SEATTLE, WA -- (Marketwire) -- 02/22/13 -- ClearSign Combustion Corporation (NASDAQ: CLIR), an emerging leader in combustion and emissions control technology for industrial, commercial and utility markets, today announced its results for the year ended December 31, 2012. The Company incurred losses of $4,189,000 for 2012 as compared to losses of $2,976,000 in 2011. Research and development costs totaled $1,184,000 in 2012 as compared to $463,000 for the same period in 2011 reflecting increased personnel levels and research activities in 2012. General and administrative costs increased to $3,026,000 in 2012 as compared to $2,516,000 in 2011. This resulted from $563,000 of increased personnel costs due to increased personnel levels in 2012, $712,000 of costs to operate as a public company since April 2012, and $235,000 of increased operating activities, which was offset by a non-recurring consulting expense of $1,000,000 in 2011. As a development stage company, ClearSign has recorded no revenue to date.
With the completion of its initial public offering in the second quarter of 2012 and issuance of shares for work related to the IPO at $4.00 per share, the Company raised net proceeds of $11,640,000.
Working capital at December 31, 2012 totaled $7,643,000, including cash and cash equivalents of $8,027,000. Management expects these funds to be sufficient to fund activities at least through April 2014.
"2012 was an outstanding year for us by every measure of achievement," said ClearSign CEO, Rick Rutkowski, "and the most recent quarter was a time of exceptional productivity and progress for our ongoing technology and business development efforts.
"Since the completion of our IPO in April, we have achieved a number of key development milestones along our path to commercialization and met or exceeded our operating goals:
•We successfully scaled novel flame attachment effects from under 100,000 btu/hr to 1mm btu/hr. As we had anticipated, this demonstration at 'commercially relevant scale' has proven to be an important reference for prospective partners and customers.
•We then demonstrated a novel approach for reducing NOx emissions utilizing these effects, which allowed us to achieve levels of 15ppm of NOx -- equivalent to commercially available Ultra-Low NOx burners. We believe that this technique will allow us to improve energy efficiency over current systems by reducing or eliminating external flue gas recirculation and maintaining very low excess air. Our goal this year is to demonstrate further reductions in NOx in order to meet challenging new regulatory standards.
•We successfully demonstrated an early concept proof for inhibiting heat transfer using electric fields that may have applications for increasing gas turbine efficiency by more effectively cooling turbine blades to allow for higher combustion temperatures.
•We formally introduced the combustion community to Electrodynamic Combustion Control technology at the American Flame Research Council with a paper presented to our esteemed technical peers from academia and industry.
•Our goal is to have filed 100 patents by the end of the current quarter. We are well on track to meet this important objective, having filed more than 60 patents since April of last year, and we now have 85 patents filed covering more than 150 inventions.
•We recently took a key step toward commercialization and cost when we reported that we had developed a novel power supply that dramatically reduced both the size and the cost of this key component of our system.
•We initiated the scale-up effort surrounding our work with solid fuels in response to high levels of interest from multiple prospective customers and partners spanning the solid fuel market from residential and commercial to utility scale.
Most Popular Stories
- Slow Week Ahead of December FOMC Meeting
- Hispanics Seek to Grow School Board Members
- GM Bailout Saved 1.2 Million U.S. Jobs, Report Says
- Bitcoin Used to Buy Tesla Car
- U.S. Companies Eager for Iranian Business
- 'Knockout Game': Myth or Menace?
- Banks Fret as Volcker Vote Approaches
- Questions Remain in Jenni Rivera's Death
- Yellen Set to Become One of World's Most Powerful Women
- Paul Walker Fans Pay Respects