ClearSign Technologies Corp (CLIR) 2023 Q3 法說會逐字稿

And welcome to the ClearSign Technologies third quarter 2023 conference call. (Operator Instructions) Please also note, that this event is being recorded today. I would now like to turn the conference over to Matthew Selinger of Firm IR Group. Please go ahead, sir.

歡迎參加 ClearSign Technologies 2023 年第三季電話會議。 （操作員說明）另請注意，今天正在記錄此事件。我現在想將會議轉交給 Firm IR Group 的 Matthew Selinger。請繼續，先生。

Good afternoon, and thank you, operator. Welcome, everyone to the ClearSign Technologies Corporation third quarter 2023 results conference call. During this conference call, the company will make forward-looking statements. Any statement that is not a statement of historical fact is a forward-looking statement.

下午好，謝謝您，接線生。歡迎大家參加 ClearSign Technologies Corporation 2023 年第三季業績電話會議。在本次電話會議期間，該公司將做出前瞻性聲明。任何非歷史事實陳述的陳述均為前瞻性陳述。

This includes remarks about the company's projections, expectations, plans, beliefs, and prospects. These statements are based on judgments and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

這包括有關公司的預測、期望、計劃、信念和前景的評論。這些陳述是基於截至本次電話會議之日的判斷和分析，並受到許多重要風險和不確定性的影響，可能導致實際結果與前瞻性陳述中所述的結果有重大差異。

The risks and uncertainties associated with the forward-looking statements made in this conference call include, but are not limited to whether field testing and sales of ClearSign's products will be successfully completed. Where Clearsign will be successful in expanding the market for its products and other risks that are described in ClearSign's public periodic filings with the SEC, including the discussion in the Risk Factors section of the 2022 Annual Report on Form 10-K and quarterly report on Form 10-Q for the quarterly period ended September 30, 2023. Except as required by law, ClearSign assumes no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

與本次電話會議中的前瞻性聲明相關的風險和不確定性包括但不限於 ClearSign 產品的現場測試和銷售是否能夠成功完成。 Clearsign 將成功擴大其產品市場以及 ClearSign 向 SEC 公開定期提交的文件中描述的其他風險，包括 2022 年年度報告 10-K 表格和季度報告風險因素部分中的討論截至2023 年9 月30 日的季度期間的10-Q。除法律要求外，ClearSign 不承擔更新這些前瞻性陳述以反映未來事件或實際結果的責任，也不打算這樣做。

On the call with me today are Jim Deller, ClearSign's Chief Executive Officer; and Brent Hinds, ClearSign's Chief Financial Officer. So at this point, I would like to turn the call over to CFO, Brent Hinds. Brett, please go ahead.

今天與我通話的是 ClearSign 執行長 Jim Deller；和 ClearSign 財務長 Brent Hinds。因此，現在我想將電話轉給財務長布倫特海因茲 (Brent Hinds)。布雷特，請繼續。

Thank you, Matthew, and thank you, everyone, for joining us here today. For I began, I'd like to note that our financial results on Form 10-Q filed with the SEC earlier today after the market close. With that, I'd like to give an overview of the financials for the third quarter of 2023.

謝謝馬修，也謝謝大家今天加入我們。首先，我想指出的是，我們今天早些時候在收市後向 SEC 提交了 10-Q 表格中的財務業績。我想概述一下 2023 年第三季的財務狀況。

The company recognized $85,000 in revenue during the third quarter of 2023, compared to $324,000 for the comparable period in 2022. Revenues recognized year-to-date to 2023 were $1.1 million compared to $324,000 for the same period of 2022. The increase in year-over-year revenues are driven in large part by our two ongoing California Process Burners Refinery project.

該公司在 2023 年第三季確認收入為 85,000 美元，而 2022 年同期為 324,000 美元。截至 2023 年迄今確認的收入為 110 萬美元，而 2022 年同期為 324,000 美元。同比收入在很大程度上是由我們正在進行的兩個加州製程燃燒器煉油廠項目推動的。

Now I'd like to shift our focus from revenue to cash. Our net cash used in operations for the quarter ended September 30, 2023, was approximately $1.3 million compared to approximately $900,000 for the same period in 2022. It's $400,000 a year-over-year increase was driven by project execution costs related to our California Refinery projects.

現在我想將我們的重點從收入轉向現金。截至2023 年9 月30 日的季度，我們用於營運的淨現金約為130 萬美元，而2022 年同期約為90 萬美元。同比增長40 萬美元，這是由與我們的加州煉油廠相關的專案執行成本推動的專案。

As noted in prior conference calls, many of our contracts are set up so as to allow us to collect meaningful amounts of cash before we recognize revenues. As we continue to work through these contracts, we will hit contract milestones in the coming months that will allow us to collect more cash from our customers.

正如先前的電話會議所指出的，我們制定的許多合約都是為了讓我們能夠在確認收入之前收集大量現金。隨著我們繼續完成這些合同，我們將在未來幾個月內達到合約里程碑，這將使我們能夠從客戶那裡收取更多現金。

Now turning focus from cash to the income statement our net loss for the third quarter of 2023 was approximately $1.3 million, which is essentially the same for the comparable period in 2022. Our year to date, net loss for 2023 was approximately $4.2 million, which is approximately $200,000 decrease year-over-year, compared to the prior year.

現在將焦點從現金轉向損益表，我們 2023 年第三季的淨虧損約為 130 萬美元，與 2022 年同期基本相同。迄今為止，我們 2023 年的淨虧損約為 420 萬美元，這與與上年相比，年減約20 萬美元。

This year, year-over-year decrease was predominantly due to our change in gross profit, which improved due to sales volume. As of September 30, 2023, we have $7.2 million in cash and cash equivalents with 38.6 million shares of common stock outstanding.

今年，年減主要是由於我們的毛利變化，而毛利因銷售量而改善。截至 2023 年 9 月 30 日，我們擁有 720 萬美元現金和現金等價物，其中已發行普通股 3,860 萬股。

And with that, I'd like to turn the call over to our CEO, Jim Deller.

接下來，我想將電話轉給我們的執行長吉姆·戴勒 (Jim Deller)。

Thank you, Brent, for the financial overview. As always, I'd like to thank everyone for joining us on the call today and your interest in ClearSign. On today's call, I will review our business segments changing unusual order. I will start with boiler burners first this time and at the end of this, I will touch on China, since boiler burners our main product line there. Following that, I'll move on to process burners, which include both boiler burners typical process applications and also an update on high hydrogen projects and developments.

謝謝布倫特的財務概述。像往常一樣，我要感謝大家今天加入我們的電話會議以及您對 ClearSign 的興趣。在今天的電話會議上，我將回顧我們業務部門的異常秩序變化。這次我將首先從鍋爐燃燒器開始，最後我將談到中國，因為鍋爐燃燒器是我們的主要產品線。接下來，我將繼續介紹製程燃燒器，其中包括鍋爐燃燒器的典型製程應用以及高氫專案和開發的最新情況。

Before I start, I have a couple of more general items I'd like to address. Firstly, I want to personally extend my thanks to Board member, Gary DiElsi, who has just stepped down. Gary, called me early Thursday last week to pass on his regrets that he's had some unavoidable time commitment arise and unfortunately, he will not be able to continue to service to ClearSign as a Director. On behalf of myself and the other directors, I want to pass my gratitude for his engagement and advisory and health, and we do wish him the best in the future.

