ClearSign Technologies Corporation (NASDAQ: CLIR) is engaged as an industrial technology company, which focuses on the design, development and sale of products and novel technologies to improve performance in commercial and industrial systems. The company’s patent-protected products help improve energy efficiency, emissions reduction, operational performance and more.
Shares of the industrial technology company are rallying 40% through afternoon trading on Thursday, November 18, 2021. Over the past three months, ClearSign Technologies has seen average daily volume of 160,150 shares. However, volume of 12.08 million or dollar volume of around $27.06 million, has already exchanged hands through afternoon trading Thursday.
ClearSign Technologies shares jumped after the company announced that it has received a purchase order from a major, Fortune 500-listed national refining company to work on a multi-heater project at its Midwestern facility. ClearSign will be tasked with retrofitting two process heaters with eight of its ClearSign Core burners.
The company says the project will be divided into three separate phase. The first phase consists of receiving the initial purchase order and beginning fabrication and testing of a single burner. Phase two will be an order for the remaining seven burners to be deployed into the first heater. Phase three will be an eight burner order for deployment into the second heater.
“We are proud to announce the start of this multi heater project comprised of a total of sixteen ClearSign Core burners,” said Jim Deller, Ph. D, CEO of ClearSign. “While this our largest process burner project to date, and also our first order from this major USA refiner, what is also encouraging is that this customer was driven to our solution to increase the process throughput of these heaters while also being able to benefit from our best in class NOx emissions reduction. We are pleased to see our technology become more recognized and known in the prominent companies of the industry, and continue to look forward to its ongoing adoption, and the benefits we can provide for refining productivity and reduced air borne emissions.”
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