Custom Search

Monday, October 5, 2015

Clearsign Tech rejected from the Kern County proposal: it is “neither technologically nor economically feasible.”

Clearsign Combustion Tech has been rejected from the Kern County proposal because it is “neither technologically nor economically feasible.”

Ticker: CLIR

For those who haven't been following the Clearsign saga, you will want to read Lou Basenese's piece on Seeking Alpha: "Clearsign Combustion: California Regulator Poised To Deliver A $156 Million Sales Windfall?" This, and PR on the Aera Energy project, have been moving the stock price.

Basenese: "Proposed mandates would require installation of CLIR’s Duplex on every new OTSG and on every existing OTSG within five years in Kern County, California. Based on the current installed base of 782 OTSGs, we’re talking about more than $150 million in sales."

Actually, Clearsign was never on the proposal to begin with. It was mentioned as an alternative to the proposal. If the proposal passed as originally written Clearsign would have been left out. No matter – “Duplex” tech has now been rejected even as an alternative because it is “neither technologically nor economically feasible.”

A Kern County meeting "to receive comments" will be held today at 5:00 PM. However a "Staff Report" was already published last Thursday. (At least, that's when I found it.) Clearsign has already been rejected due to technological and commercial infeasibility.  I finished up a report for the SEC whistle-blower program early Friday morning and was quite surprised that the news had not yet broken. (Most of my reports over the last 9 months have been dedicated to the SEC and have not been made public.)

Recap: Clearsign was originally highlighted in “Alternative 5” of a Kern County zoning proposal that would allow the oil industry to expand its territory.  My research confirmed that Clearsign's own promotional message was used as the basis for its inclusion in the draft proposal. After later review, even as an alternative to the proposal, Clearsign has just been rejected due to technological and commercial infeasibility.

Excerpts:
“Under Alternative 5, all new and replacement steam generators for thermal EOR activities would be required to implement lower-emission steam generation technology, such as, by way of example, the ClearSign Duplex Tile combustion technology or similar technologies …. However, Alternative 5 is not technologically or economically feasible. Low-emission steam generation technologies are still in the demonstration and prototype phase.” …

“All technologies currently under consideration require additional testing and validation in actual operating conditions and environments before they can be considered field-proven.” …

“Long-term effectiveness and commercial viability of either technology still remain to be determined, and no company has deployed either technology to date.”  …

“The fact that the rates in the current SJVAPCD BACT guideline are higher than what is contemplated by Alternative 5 further supports the conclusion that the technology required by Alternative 5 has not yet been achieved in practice, has not been shown to be presently achievable and is not technologically feasible. Alternative 5 is therefore properly rejected as an alternative.” …

“As such, the technology is not yet readily available on a commercial scale for implementation in oil and gas production in Kern County. The technological infeasibility of Alternative 5 is further demonstrated by the current Best Available Control Technology (BACT)” …

“However, for the reasons discussed above, Alternative 5 is neither technologically nor economically feasible.” …

See original document pgs 158-160 (PDF pages 321-323):
http://www.co.kern.ca.us/planning/pdfs/eirs/oil_gas/oil_gas_pc_sr_100515.pdf




From the beginning, I have been arguing that the Clearsign IPO was a scam and that investors are at risk. For my previous research on Clearsign see http://www.3footcrowbar.com/2013/02/disclosure-after-researching-clearsign.html
For specific research on the original inventor of Clearsign’s "revolutionary" ECC technology, see https://onedrive.live.com/view.aspx?resid=4C5BA386707ECFC3!181&app=WordPdf&authkey=!AC03KkhaDDf8QJ4

Trust fund of original inventor of CLIR’s ECC
DateInsiderSharesTypeTransactionValue*
23-Sep-15BD & DBG LIVING TRUSTDirector8,400DirectSale at $7.36 per share.61,824
22-Sep-15BD & DBG LIVING TRUSTDirector1,600DirectSale at $7.35 per share.11,760
18-Sep-15BD & DBG LIVING TRUSTDirector10,000DirectSale at $6.18 per share.61,800
5-Dec-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)3,100DirectAutomatic Sale at $8.04 per share.24,923
4-Dec-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)13,700DirectAutomatic Sale at $8.03 per share.110,010
1-Dec-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)66DirectAutomatic Sale at $8 per share.528
28-Nov-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)2,134DirectAutomatic Sale at $8 per share.17,072
26-Nov-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)2,264DirectAutomatic Sale at $8 per share.18,112
20-Aug-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)3,800DirectAutomatic Sale at $8.90 per share.33,820
19-Aug-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)12,700DirectAutomatic Sale at $8.23 per share.104,521
1-Aug-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)166DirectAutomatic Sale at $8 per share.1,328
1-Jul-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)16,666DirectAutomatic Sale at $8.98 per share.149,660
2-Jun-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)16,666DirectAutomatic Sale at $8.34 per share.138,994
28-May-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)4,771DirectAutomatic Sale at $8.84 per share.42,175
27-May-14BD & DBG LIVING TRUSTBeneficial Owner (10% or more)11,895DirectAutomatic Sale at $8.97 per share.106,698




Total$883,225
http://finance.yahoo.com/q/it?s=CLIR+Insider+Transactions

It should always be assumed that I am short CLIR.  This is not a recommendation to buy or sell.  I am not infallible. Everyone must do their own due diligence and take their own risks.  Clearsign Combustion’s market cap is under $100 million. There is an organized and funded promotional machine at work here. Very Risky, either way.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.