在開始之前，我想先解決幾個更一般性的問題。首先，我想親自向剛卸任的董事會成員加里·迪埃爾西（Gary DiElsi）表示感謝。加里 (Gary) 在上週四早些時候打電話給我，轉達了他的遺憾，因為他不可避免地需要投入一些時間，不幸的是，他將無法繼續以董事身份為 ClearSign 提供服務。我謹代表我自己和其他董事，對他的參與、諮詢和健康表示感謝，並祝他未來一切順利。

Second items, is to make you aware, some were completed by a third party that will be of interest. This report was published by the consulting company, ICF for the California State Gas Emerging Technologies or GET program, titled Market Assessments of Emerging Ultra-Low NOx Burner Technologies dated August 11, 2023. And that gives a comparison of the latest burner technologies and features ClearSign prominently.

第二項是為了讓您意識到，有些項目是由第三方完成的，您會感興趣。該報告由諮詢公司ICF 為加州天然氣新興技術或GET 計劃發布，題為“新興超低氮氧化物燃燒器技術的市場評估”，日期為2023 年8 月11 日。報告對最新的燃燒器技術和功能進行了比較清晰標誌顯著。

For that process burner and boiler burner technologies. Our boiler burners are always identified under the Rogue brand name. So a few quote the report findings include, unlike other burner manufacturers who have tweak a regular burden to get ultra-low NOx levels. Clearsign's burner has been purposely developed to be ultra-low NOx from the beginning and therefore have tremendous operational flexibility.

對於此製程燃燒器和鍋爐燃燒器技術。我們的鍋爐燃燒器始終以 Rogue 品牌名稱進行識別。因此，有些人引用了該報告的調查結果，與其他燃燒器製造商不同，他們透過調整常規負荷來獲得超低的氮氧化物水平。 Clearsign 的燃燒器從一開始就專門開發為超低氮氧化物，因此具有巨大的操作靈活性。

And then in a section reviewing the ClearSign road boiler burner, the quote, this boiler burner using the ClearSign Core Technology has exceptional flexibility for controlling NOx emissions. During the site visits, we were able to tweak the burner to operate close to sub 1 ppm NOx. We have put a link to this report on the homepage of our website.

然後，在回顧 ClearSign 道路鍋爐燃燒器的部分中，引述，該鍋爐燃燒器使用 ClearSign 核心技術，在控制氮氧化物排放方面具有卓越的靈活性。在現場考察期間，我們能夠調整燃燒器以接近低於 1 ppm 的氮氧化物運作。我們已在我們網站的主頁上放置了該報告的連結。

Now turning to our product lines, I will start with boiler burners first, as said on this call, because we have completed some significant work behind the scenes and want to give this some extra attention. We have previously discussed that first three boiler burner sales, two into California and one into Texas.

現在轉向我們的產品線，正如在本次電話會議上所說，我將首先從鍋爐燃燒器開始，因為我們已經在幕後完成了一些重要的工作，並且希望對此給予額外的關注。我們之前討論過前三台鍋爐燃燒器的銷售情況，其中兩台進入加州，一台進入德州。

These are meaningful as they will be our first commercial deployments in fields. We actually have four deployments as the first sale we deployed the 500 horsepower rental boilers from our partner, California Boiler. This rental boiler was set up and some of you may have seen it posted on LinkedIn regarding this.

這些很有意義，因為它們將是我們在現場的首次商業部署。實際上，我們進行了四次部署，作為第一次銷售，我們部署了合作夥伴 California Boiler 提供的 500 匹馬力租賃鍋爐。這個租賃鍋爐已經安裝完畢，你們中的一些人可能已經在 LinkedIn 上看到了有關此事的帖子。

This first point of business sale was to a global medical and business waste services company comes in conjunction with our partner, California Boiler into San Joaquin Valley Air Pollution Control District of California. This burner was shipped out to California is now installed and after some delays outside of the scope of ClearSign of California Boiler finally started up last week. This unit is now in operation.

第一個業務銷售點是一家全球醫療和商業廢棄物服務公司，與我們的合作夥伴加州鍋爐公司一起進入加州聖華金谷空氣污染控制區。該爐頭已運往加州，現已安裝完畢，在加州 ClearSign 鍋爐範圍之外的一些延誤後，終於在上週啟動。該裝置現已投入運作。

the third party verification of the NOx performance has not yet been completed. That preliminary numbers indicate the list of four parts per million are being achieved and we have the capability to reduce this further, if needed.

NOx 性能的第三方驗證尚未完成。初步數字表明，我們正在實現百萬分之四的目標，如果需要，我們有能力進一步減少這一目標。

Second boiler burner sold in the California market was to a national provider of recycling services to the food production restaurant industries and will be installed in combination with a new boiler. This was sold as a package and our partner, California Boiler into San Joaquin Valley Air Pollution Control District of California. Installation as part of recycling and upgrade that will increase energy efficiency for one of these customers nationwide sites.

在加州市場銷售的第二台鍋爐燃燒器是賣給一家為食品生產餐飲業提供回收服務的全國供應商，並將與新鍋爐一起安裝。該產品作為包裝出售，我們的合作夥伴加州鍋爐公司將其出售給加州聖華金谷空氣污染控制區。作為回收和升級的一部分進行安裝，將提高全國範圍內這些客戶之一的能源效率。

The new burner and new boiler are both shipped and in California awaiting installation. This new boiler burner is part of an upgrade of this customer's operations. It is our understanding that the new building into which this boiler will be installed is currently under construction.

新燃燒器和新鍋爐均已發貨並在加利福尼亞州等待安裝。這款新型鍋爐燃燒器是該客戶營運升級的一部分。據我們了解，安裝該鍋爐的新建築目前正在建設中。

We believe we are truly resetting the bar for boiler burners. This burner is larger, a 1,200 horsepower and is in the size range requiring sub 2.5, 0.5 billion NOx emissions. A capability that we believe is unique to ClearSign burners for other solutions require the inclusion of an SER and associated capital costs and ammonia handling that go with them. It is also worth noting that the new boiler of this site has been supplied by Hurst, the largest manufacturer of 5G boilers in the United States.

我們相信我們正在真正重新設定鍋爐燃燒器的標準。該燃燒器更大，功率為 1,200 馬力，其尺寸範圍要求氮氧化物排放量低於 2.5、5 億。我們認為 ClearSign 燃燒器在其他解決方案中所具有的獨特功能需要包含 SER 以及與之相關的資本成本和氨處理。另外值得注意的是，本站的新鍋爐已由美國最大的5G鍋爐製造商Hurst供貨。

The third boiler burner sales into Texas, where after California, we anticipate the Texas Gulf Coast region with a lot next large market for us. This sale was to a chemicals company in the first in the industrial chemical sector. This is unique in the fact that this is our first applications of our boiler burner technology into a normal boiler heater and very importantly, our first sale to a heater manufacturer who has included our burner as their chosen solution to meet their customers' needs.

第三個鍋爐燃燒器銷售到德克薩斯州，僅次於加利福尼亞州，我們預計德克薩斯州墨西哥灣沿岸地區將為我們提供下一個大市場。此次出售給化學品公司，在工業化學品領域尚屬首次。其獨特之處在於，這是我們首次將鍋爐燃燒器技術應用到普通鍋爐加熱器中，非常重要的是，這是我們首次向加熱器製造商銷售產品，他們將我們的燃燒器作為他們選擇的解決方案來滿足客戶的需求。

This burn has been installed and actually run, enabling us to collect preliminary NOx data significantly below the required five parts per million permit level. The unit is not yet in full operation, but we anticipate that it will be in the coming weeks and in doing so will provide a valuable reference for us in that important Texas Gulf Coast region. This installation in particular, is receiving significant attention. Specifically, we believe this opportunity will enable us to quote new heaters and burners once it is fully operational.

