Q2 2020 Clearsign Technologies Corp Earnings Call
Good day and welcome to the Clearsign Technology second quarter 2020 conference call all participants will be in listen only mode.
This is due to signal conference specialist Christmas Starchy.
After todays presentation, there will be an opportunity to ask questions to ask a question. You May proceed star then one on your Touchtone phone.
Good try your question. Please press Star then two please note. This event is being recorded I would now like to turn the conference over to Matthew Selinger Investor Relations. Please go ahead.
Good afternoon, and thank you operator welcome everyone to the Clearsign Technologies Corporation second quarter 2020 results Conference call. During this conference call. The company will make forward looking statements and he's thinking that it's not a steam at historical fact is a forward looking statement.
<unk> remarks about the companys projections expectations plans beliefs and prospects.
These statements are based on judgment 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 not just driving the forward looking statements.
Recent uncertainties associated with forward looking statements made in this conference call include but are not limited to whether field testing and sales of course in the products will be successfully completed.
Chris I won't be successful in expanding the market for its products and other risks that are described in <unk> public periodic filings with the FCC.
The discussion in the risk factor section of the 2019 annual report on form 10-K.
As required by law Christian assumes no responsibility to update these forward looking statements to reflect future events or actual outcomes and does not intend to do so.
On the call with me today are Jim dollar Clearsigns, President and Chief Executive Officer and Brad.
Like criticize chief financial Officer.
At this point I'd like turn the call that a bright like.
Please go ahead Brian.
Thank you Matthew and thank you to everyone for joining us here today are.
Our financial results were included on the form 10-Q, the company filed with the FCC on August 14th.
The cash burn for the quarter ended June Thirtyth, Twentytwenty was $1.4 million compared to $2.1 million in the same period of 2019 [noise].
This decline reflects the reductions made to operating expenses and is representative of the changes made in the company's operations since the first quarter of last year.
The increased efficiency is directly attributable to the systematic focus and prioritize projects selective use of outsourced consultant and a more rigorous project planning and budgeting approval process.
Our cash and investment resources were about $5.7 million at the end of the second quarter of 2020 compared to 7.5 million at the end of the first quarter of 2020.
Shares outstanding on June Thirtyth, 2020 were 26.731 million 261.
On August 24th 2020.
We closed a secondary offering pursuant to which we issued 2 million 587500 shares of common stock for gross proceeds of approximately $5.175 million or $2 per share.
This bolsters the company's cash position, which we believe will enable us to bring our current product developments market.
Additionally, clear S. PV LLC, our larger shareholder wave gets right to participate in the secondary offering in exchange for a right to purchase approximately 654000 shares of the Companys unregistered common stock at a price of $2 per share.
This purchase right will expire on September Thirtyth of 2020, if not exercised.
During the second quarter, we received approximately $250000 and funds from a P.P.P. long well.
Which we anticipate will be forgiving in the next few months it isn't.
It is important to note that with our quarter ending balances plus the funds raised through the secondary offering we have sufficient working capital available to curious comfortably into 2020 two.
And that is without including revenues from any other sources.
With that I would like to turn the call over to our Chief Executive Officer, Jim Dollar. Please go ahead Jeff.
Thank you, Brian well that financial overview.
Hello, everyone welcome to our Twentytwenty Q2 conference call.
This has been a very busy and productive few months to say the least.
At the time of the last call. We have just announced the receipt of the purchase order that has to be supplied to the Exxon Mobil Baytown refinery and locks is being achieved since then.
Work on this process then all is going well I will give an indepth update on this progress and the continued development of this technology shortly.
We also recently announced on August 12.
Formation of major collaborative aligns with the global combustion equipment companies LICA.
You expect this relationship to be transformational Clearsign I'll give more detail on why this is so important agreement.
More disagreement means for Clearsign a little later.
Additionally, we are continuing to progress the commercialization last sensor technology and anticipate being able to announce the best industrial installations, all this new and novel technology very shortly.
I'm also happy to report, we have kind of breakthrough I'm not able to get back on the ground in China to progress that China all of the projects I will go into more detail about our program for commercialization there.
[laughter].
Before getting into the into the more detail update I want to commend it closed on employees can drive in the progress about what the supply the inconvenience and restrictions required due to the code at 19.
We have made great strides developing and expanding our technology in all product lines costs expenses. One of the ban is lays and sensors. In addition to supporting our customers on slide and optimizing plans without vendors and subcontractors.
When looking at the Clearsign process than a business.
