ClearSign Technologies Corp CLIR is trading lower after the company received a notification from Exxon Mobil Corp XOM to put on hold the testing of its ClearSign Core process burners to be installed at the Baytown refinery.
ExxonMobil said it provided the notification because there is insufficient time for the company to engineer its inclusion during the targeted 2022 refinery turnaround.
"This news was a surprise and obviously disappointing. We believe that we have met all of the necessary qualifications and were looking forward to completing the final product demonstration and subsequent installation in Baytown," said Jim Deller, CEO of ClearSign.
ClearSign designs and develops combustion solutions. Its patented ClearSign Core technology enhances the performance of combustion systems in a broad range of markets.
ClearSign is set to report its second-quarter financial results on Sept. 8.
CLIR Price Action: ClearSign has traded as high as $6 and as low as $2.10 over a 52-week period.
The stock was down 27.6% at $2.18 at the time of publication.
Photo: Oleg Gamulinskiy from Pixabay.
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