該燃燒裝置已安裝並實際運行，使我們能夠收集遠低於所需的百萬分之五許可水平的初步氮氧化物數據。該裝置尚未全面投入運行，但我們預計將在未來幾週內投入運行，這樣做將為我們在重要的德克薩斯州墨西哥灣沿岸地區提供寶貴的參考。該裝置尤其受到廣泛關注。具體來說，我們相信，一旦全面投入使用，這個機會將使我們能夠報價新的加熱器和燃燒器。

Further, the sales to a heater manufacturer, who has also provided the boiler burner and boiler package to our end user customer in Texas. But will now have first-hand experience of the efficacy of ClearSign burners and the competitive advantage that they provide for them, which we believe will result in even more sales, both for the heater manufacturer and us. In fact, just this past week, we were asked to quote for two other projects that this customer is chasing.

此外，銷售給加熱器製造商，該製造商還向我們在德克薩斯州的最終用戶客戶提供鍋爐燃燒器和鍋爐套件。但現在將親身體驗 ClearSign 燃燒器的功效以及它們為燃燒器提供的競爭優勢，我們相信這將為加熱器製造商和我們帶來更多的銷售。事實上，就在上週，我們被要求對該客戶正在追求的另外兩個項目進行報價。

Over the last couple of months, we've made some significant, albeit subtle changes to our marketing and branding of our Rogue burner product line. For those of you who follow us closely you will start see references to Rogue NZN, Rogue S5 and Rogue S9 burners. This is the result of market segmentation and assessing what is needed to be competitive in different regions.

在過去的幾個月裡，我們對 Rogue 燃燒器產品線的營銷和品牌進行了一些重大但微妙的改變。對於那些密切關注我們的人，您將開始看到 Rogue NZN、Rogue S5 和 Rogue S9 燒錄機的參考資料。這是市場區隔和評估在不同地區保持競爭力所需的結果。

And what I'm excited about is developing an offering that we believe will be competitive throughout the United States and beyond, significantly expanding the customer base that we can pursue today. For anyone new and to avoid confusion, Rogue is the name given to the boiler burner built with that ClearSign Core burner body, and that fuel gas controls and equipment, which are provided by Rogue Combustion, a subsidiary of our partner, California Boiler.

我感到興奮的是開發一種產品，我們相信該產品將在美國及其他地區具有競爭力，從而顯著擴大我們今天可以追求的客戶群。對於任何新手來說，為了避免混淆，Rogue 是用 ClearSign Core 燃燒器本體構建的鍋爐燃燒器的名稱，以及由我們的合作夥伴 California Boiler 的子公司 Rogue Combustion 提供的燃氣控制和設備。

Rogue NZN, an abbreviation for the Near Zero NOx, is our high end fully capable burner provided with NOx emission guarantees at 2.5 parts per million or below, neither in boilers over 500 horsepower in the Valley district of California. And we anticipate other regions of California, including the Los Angeles region in the future.

Rogue NZN 是近零氮氧化物(Near Zero NOx) 的縮寫，是我們的高端全功能燃燒器，氮氧化物排放保證在百萬分之2.5 或以下，在加州山谷地區超過500 馬力的鍋爐中均不保證。我們預計未來還會擴展到加州的其他地區，包括洛杉磯地區。

In this segment, our competition is a catalytic unit back-end cleanup system, which is much more capital and operationally expensive alternative. The S5 version is a simplified ClearSign Core burner and a simpler control system, modified to provide a superior offering within a segment where there are some alternative vendors available, albeit with hit and miss results, low operating efficiency, and high maintenance needs. This burner and the sales materials are focused on our California customers, and particularly, the 5G boiler is smaller than 500 horsepower.

在這一領域，我們的競爭對手是催化裝置後端淨化系統，這是一種資本和營運成本更高的替代方案。 S5 版本是一個簡化的ClearSign Core 燃燒器和一個更簡單的控制系統，經過修改，可以在有一些替代供應商的細分市場中提供卓越的產品，儘管結果時好時壞、運行效率低、維護需求高。這款燃燒器和銷售材料主要針對我們的加州客戶，特別是5G鍋爐小於500馬力。

The S9 version is targeted at all regions outside of California. The main difference between the S5 and the S9 is a sales channel and promotional strategy as the competitive landscape is different. I appreciate that these distinctions may seem subtle for this approach leads to the development of sales channels targeted to these distinctly different markets and customers.

S9版本面向加州以外的所有地區。 S5和S9之間的主要區別在於銷售管道和促銷策略，因為競爭格局不同。我理解這些差異可能看起來很微妙，因為這種方法導致了針對這些截然不同的市場和客戶的銷售管道的發展。

On our last call, we introduce Tina Oby Unachukwu, who had just joined us as Director of Customer Relations and Business Development. Tina was instrumental in orchestrating the aforementioned re-branding segmentation, driving changes like this through takes focus, management, and experience, and I'm very pleased to have that work with us, and with California Boiler, that brings our vision into practice together. This has truly been a collaborative project.

在最後一次電話會議中，我們介紹了蒂娜·奧比·烏納楚庫 (Tina Oby Unachukwu)，她剛加入我們，擔任客戶關係和業務開發總監。蒂娜在協調上述品牌重塑細分方面發揮了重要作用，透過關注、管理和經驗推動了此類變革，我很高興能與我們以及加州鍋爐公司合作，將我們的願景付諸實踐。這確實是一個合作項目。

While I do not have any actual orders report today, we already have seen traction with customers in two states outside of California and Texas, and in addition, have been notified that we have been identified as the favorite supplier for a new muti-burner project in California.

雖然我今天沒有任何實際訂單報告，但我們已經看到了加州和德克薩斯州以外兩個州客戶的吸引力，此外，我們還被告知我們已被確定為新的多燃燒器項目的首選供應商在加州。

So some detail. One of the attributes identified in our segmentation project was the ability to provide a sub 5 ppm or sub 9 ppm burner, and then provide a simple upgrade to enable our customers to comply with a future 2.5 ppm requirement, should that be needed without a major change out of their equipment. This capability was specifically referenced in our proposal and also, in the feedback aspect to this by this customer by explaining why they selected the ClearSign Rogue offering. I look forward to letting you know as these opportunities are brought to fruition.

那麼一些細節。我們的細分項目中確定的屬性之一是能夠提供低於5 ppm 或低於9 ppm 的燃燒器，然後提供簡單的升級，使我們的客戶能夠滿足未來2.5 ppm 的要求（如果需要，而不需要重大改進）。更換他們的設備。我們的提案中特別提到了此功能，而該客戶在回饋方面也解釋了他們選擇 ClearSign Rogue 產品的原因。當這些機會實現時，我期待著通知您。

Now a quick update on our work in China. We are in the commissioning phase of our 500 horsepower demonstration unit there in China. This has admittedly taken longer than we originally anticipated due to the time required to get some final components fabricated. But we do believe we are in the final stages and look forward to being able to coordinate the formal visit from the Chinese officials to demonstrate the burner operating to its full performance range. I anticipate that this will be around the end of the year or very early 2024.

現在簡單介紹一下我們在中國的工作情況。我們在中國的 500 匹馬力示範機組正處於調試階段。無可否認，由於製造一些最終組件需要時間，這比我們最初預期的時間還要長。但我們確實相信我們已處於最後階段，並期待能夠協調中國官員的正式訪問，以展示燃燒器的全部性能範圍。我預計這將在今年年底或 2024 年初左右。

Please note all boiler burner companies, domestic and foreign, need to go through this government burner certification process in order be allowed to sell burners in China. The regulations in China continue to push the reduction of emissions. China's National Development and Reform Commission issued guidance in 2023 to accelerate the retrofit of equipment to further improve energy savings, CO2, and harmful emissions.