Yeah, It's a mobile order and the club and the lines, we have to seek oh heavily intertwined.
Thanks, a mobile took placed an order with clear sign we were required to be able to provide full scale bench testing.
So for the long term to provide a strategic and took him plan to enable the provisional done this on a global scale as well as the old execution credentials and resources.
To meet the anticipated future requirements, although at some level.
We have been developing our collaborative partnership methodically since the middle of last year.
And Zico agreed in good faith to commit testing requirements to make some level during this process.
Exxon Mobil agreed to progress they clear sign.
With the understanding that we will be aligned zika in the future to meet our anticipated Nox reduction meats.
You will appreciate that to reach this point has required a lot of trust in good faith on the part of the Exxon Mobil and Zika I suppose.
It's both have invested time and resources into our forward looking proposal.
Namely for the adoption of mobile and groundbreaking technology on the part of Exxon Mobil.
A unique strategic business opportunity Clearsign was he goes.
We are extremely grateful for all involved both companies for their support and vision for walks as possible.
I want to take a few minutes to talk in more detail about each other and why we are so optimistic about the future opportunities to our collaboration with them will provide.
Leeco is a leading global industrial combustion equipment company has over 1000 employees.
And over 25 global locations.
Oh particular relevance to clear sign other large business operations and manufacturing capabilities in the United States Europe and China. In addition to the other significant manufacturing and engineering capabilities in India, Mexico and Korea.
[noise] Zika business has developed rapidly and organically through the development of technology and its highly skilled staff as well as the strategic development of resources to meet the needs of global combustion equipment marketplace.
CECO has a portfolio globally recognized and technologically advanced.
Alex and his team.
And is considered a household name throughout the world for fun and petrochemical companies.
Well clear sign this puts us on a clear sign cool crosses buttons on the approved vendor list essentially the speed dial the world's largest and best known companies in the industry.
It's also worthy to note. The CECO is also a major player in other bets consistently boiler buns players.
Make recovery and seven oxidized is.
Does he go head office and its research and testing facility is based in the city of broken out or.
That's on the south side of Tulsa.
Regarding practicalities for future business together that was about 50 minutes drive from a clear sign Tulsa, Oklahoma office.
The bottom line is that we believe the Zika is the perfect promise a place on the developments about future strategic plans.
Its business approach.
It's crazy and productive.
His global recognition and respect by the world's major customers is unquestioned.
And it has established resource system to deliver combustion equipment to meet industry's needs around the world.
Well Clearsign, we expect this collaboration to provide a very powerful channel to the global market for process than the technology.
We believe that it will immediately make a technology viable and available.
Processed and customs.
Well CECO, we believe this collaboration in the adult and typically the same core technology will provide a unique.
Hi performance product line with the above.
Well the ability to deliver the immense value to.
Customers.
That's the other stringent emissions reduction alternatives.
Predominantly seals.
And we believe this collaboration will reinforce CECO Trutech leader, an environmental solutions provider in industrial process than the industry.
Obvious reasons, a lot of the details about collaborative agreements with GE go a confidential.
I can give a high level overview of the key elements.
The technology roadmap is that we will says bring to market process then design we have.
It looks like somebody will.
And develop the system designed for that he just clients who process needs and.
And ultimately the best schools as the demand and market readiness for the new technology develops.
For individual sales and orders the day to day operations, but clear sign NZ double promote joint technology developed sales opportunities.
Regarding.
Respective contributions to Clearsign coal burn order fulfillment.
I will provide a clear sign core intellectual property so now.
So a licensing like component and this.
And especially this process engineering and critical Sonic elements.
Zika will provide that won't cost on the construction and.
Engineering and project management.
The general procurement and logistics activities and how is the customer performance testing, which is a part of nearly every process then or.
[noise] place I'm will assist with it then a configuration and design and.
By the engineering and commercial review key milestones in order execution.
Hi agreement with Veeco requires the development of our mutual business in stages, especially.
Especially development, new product lines and expansion into new bed.
The first milestone is approaching in the very near future as the agreement is contingent on the successful demonstration of the Clearsign core technology.
Which brings us back to the Exxonmobils baton supply projects voice Baytown refinery.
The project for Exxon Mobil is progressing well back from a strategic business development perspective, it has exceeded our expectations.
Well I mean by that is up.
Is that the basic optimization and detailed design openness is on schedule and the buttons are manufactured to the point that they are ready for performance testing.
'cause Eco test facility is set up and all parties are aligned to proceed with this five optimization on demonstration process.
Brian.
