ClearSign Technologies (CLIR) Stock Rockets On ExxonMobil Deal

ClearSign Technology CLIR Stock News

ClearSign Technologies Corp (NASDAQ: CLIR) is rocketing in the market this morning, trading on gains that are better stated in multiples than percentages before the bell. The gains come after a recent press release from the company announcing that it received a purchase order from the oil and gas giant, ExxonMobil (NYSE: XOM). Here’s what’s going on:

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CLIR Stock Rockets On Deal With XOM

In the press release, ClearSign Technologies said that it received a purchase order from ExxonMobil. The order surrounds the fabrication and installation of the company’s ClearSign Core process burners in the Baytown, Texas refinery.

The order surrounds a test that CLIR said will comprise of a multi-burner process heater and burners incorporating its breakthrough ClearSign Core NOx reduction technology. The company said that the order is the final step in the process to showcase its superior NOx emission technology.

Importantly, CLIR said that the installation order follows the previously announced engineering order and qualification program that the company performed at its Seattle R&D facility. That testing surrounded the evaluation of a broad range of typical conditions, including variations in fuel heating values, turndown, and excess air.

In a statement, Jim Deller, Ph.D. CEO at CLIR, had the following to offer:

We are delighted to have received this order and to have advanced to this stage with ExxonMobil. This is the culmination of a multi-year relationship that spans before my joining the company. This order is the final step in demonstrating our technology with a supermajor at its refinery. This development results from the dedicated work of both our team and the research-and-engineering team at ExxonMobil. We look forward to demonstrating our technology at its Baytown refinery.

This Deal Is Huge

Think of the implications of this deal. Even after more than doubling in value, ClearSign is only trading with a market cap of around $20 million, while its technology will find its way to a mainstream refinery. The value of this transaction is massive.

Moving forward, if XOM sees value in the company’s technology, they are of a scale that could change the game for CLIR. For example, as a single customer, ExxonMobil has the ability to place order that are worth more than the company’s entire market cap.

Not to mention, the fact that such a big player in oil and gas has chosen its technology is a massive source of validation for the company. Of course, this will likely lead to other companies building interest in the company’s emissions technology. All in all, CLIR stock is one to watch closely after this big win!

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