請注意，所有國內外鍋爐燃燒器公司都需要經過政府燃燒器認證流程，才能獲准在中國銷售燃燒器。中國的法規繼續推動減排。中國國家發展與改革委員會於2023年發布指導意見，加速設備改造，進一步提高節能、二氧化碳和有害排放量。

We continue to have good engagements with governments at local levels. In particular, we continue to work with the administration in Shenzhen and promote our joint capabilities with Shuang Liang. We have similar engagements in Tangshan and in general, have engaged a strategic outreach to major industrial parks in Suzhou, Nantong, and Tianjin.

我們繼續與地方各級政府保持良好的接觸。特別是，我們繼續與深圳市政府合作，提升與雙良的聯合能力。我們在唐山也進行了類似的活動，整體而言，我們也對蘇州、南通和天津的主要工業園區進行了策略性推廣。

Now switching to process burners. Last time we spoke and at the start of this quarter, we had just received the award for $1.6 million for the Phase 2 SBIR grant from the Department of Energy for a 100% hydrogen low NOx burner. This grant follows the previous Phase 1 grant for $250,000, which was for the proof of concept work.

現在改用工藝燃燒器。上次我們發言時，即本季度初，我們剛剛收到能源部頒發的 160 萬美元第二階段 SBIR 撥款，用於 100% 氫低氮氧化物燃燒器。這筆補助金是繼先前第一階段 25 萬美元的補助金之後提供的，用於概念驗證工作。

As we discussed, the second grant is for up to two years and will fund the development and commercialization of a full range of burners that will unable to control of NOx emissions to the levels required to control ground level ozone in critical polluted areas. These burners will coincide with the adoption of the new hydrogen economy and the use of hydrogen fuel for industrial heating. The anticipated an outcome of the strategic reductions in industrial emissions for both carbon dioxide and nitrogen oxides or to enable our customers to transition to hydrogen or hydrogen fuels within the constraints of the current operating permit.

正如我們所討論的，第二筆贈款期限長達兩年，將資助全系列燃燒器的開發和商業化，這些燃燒器無法將氮氧化物排放控製到控制關鍵污染地區地面臭氧所需的水平。這些燃燒器將與新氫經濟的採用以及氫燃料用於工業加熱的同時進行。策略性減少二氧化碳和氮氧化物工業排放的預期成果，或使我們的客戶能夠在目前營運許可的限制內過渡到氫或氫燃料。

As we have highlighted previously, the current available solutions are able to reduce CO2 through the burning of hydrogen in place of hydrocarbon fuels, where the byproduct is much higher NOx, and novel burner enables down to zero CO2 by burning pure hydrogen, increased NOx emissions so low that they compete with SCRs in the low single digit parts per million range.

正如我們先前強調的，目前可用的解決方案能夠透過燃燒氫氣取代碳氫化合物燃料來減少二氧化碳排放，而碳氫化合物燃料的副產品是更高的氮氧化物，而新型燃燒器透過燃燒純氫氣，增加氮氧化物排放，可以將二氧化碳降至零如此之低以至於它們與百萬分之幾的 SCR 競爭。

Phase 1 saw the completion of the demonstration of our prototype process burner that successfully integrated hydrogen and hydrogen blending, while maintaining NOx below 5 parts per million. Phase 2 will entail scaling up the size of the burner from 2 million BTUs per hour up to 8 million BTUs per hour, and deploying it in real-world commercial industrial settings, where high heat is required over the next two years.

第一階段完成了我們的原型製程燃燒器的演示，該燃燒器成功整合了氫氣和氫氣混合，同時將氮氧化物保持在百萬分之五以下。第二階段將需要將燃燒器的尺寸從每小時 200 萬 BTU 擴大到每小時 800 萬 BTU，並將其部署在未來兩年需要高熱量的現實商業工業環境中。

The design of the first burner for the second phase is done, and we are in the process of scheduling the fabrication and testing. This is anticipated for early 2024. We did mention on the last call that we are seeing interest from additional parties regarding our hydrogen technology. And on the heels of this, we announced on September 20, a collaboration with Southern California Gas Company, SoCalGas, for additional funding as well as other support of this project.

第二階段第一個燃燒器的設計已經完成，我們正在安排製造和測試。預計將於 2024 年初實現。我們在上次電話會議中確實提到，我們看到更多各方對我們的氫技術感興趣。緊接著，我們於 9 月 20 日宣布與南加州天然氣公司 SoCalGas 合作，為該項目提供額外資金和其他支援。

SoCalGas has pledged $500,000 to the project with the objective of promoting the installation of out hydrogen capable ClearSign Core burner technology into their client's base in Southern California. This latter part to support the fuel demonstration is vital, because they will help us find and select demonstration sites from their client list, so that we can get the technology into the field and of course, the SoCalGas, so they can prepare their customers to receive hydrogen fuels from the infrastructure, the SoCalGas is developing, and continue to operate within their environmental permits.

SoCalGas 已承諾向該項目提供 50 萬美元，目的是促進在南加州客戶基地安裝支援氫的 ClearSign Core 燃燒器技術。支援燃料演示的後一部分至關重要，因為他們將幫助我們從客戶名單中找到並選擇演示地點，以便我們可以將技術引入該領域，當然還有 SoCalGas，這樣他們就可以為客戶做好準備SoCalGas 正在開發從基礎設施接收氫燃料，並繼續在其環境許可範圍內運作。

SoCalGas is an exciting partner because they help focus on clean energy innovations designed to decarbonize hard to electrify sectors of the economy. It's this segment that is the focus of most hydrogen projects. And in this case, a key component of the efforts to help California achieve net zero by 2045.

SoCalGas 是一個令人興奮的合作夥伴，因為他們幫助專注於清潔能源創新，旨在使難以實現電氣化的經濟部門脫碳。這部分是大多數氫項目的重點。在這種情況下，這是幫助加州到 2045 年實現淨零排放努力的關鍵組成部分。

To that end, SoCalGas is working to develop Angela's link, a proposed green hydrogen pipeline system that could deliver hydrogen to Los Angeles region, a project which could be in the nation's largest green hydrogen pipeline. I'll talk about collaborative focus on hydrogen fuel process been. We have been able to present to them other existing products in our portfolio like our ultra-low NOx boiler burners.

為此，SoCalGas 正在努力開發 Angela's link，這是一個擬議的綠色氫氣管道系統，可以向洛杉磯地區輸送氫氣，該項目可能屬於全美最大的綠色氫氣管道。我將討論氫燃料製程的協作重點。我們能夠向他們展示我們產品組合中的其他現有產品，例如我們的超低氮氧化物鍋爐燃燒器。

In turn, SoCalGas has set up meetings, made introductions, enabling us to present our technology and business to opportunities to not only a significant number of their customers, but also their peers from other regions and other technology development organizations largely funded by these large utilities.

反過來，SoCalGas 也召開了會議，進行了介紹，使我們不僅能夠向大量客戶展示我們的技術和業務，還向來自其他地區的同行以及主要由這些大型公用事業公司資助的其他技術開發組織展示我們的技術和業務。 。

It is an exciting opportunity to be able to leverage our collaborative relationships for SoCalGas and get in front of the customers that rely on them for their fuel. We hope to grow and foster this relationship by bringing products into the market that can help companies like SoCalGas to meet their forward-looking mandates, by providing their customers access to our boiler and process heater technology.