From a strategic perspective, Exxonmobil has asked us to not only validates the ban operation over the operating apartments for the destination heater.
So for all that he is in his major conflicts that funny every node environment, including operational success, we believe referencing post hurricane Harvey.
[noise] walnuts extreme demand may seem burdensome.
The bigger picture is that this project is being used to validate clearsign technology quite extensive fugitive emissions payment plans that engineers knocked it out of the call.
Refined than we have today is notably different from a model we had even at the start of this year we saw.
We still retain the instant litle and an unwavering focus on ensuring the burner is due to implement domain.
To maintain and corresponding operators to use.
But through the optimization of the aerodynamics of the fuel on the AD delivery components, we have significantly expanded the operating range. It depends enabled products Paypal virtually every service anymore refinery.
Oh.
You will have noticed a bench testing creatures.
Prominently in the communications, we have released regarding our strategic partnership and the X.
And the execution about orders.
Production during the testing as a routine part of the industrial bands supply business.
Virtually every call since then supplying to the refining and petrochemical customers have some degree of customization because every heater operating requirements are unique.
In the process of fulfilling custom orders.
The detailed design, but then this complete there's normal to build to warm sometimes multiple does the customer specific design.
To install in the test business.
These tests and is designed so that they enable the business to be fine all right you know.
Environment represented.
All the conditions in the custom expenses.
This allows the business to be optimized I'm, probably going to meet the specific operating conditions and emissions performance required by the customer.
From an inside of prospective benefits typically have two possible outcomes eat everything is great well then.
Well the engineers get to go back to work and the final demonstration is repeated somebody to date.
Managing uptime employed full bene testing is a very normal on the vendor project images lies.
I emphasize this is not unique to clear sign is it.
This is a feature of the process been industry.
Oh dip in manufacturers and several different tests and this is enabling more cool project related tests to be run at one time.
I'm, representing many different teacher configurations.
As an aside all the burn them up.
Manufactures Zika has the most extensive testing facility well this.
Well this function.
Cost for new product development.
As part of the Bentall order the test points to be <unk>.
Demonstrated our agreed upon and aligned with the performance guarantees of the business.
The case, if some of that is that wide range in test procedure has been agreed to by the parties involved.
And we look forward to completing its very important next stage of this project.
Well, we obviously focused on the successful completion of that project Capex on mobile we do have other opportunities in the pipeline.
I won't go into details, but they include other global major refineries and household names.
Another positive market indication is that seems like a collaboration with Zika was announced we have received a lot more general inquiries regarding what we offer from within the industry.
That's fine we take as being very encouraging.
Switching now to our planned product line.
On May 14th we announced a multi flat order through our couldn't manufacturing on national and international combustion controls a division of a channel partner, California boiler.
The first of these plays it gets installed and running in California, and the remaining three are in progress.
The place for this war or not.
Oh, it's more scale <unk> latest we haven't sold.
I want to thank.
Huh and recognized a chief technology officer bone Kendrick.
Bringing this new extensions of their product line into commercial operation.
The customer feedback we have received indicates that this is a sector of the market that could divide notable follow on demand.
I have nothing to add at this time, but the indications are encouraging.
A clear sign off by all sensing technology is proceeding as planned.
At this time, we are talking to prospective customers to arrange some first adopter signs to give the industry and opportunity to test the products and see the markets.
So as to ensure we have not only the technology perfected but also the other necessary details such as packaging installation instructions customer connection points et cetera.
In parallel with this we are running the file called and create a battery of tests and our R&D facility in Seattle simulate worst conditions, the sensors will ever experienced in the normal operation.
Intentions of this whole twofold first.
Firstly to ensure that the design is to be robust and secondly to provide materials and Dave just to give confidence to our customers. What we offer is truly a longtime low maintenance solution to replace their existing unreliable high maintenance pilots into Texas.
[noise] evolution of a clear sign on a Claimcenter has included development of our suppliers.
Incorporating day input into both the hardware and the electronics.
For Sensus will be sold and delivered as a clear some call it.
Sensor is designed to state auto pilots divided by any brand manufacturer.
While we initially expect the sales to develop in the states. We anticipate that this will become a worldwide product.
Essentially it is also being combined to primarily to the end user refining petrochemical customers what do you tell.
Well the intent of this will lead to sales in retrofits.
The Rainbow sensors on existing business and also at that time.
So my sense is we will be written into their specifications for new business.
I need to say it was likely a sign directly to the manufacturer.
As for those particular orders.
In our last call.
