part of the refinery in total.

Unidentified Analyst: Okay, and I may have missed it, but I mean, I think you said that this is a pretty typical size order, even though you may be focusing on smaller for that you guys will be seeing from facilities of your size?

Jim Deller: Yes, from my background as well of course, it was just prior to ClearSign, I spent 20 years working with Honeywell selling burners into the process industry. A 20 burner process order is pretty close to the middle of the bell curve in terms of order size.

Unidentified Analyst: Got you.

Jim Deller: Okay, I’m just — in my head extrapolating what that means from potential revenue on that.

Unidentified Analyst: Okay, that answered my question. Thank you, Jim.

Jim Deller: Thank you, Jeff. Good to hear from you.

Operator: Seeing no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to CEO, Jim Deller for any closing remarks.

Jim Deller: Well, thank you, everyone, for your interest and taking the time to participate today. We look forward to updating you regarding our developments and speaking with you on our next call.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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