這是一個令人興奮的機會，能夠利用我們與 SoCalGas 的合作關係，並站在依賴他們提供燃料的客戶面前。我們希望透過將產品引入市場來發展和促進這種關係，這些產品可以幫助像 SoCalGas 這樣的公司滿足他們的前瞻性要求，讓他們的客戶能夠使用我們的鍋爐和製程加熱器技術。

Then to the projects in that pipeline. We have two multi-heater multi-burner orders that we are processing. The second of these two orders is actually on a tighter schedule. As a quick reminder, this order is for the burners to fit into two different existing heaters. The order which we received back in May of this year includes 13 burners in total. The factory performance test for the first of these two heaters went very smoothly and was completed mid-October. These burners are now in the manufacturing process, and they're due to be shipped and installed this year.

然後是該管道中的項目。我們正在處理兩個多加熱器多燃燒器訂單。這兩個訂單中的第二個訂單實際上日程更緊。快速提醒一下，該訂單是為了將燃燒器安裝到兩個不同的現有加熱器中。今年5月我們收到的訂單總共包含13台燃燒器。這兩台加熱器中的第一台的工廠性能測試非常順利，並於十月中旬完成。這些燃燒器現已進入製造過程，預計今年發貨和安裝。

The performance test of the second of these heaters is underway this week, and these burners are scheduled to be installed early after the new year. And if you recall, due to our contract structures, these are the events that will trigger significant revenue recognition. We are anxious to get this order completed, because as some of you may recollect, this order is a repeat order from a customer who was an early adopter of our technology in Southern California.

第二台加熱器的性能測試本週正在進行，這些燃燒器計劃在新年後年初安裝。如果您還記得的話，由於我們的合約結構，這些事件將觸發重大收入確認。我們急於完成該訂單，因為你們中的一些人可能還記得，該訂單是來自南加州早期採用我們技術的客戶的重複訂單。

Additionally, as we have mentioned and it's very important, this customer came back to ClearSign after initiating an alternative option to install a traditional selective catalytic reduction or SCR NOx control system and inherent complexities associated with such a system. We believe that successfully completing this project will make a powerful statement for ClearSign, significant to both our customer base and also the regional regulators.

此外，正如我們所提到的，這一點非常重要，該客戶在啟動了安裝傳統選擇性催化還原或 SCR NOx 控制系統的替代方案以及與此類系統相關的固有複雜性後，又回到了 ClearSign。我們相信，成功完成該專案將為 ClearSign 做出強有力的聲明，對我們的客戶群和地區監管機構都具有重要意義。

One feature of this installation is that the burners will operate on fuels with a very high concentration of hydrogen. This feature is included in the factory testing protocol. The other 20 burner California project is also progressing on a less tight timeline. As we indicated previously, the final witness testing went as planned.

該裝置的一個特點是燃燒器將使用氫氣濃度非常高的燃料。此功能包含在工廠測試協議中。加州的另一個 20 個燃燒器項目也在較寬鬆的時間表上取得進展。正如我們之前指出的，最終的見證測試按計劃進行。

At this time, we do not have confirmation whether the site shutdown, during which these burners will be installed will be undertaken in 2024 or 2025, it is dependent on our clients' plans and schedule. Bear in mind that there are a lot of activities included in this refinery shutdowns of the planning process is complex and dependent upon many factors. We will be able to invoice and receive payment upon delivery of the burners, and only a small part of the [fet] sort of remain until installation.

目前，我們尚未確認安裝這些燃燒器的現場關閉是否會在 2024 年或 2025 年進行，這取決於我們客戶的計劃和時間表。請記住，煉油廠停產計畫中包含大量活動，規劃過程非常複雜，並且取決於許多因素。我們將能夠在燃燒器交付後開立發票並收到付款，並且只有一小部分 [fet] 保留到安裝為止。

As we have stated before, the burners used in this witness demonstration are not part of the final production ramp and will not be included in the shipment to California. These burners will be kept for demonstration purposes for potential customers and stakeholders. We have customer demonstration events planned for the coming months. Beyond these projects, we do see a growing pipeline and encouragingly, a growing interest from customers in the Texas Gulf Coast region.

正如我們之前所說，本次見證演示中使用的燃燒器不是最終產量的一部分，也不會包含在運往加州的貨物中。這些燃燒器將保留用於向潛在客戶和利害關係人進行演示。我們計劃在未來幾個月舉辦客戶演示活動。除了這些項目之外，我們確實看到了不斷增長的管道，令人鼓舞的是，德克薩斯州墨西哥灣沿岸地區的客戶的興趣與日俱增。

As we have said in the past, we very much believe that a lot of the industry is watching these larger multi-burner orders. [when in field] is operational, we anticipate that being able to refer to these operational units will give other customers who may be on the fence, who are not fully considering at this time, the confidence that they need to include ClearSign on assessing their options, future burner upgrades for a more cost efficient alternative to installing an SCR.

正如我們過去所說，我們非常相信許多行業正在關注這些更大的多燃燒器訂單。 [在現場時] 已投入運營，我們預計，能夠參考這些運營單位將使其他可能持觀望態度（目前尚未充分考慮）的客戶有信心，他們需要將 ClearSign 納入評估其選項，未來燃燒器升級以獲得比安裝SCR 更具成本效益的替代方案。

Most recently, on November 7, just last week, we issued a press release announcing that Matthew Martin has joined ClearSign as Chief Technology Officer. I want to give some insight into who he is and his role at ClearSign.

最近，即上週，即 11 月 7 日，我們發布了一份新聞稿，宣布 Matthew Martin 已加入 ClearSign 擔任首席技術長。我想深入了解他是誰以及他在 ClearSign 中的角色。

I'm sure, for anyone in the fire equipment industry, Matthey Martin needs no introduction. But for those who are not, Matthew is one of the leading and recognized technical experts in this field. He has spent his entire career in the field of fire equipment and energy systems, serving the technical development of the [burner] and of course, particularly computer-based modeling and predictions required to do so.

我確信，對於消防設備行業的任何人來說，Matthey Martin 無需介紹。但對於那些不知道的人來說，馬修是該領域領先且公認的技術專家之一。他的整個職業生涯都在消防設備和能源系統領域度過，為[燃燒器]的技術開發服務，當然，特別是為此所需的基於計算機的建模和預測。

He also has a strong background in assessing the refining and related energy equipment markets and opportunities to deliver value to customers through improving the technology available. I've known Matt for over 20 years and worked with him for most of that time. His combination of technical excellence and creativity combined with as market and business acumen is exceptional.

他在評估煉油及相關能源設備市場以及透過改進現有技術為客戶創造價值的機會方面也擁有強大的背景。我認識 Matt 已經 20 多年了，大部分時間都與他一起工作。他將卓越的技術和創造力與市場和商業頭腦相結合，非常出色。

While at Honeywell, he had the rare distinction of being appointed and engineering fellow in recognition of his extraordinary contributions. There are more details of his background and accomplishments in the press release for anyone who did not see it. I'm very excited to have Matt join us. It is very encouraging to have someone of his stature in the industry, redirect their career and join us at ClearSign. We already have a very strong technical team at ClearSign with world-class talent supporting all our product lines. So I want to talk a little about his new role.

在霍尼韋爾期間，他獲得了罕見的榮譽，被任命為工程院士，以表彰他的非凡貢獻。新聞稿中為那些沒有看到的人提供了有關他的背景和成就的更多詳細資訊。我很高興馬特加入我們。像他這樣在行業中具有地位的人，重新調整他們的職業生涯並加入 ClearSign，這是非常令人鼓舞的。 ClearSign 已經擁有一支非常強大的技術團隊，擁有世界一流的人才來支援我們所有的產品線。所以我想談談他的新角色。

Everyone at ClearSign wears multiple hats. And as you would expect at a company of our size, our working protocol is very collaborative and responsive as opposed to being formal and rigid. So Matt's input and expertise will be additive across all our products and projects. But Matt's objective is to focus on the growth of ClearSign.

ClearSign 的每個人都身兼數職。正如您對我們這種規模的公司所期望的那樣，我們的工作協議非常具有協作性和響應性，而不是正式和僵化。因此，馬特的投入和專業知識將在我們所有的產品和項目中發揮作用。但 Matt 的目標是專注於 ClearSign 的發展。

As an example, taking our Texas chemicals installation, where we have a boiler burner successfully installed in new processed heater, and extrapolating that capability to applications different types of heaters and fire equipment, and adapting the burner to operate more diverse operating regimes. At a higher level, his objective is to efficiently simulate the customers' needs, business opportunities, and technical possibilities to meaningfully expand our business, and to achieve these outcomes to focus, resources, and in particular, talent.

以我們德州的化學品裝置為例，我們在新加工的加熱器中成功安裝了鍋爐燃燒器，並將這種能力推斷到不同類型的加熱器和消防設備的應用，並使燃燒器適應更多樣化的操作模式。在更高的層面上，他的目標是有效地模擬客戶的需求、商機和技術可能性，以有意義地擴展我們的業務，並透過專注於資源、特別是人才來實現這些成果。

Take a step back and look at ClearSign more generally, the recent additions of Tina Unachukwu, bring her considerable sales management and business development talent to ClearSign, and now Matthew Martin with his options, he focused technical expertise in addition to, I believe, is a truly world-class talent we already have in the team at ClearSign, provides ClearSign with a very strong capability to expand our offerings beyond the progression of our current low emission burner technologies. I'm very optimistic. I'm truly looking forward to the future opportunities for ClearSign.

退後一步，更廣泛地看看ClearSign，最近加入的Tina Unachukwu，為ClearSign 帶來了她相當多的銷售管理和業務開發才能，現在馬修·馬丁（Matthew Martin）有了他的選擇，他除了專注於技術專業知識之外，我相信， ClearSign 團隊中已經擁有真正的世界級人才，為 ClearSign 提供了非常強大的能力，可以將我們的產品擴展到當前低排放燃燒器技術的進步之外。我很樂觀。我真誠地期待 ClearSign 未來的機會。

Looking forwards, there are key events on the horizon. The most immediate will be the installations and startups that are so important to our sales growth. We have a 300 horsepower, 5 parts per million burners in California commissioned last week, now awaiting independent commissions for applications. We have the 500 horsepower boiler burner and a process heater on a chemicals plant in the Texas Gulf Coast, just waiting on the replacement of a component in the piping system outside of our supply, and with opportunities to quote several other process burner waiting on that performance verification.

展望未來，一些重大事件即將發生。最直接的是安裝和啟動，這對我們的銷售成長非常重要。我們上週在加州調試了一台 300 匹馬力、百萬分之五的燃燒器，目前正在等待獨立委員會的申請。我們在德克薩斯州墨西哥灣沿岸的一家化工廠擁有500 馬力的鍋爐燃燒器和工藝加熱器，正在等待更換我們供應之外的管道系統中的組件，並且有機會引用其他幾個正在等待的製程燃燒器性能驗證。

And very significantly, the installation and start-up of the 1,200 horsepower sub 2.5 parts per million, boiler burner in the San Joaquin Valley Air Pollution Control District of California, and the installation and startup of the two processed heaters in the California Refinery anticipated next month and early 2024. These start-ups will transform our installed base and reference list.

非常重要的是，接下來將在加州聖華金谷空氣污染控制區安裝和啟動1,200 匹馬力、低於百萬分之2.5 的鍋爐燃燒器，以及預計接下來在加州煉油廠安裝和啟動兩台經過處理的加熱器月和 2024 年初。這些新創公司將改變我們的安裝基礎和參考清單。

We have sales opportunities to progress in both boiler burner and process burner product lines, and both in and out of California. And I'm particularly eager to develop our opportunities enabled by our recent boiler burner product line segmentation project. Longer-term, I'm very much looking forward to working with Matthew Martin, engaging with his extensive industry network and promoting our products into diversifying opportunities.

我們在加州內外的鍋爐燃燒器和工藝燃燒器產品線方面都有銷售機會。我特別渴望開發我們最近的鍋爐燃燒器產品線細分項目帶來的機會。從長遠來看，我非常期待與 Matthew Martin 合作，利用他廣泛的行業網絡，將我們的產品推廣為多元化的機會。

With that, I'd like to open up the call for questions. Please, operator?

至此，我想開始提問。請問，接線生？

(Operator Instructions)

（操作員說明）

Eric Groskin, Private Investor.

埃里克·格羅斯金，私人投資者。

Right, good day, Dr. Deller, you've talked a lot about process burners and boiler burners. But can you also talk about the prospects for the firetube product, the flame cameras, and the new hydrogen fuel burners, and perhaps you could rank because in terms of sales capacity?

好的，您好，Deller 博士，您已經談論了很多有關工藝燃燒器和鍋爐燃燒器的內容。但您能否也談談火管產品、火焰攝影機和新型氫燃料燃燒器的前景，也許您可以根據銷售能力進行排名？

Certainly and I can give some more color around those and some clarification. So I'll start with the boiler burners. You mentioned the firetube. The firetube is the smaller range of the boiler products. Basically the boilers or the boilers that we address fit into two types. There's water tube which tend to be the larger end of the range, and the firetube boilers which are typically on the smaller end of the range and they are the main focus of our sales at this time.

當然，我可以對這些內容進行更多說明和澄清。所以我將從鍋爐燃燒器開始。你提到了火管。火管是較小範圍的鍋爐產品。基本上，我們所說的鍋爐分為兩種類型。水管鍋爐往往是該系列的較大端，而火管鍋爐通常是該系列的較小端，它們是我們目前銷售的主要焦點。

The boiler burner products are sold in collaboration with our partner, California burner or boiler and branded as a Rogue burner and those are actually the subject of segmentation project that I referenced that we've worked with California Boiler. So in terms of the immediate sales opportunities, I think that has to be the one that I would focus on most from the outside.

鍋爐燃燒器產品是與我們的合作夥伴加州燃燒器或鍋爐合作銷售的，並被稱為 Rogue 燃燒器，這些實際上是我提到的我們與加州鍋爐合作的細分項目的主題。因此，就直接銷售機會而言，我認為這必須是我從外部最關注的機會。

The response we have to that segmentation projects and making these products relevant to now all areas of the United States, both within California and outside, and the response that we've seen today in the very short time since our project was rolled out, it definitely made that a major focus for us. We have two major product lines.

我們對細分項目的反應，並使這些產品與美國所有地區（包括加利福尼亞州內外）相關，以及我們今天在項目推出後很短的時間內看到的反應，它無疑成為我們的主要關注點。我們有兩條主要產品線。

One is that boiler burner line and the second is the process burners. The immediate start-ups that I referenced, the one that was started last week. There's another just waiting on one component down in Texas. That's actually in a process heater and a much larger boiler burner to be started up around the end of the vote. Those are all of that fine tube boiler burner product line.

一是鍋爐燃燒器線路，二是製程燃燒器。我提到的直接新創公司是上週成立的。還有一個正在德克薩斯州等待一個組件。這實際上是在一個過程加熱器和一個更大的鍋爐燃燒器中，將在投票結束時啟動。這些都是細管鍋爐燃燒器產品線。

And then the indications we got from customers following the segmentation of ClearSign being favorably seen amongst the other bidders for other projects in California also resulting from that segmentation. So of those I mentioned, I really would focus on the firetube boiler burners. Longer term, obviously, we're watching the so-called hydro economy and the development of the hydrogen pipelines and the introduction of hydrogen in the fuel gas systems.

然後，我們從 ClearSign 細分市場的客戶那裡得到的指示，在加州其他項目的其他投標人中得到了好評，這些項目也是由該細分產生的。因此，在我提到的那些中，我確實會關注火管鍋爐燃燒器。顯然，從長遠來看，我們正在關注所謂的水力經濟、氫氣管道的發展以及在燃氣系統中引入氫氣。

And that has got enormous potential. Just to emphasize that, one, of course, is the customers burning hydrogen and needing equipment to burn hydrogen. But what may be the bigger influence for us is whenever you add hydrogen to a typical fuel gas, even in a smaller percentage range, in the region of 15% to 20% has been discussed, that has a very large influence on the NOx created.

這具有巨大的潛力。需要強調的是，其中之一當然是客戶燃燒氫氣並需要燃燒氫氣的設備。但對我們來說影響更大的可能是，每當您將氫氣添加到典型的燃氣中時，即使是在較小的百分比範圍內，即我們討論的15% 到20% 的範圍內，這也會對產生的氮氧化物產生很大的影響。

You may put the NOx up by [42], doubling the NOx. So for a client those are operating currently just under their NOx permit. Introducing the hydrogen, the fuel gas is going to put them over the kind of levels and require them to address that. And we really believe the most efficient way to address that is to put in a new, much lower NOx creating burner, which we have and with [moldy] as the ClearSign products.

您可以將 NOx 增加 [42]，使 NOx 加倍。因此，對於客戶來說，這些目前正在其氮氧化物許可證下運作。引入氫氣、燃氣將使他們達到一定的水平，並要求他們解決這個問題。我們確實相信，解決這個問題的最有效方法是安裝一種新的、氮氧化物排放量低得多的燃燒器，我們擁有這種燃燒器，並且帶有 [發黴] 作為 ClearSign 產品。

That is the focus of not just the project we mentioned with the SBIR Grant, but also the reasons for promoting the ClearSign boiler burners. The last topic you mentioned was the ClearSign sense. I know you (technical difficulty) What we have is a sensing technology that's unique. Our biggest prospects for that, we have a partner company called Narion based out in Seattle, and Narion was the recipient of a government grant recently, which we announced.

這不僅是我們提到的 SBIR 撥款項目的重點，也是推廣 ClearSign 鍋爐燃燒器的原因。您提到的最後一個主題是 ClearSign 意義。我了解你（技術難度） 我們擁有的是獨一無二的感測技術。我們最大的前景是，我們有一家位於西雅圖的合作夥伴公司，名為 Narion，Narion 最近獲得了我們宣布的政府撥款。

A $250,000 to develop a sensor that will control the steam flow to industrial flares. That's a very big need in that market. Narion is also pursuing many other development opportunities. These are longer-range and further out, but I really believe there's great potential in the work that Narion is completing as well.

花費 25 萬美元開發一種感測器，用於控制流向工業火炬的蒸汽流量。該市場的需求非常大。 Narion 也正在尋求許多其他發展機會。這些都是更長遠、更遙遠的事情，但我真的相信 Narion 正在完成的工作也有巨大的潛力。

Okay. Thank you very much.

好的。非常感謝。

Thank you, Eric.

謝謝你，埃里克。

Robert Keksek, Las Colinas Capital Management.

羅伯特‧凱克塞克 (Robert Keksek)，拉斯科琳娜資本管理公司。

Yeah, I was wondering about the cash flow and the dilution, with the $7 million that's shown on the balance sheet at the end of the quarter and the anticipation of these orders flowing some cash in. Do you believe that we'll get into the next calendar year before you need any more public financing?

是的，我想知道現金流和稀釋情況，季度末資產負債表上顯示的 700 萬美元以及這些訂單流入的預期會帶來一些現金流。您相信我們會進入下一個日曆年您需要更多的公共融資嗎？

Thank you for the questions. Well, our balance sheet, we felt, is healthy right now. We're comfortable with it. We have projects that we're working on in cash coming in from those projects and cash to come from those projects.

謝謝你的提問。嗯，我們認為，我們的資產負債表現在是健康的。我們對此感到滿意。我們正在進行一些項目，這些項目的現金來自這些項目，而這些項目的現金也來自這些項目。

Well, just to add some color to that. I know everyone's watching the revenue. The specific of the projects that drive the revenue are exactly the ones we're talking about. The other revenues recognized on significant milestones. But typical milestones will be the rather delivery and the start of the burners.

好吧，只是為了給它添加一些顏色。我知道每個人都在關注收入。推動營收的具體項目正是我們正在討論的項目。其他收入在重要里程碑時確認。但典型的里程碑將是相當的交付和燃燒器的啟動。

We've got the free boiler burners we talked about today, and also the testing and the installation of a process burner. There are some significant projects that are happening in these next few months that will trigger the -- rather milestones typical to -- leads to the revenue recognition.

我們已經獲得了今天討論的免費鍋爐燃燒器，以及工藝燃燒器的測試和安裝。在接下來的幾個月裡，將會發生一些重要的項目，這些項目將觸發收入確認（而不是典型的里程碑）。

Good, good. So that will give us some runway to go. That sounds good. Okay. Thank you.

好好。這將為我們提供一些跑道。聽起來很好。好的。謝謝。

Thank you, Rob.

謝謝你，羅布。

Jeff Fineglass, Private Investor.

傑夫法恩格拉斯，私人投資者。

Yeah, hey, Jim, I was hoping you could expand a bit on China, and specifically, you mentioned the prospects of relatively soon getting certification for the firetube boiler. But what are the next steps after that as far as your sales? It's a bit too speculative at this point. But can you speak on that?

是的，嘿，吉姆，我希望您能詳細介紹一下中國，具體來說，您提到了火管鍋爐相對較快獲得認證的前景。但就您的銷售而言，下一步是什麼？在這一點上有點太投機了。但你能談談嗎？

Hey, Jeff. Yes. So certainly, I can. I appreciate the question. Well, I'll just preface this. But obviously at this time I will tell you what I see, but this is very speculative. As I mentioned, we are in the process of completing the run-in, soon to be followed by the government certification of the 500 horsepower firetube boiler burner in California.

嘿，傑夫。是的。所以當然，我可以。我很欣賞這個問題。好吧，我就簡單介紹一下。但顯然此時我會告訴你我所看到的，但這非常投機。正如我所提到的，我們正在完成磨合，不久之後加州 500 馬力火管鍋爐燃燒器將獲得政府認證。

But Jeff, I know you've been following, but for those that haven't, one of our key strengths in China is our partnership with what may be their biggest firetube boiler manufacturer in China called Shuang Liang. This is a truly enormous company. And their interest in ClearSign, and what we've agreed to our alliance with them, is to provide what we calling an integrated boiler burner package into the Chinese market.

但是傑夫，我知道您一直在關注，但對於那些沒有關注的人來說，我們在中國的主要優勢之一是我們與中國最大的火管鍋爐製造商雙良的合作夥伴關係。這是一家真正龐大的公司。他們對 ClearSign 的興趣以及我們同意與他們結盟的目的是向中國市場提供我們所說的整合式鍋爐燃燒器套件。

So we have a truly national scale Chinese boiler manufacturer developing a product incorporating the ClearSign burner to achieve the new low NOx requirements that are being rolled out by the Chinese government. In recent years, we've seen a shift in China and the regulations are being rolled out now in the heavily industrialized regions of China. Whereas previously the focus was on the northern regions, especially around Beijing, where the air was notoriously bad, and focused on the district heating. That is still in place. But this new development is in the industrial cities.

因此，我們有一個真正的全國規模的中國鍋爐製造商正在開發一種採用 ClearSign 燃燒器的產品，以達到中國政府正在推出的新的低氮氧化物要求。近年來，我們看到中國發生了變化，這些法規正在中國的重工業化地區推出。而之前的重點是北方地區，特別是北京周邊地區，那裡的空氣品質是出了名的差，重點是集中供暖。那仍然存在。但這種新的發展是在工業城市。

In the call, I mentioned Shenzhen and Suzhou and Nantong and Tianjin, these are all very large industrial regions within China. These industrial regions are heavily populated with firetube boilers and they are not a seasonal heating. This is industrial heating that's used year round. The local governments are driving the [much] that was down in these regions.

我在電話中提到深圳、蘇州、南通、天津，這些都是中國非常大的工業區。這些工業區大量使用火管鍋爐，且不屬於季節性暖氣。這是全年使用的工業供暖。地方政府正在推動這些地區的經濟下降。

And being able to partner with a Chinese company like Shuang Liang that's very prominent within the Chinese market, and then along with them, the outreach to the local governments in those areas, and to the industrial parks, and to me, it's a really exciting opportunity. I don't have any details to report. But that is the path that we're following and the sales pursuits that we are undertaking as we complete the certification of this larger 500 horsepower boiler burner.

能夠與像雙良這樣在中國市場非常突出的中國公司合作，然後與他們一起，向這些地區的地方政府和工業園區進行推廣，對我來說，這真的很令人興奮機會。我沒有任何細節要報告。但這就是我們在完成這款更大的 500 馬力鍋爐燃燒器的認證時所遵循的道路和我們所追求的銷售目標。

All right. Thank you on that. Thank you for that. Appreciate it.

好的。謝謝你。謝謝你。欣賞它。

Thank you, Jeff.

謝謝你，傑夫。

Brad Van Nucor, Private Investor.

布拉德·範·紐柯，私人投資者。

Hi, Dr. Deller. My question is, as a long-term investor, is the market cap of the company and the fact that the stock prices remain really low and we can't seem to turn the corner on it or maintain anything with it, what are your thoughts on getting the stock price up, the shares up, and the interest that where investment is up?

你好，戴勒博士。我的問題是，作為一名長期投資者，公司的市值以及股價仍然很低的事實，我們似乎無法扭轉局面或維持任何東西，你的想法是什麼股價漲了，股票漲了，投資的利息漲到哪裡去了？

(technical difficulty) I really can't comment on the share price and what people pay. That's not really in our control. But we're all seeing a -- in control of the progress of the company and the news that flows out. I can reinforce my excitement and hope for everyone. But the absolute importance of getting the reference projects out into the market and having the equipment in the field for our customers to see and to give them confidence in placing those orders.

（技術難度）我真的無法評論股價和人們付出的代價。這並不是我們真正能控制的。但我們都看到——控制著公司的進展和流出的消息。我可以增強我對每個人的興奮和希望。但將參考項目推向市場並讓我們的客戶在現場看到設備並讓他們有信心下訂單是絕對重要的。

And I know I've said it before, but let me give you a bit of color. Just this past week we started up the 300 horsepower firetube boiler project in California. In that same week, we have already had one customer contact our sales team with California Boiler and go and visit that boiler to look at it as a reference in preparation for them making plans for their NOx control equipment in California.

我知道我之前已經說過了，但讓我給你一點顏色。就在上週，我們在加州啟動了 300 匹馬力火管鍋爐計畫。在同一周，我們已經有一位客戶聯繫了我們與加州鍋爐公司的銷售團隊，並前往參觀該鍋爐，將其作為參考，為他們在加州制定氮氧化物控制設備計劃做好準備。

So it's actually critical to get this equipment out. We have two boilers starting up in California this year or the big one maybe rolling slides the next year. We've got one down in Texas, that we have process burner quotes or requests for quote being waiting to come to us on that burner start-up. And in addition, the heater manufacturer who manufactured that heater has already come back to us and asked for quotes for two more burners for projects that they are chasing.

所以把這個設備拿出來其實是至關重要的。我們今年在加州啟動了兩台鍋爐，或者明年可能會啟動大型鍋爐。我們在德克薩斯州有一個，我們正在處理燃燒器的報價或報價請求，等待我們來處理該燃燒器的啟動。此外，製造該加熱器的加熱器製造商已經回到我們這裡，詢問他們正在追求的項目的另外兩個燃燒器的報價。

So when you ask -- and I know everyone's looking forward and looking at the development. I just cannot stress, from my perspective, how important getting these units out into the field are. And that is absolutely our job to leverage that. To do exercise while -- like we have with the segmentation to get people like [Tina are now] on board and to really focus on the growth of ClearSign so we can leverage that installed base and finally show the world what ClearSign products can do.

所以當你問的時候——我知道每個人都在期待並關注事態的發展。從我的角度來看，我無法強調將這些單位投入使用的重要性。利用這一點絕對是我們的工作。一邊鍛鍊－就像我們進行細分一樣，讓像[蒂娜現在]這樣的人加入進來，真正專注於 ClearSign 的發展，這樣我們就可以利用這個安裝基礎，最終向世界展示 ClearSign 產品的功能。

Yeah, I can remember when the boilers first came out, that there was a -- I think you quoted in the [50s], the number of inquiries into it. But we didn't have any out installed. So you think now that we're getting installation that we'll start seeing things come across the finish line with the orders?

是的，我記得當鍋爐第一次問世時，有一個——我想你在[50年代]引用了對此的查詢數量。但我們沒有安裝任何東西。所以你認為現在我們正在進行安裝，我們會開始看到訂單完成任務？

I truly believe so, Brad, and based on what we've seen just these past few months, both with the segmentation project that I talked about and the targeting and the interest in that, and then just seeing people want to see the equipment installed.

我真的相信是這樣，布拉德，根據我們過去幾個月所看到的情況，包括我談到的細分項目以及目標和興趣，然後只是看到人們想要看到安裝的設備。

Just an example, the reference that I quoted this past week, of the customer immediately coming and asking to see the 300 horsepower burner and operation. And my background, my previous background in the process burner industry, well, the clients always ask what was your reference list. So for us to get -- finally be putting a reference together, I believe is absolutely key for us.

舉個例子，我上週引用的參考資料，客戶立即過來要求查看 300 馬力的燃燒器和操作情況。我的背景，我以前在工藝燃燒器行業的背景，嗯，客戶總是問你的參考清單是什麼。因此，對我們來說，最終將參考資料放在一起，我相信對我們來說絕對是關鍵。

Okay, thank you. I think the encouraging thing for me is that I have not seen a failure in a product that once it's been installed that a customer has had to withdraw or anything. Everything has been successful. But I think as an investor and a long-term believer in the company, it's just a frustration that things aren't picking up faster, but I understand patience. Thank you.

好的謝謝。我認為對我來說令人鼓舞的是，我還沒有看到產品故障，一旦安裝，客戶就必須退出或發生任何事情。一切都很成功。但我認為，作為投資者和公司的長期信仰者，事情沒有更快好轉只是令人沮喪，但我理解耐心。謝謝。

Thank you, Brad.

謝謝你，布拉德。

And this concludes our question and answer session. I'd like to turn the conference back over to Jim Deller for any closing remarks.

我們的問答環節到此結束。我想將會議轉回吉姆·戴勒（Jim Deller）發表閉幕詞。

Thank you, everyone, as always, for your interest and taking the time to participate today. We look forward to updating you regarding our developments and speaking with you on it our next call.

感謝大家一如既往的關注並抽出時間參加今天的活動。我們期待向您通報我們的最新進展，並在下次電話會議上與您討論。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。