We mentioned that the Fiveg boiler then that's been developed into a single piece easy to install and user friendly design.
Additionally, this new design was crazy and has maintained unique nonperformance of the original.
<unk> configuration.
Since the last call. We have continued to work on a board to ensure that we have all design details worked out for the Chinese market anticipation of getting back on the ground that continued performance testing type testing.
But because of having I'd call it formally approved well sales in China.
This year the credit of ours has delayed travel and this has been especially difficult regarding China.
The Chinese government is at present, not allowing us residents, even with existing visas to enter China, although they are allowing a few very special visas for executives of Chinese based companies.
We have recently had a breakthrough in this regard.
Our extensive Chinese diplomatic connections, we have been able to get a single visa for the President Abbas subsidiary This on Asia Limited.
He will be returning to China during the period the visa specifies in late September.
On his arrival there will be a 14 day isolated warranty period before being able to return to work on the ground.
Not to spacing of this we have arranged for remote video conferencing to connect.
That's useful based research and development team, we've placed on ages, president and I consultants and contractors in China.
This month, we plan to restart what we anticipate will be the commercial proving a validation of our fine she bore the brunt of technology in China.
Following the Chinese certifications about fight you bought a better technology.
We plan to set up a collaborative ventures to enable the commercialization of our technology there.
To extend the better designed to provide a full range of products.
We will keep you informed as we make material developments in this regard.
While in China, We will of course also be meeting associates and contacts in Beijing.
Beijing District heating.
Arrange for the continuation of our wants cheap on a go project loan with.
Along with reaffirming the other business relationships, we have there.
Well, we have maintained frequent contact with them from U.S.A. being able to get back on the ground. The person that is very important that you got.
Getting back to full progress for us.
To summarize we are very encouraged that we have completed the ecosystem for the commercialization of our process better technology.
Securing a collaboration with what we believe can only be described as the perfect global phone.
In this regard to be grateful for his ego completes a very significant milestone not commercialization strategy and.
And the tangible development process than a business that we laid out.
2019.
We are very optimistic as we get into the hard enough and the testing process at some level then you promise test facility.
And we'll be ecstatic when we complete this phase of the project unconfirmed customers.
You partner and the Mafia launch the Clearsign burns off quite even to be ready for wide scale industrial deployment.
We are looking forward to the installation process began a pilot census.
Getting performance and ease of use feedback from customers are moving into the formal launch of this industry Clearsign I got it.
The move to start back up I mean gauge I bought a burn demonstrations in China is already in motion.
And we'll be solidly underway as soon as we have feet on the ground and the ability to coordinate the much anticipated final installation operation and certification or find cheap oil product.
As always we will keep you our investors informed as these and other developments occur.
Personally I look forward to updating you views in the future. Thank you for your interest in clear sign.
That concludes my prepared remarks today okay.
Operator, please open up the lines for questions.
And we will now begin the question and answer session. If you would like to ask a question. Please press Star then one on your Touchtone phone if you.
If you are using a speakerphone please pick up your handset before pressing the keys to it.
Withdraw your question. Please press Star then too.
At this time, we will pause momentarily to assemble the roster.
And our first question today will come from Jeff Sunglass. Please go ahead.
Hey, Jim I want to make sure you can hear me.
Hi, Jeff, Yes, I can thank you.
Okay, Yeah, I have two questions. So the first.
One is when you announced the partnership with FICO the market more or less just beyond that but you know from your standpoint with your remarks today. It seems you do see it as a bigger deal then I guess, how the share price reflected it right.
I'm quite confident that I'm right. In this case you know the if we compare the two we had a very skewed recognition when Exxon.
I used to purchase all of the buttons on clear sign.
And as you said the.
The impact to all by announcing our collaboration with Zika was much more muted.
From my perspective looking.
Looking at the strategic development of the company no wells, though I will never Oh under.
Understate the importance of EXL I really believe that the collaboration with Veeco is.
Is the fundamental milestones that we have been seeking.
Oh really since the middle of last year. This really is the right the gateway to get his commercial in two in mid May.
Maybe in simple terms you have it.
So be it.
<unk>.
If we get a recipe for great brands and we've baked a couple of loews ourselves to a a to sell the range.
The Ranger was eco is like forming an agreement where they.
Hey, Great Global bakery chain is it's truly getting up a process that is in the global market I can't understate, how fundamental studies.
Hopefully a sign that.
Yes. The response was muted, but I really believe the results will be evident in the other future business.
Future business of lives on.
Yeah, all right.
A quick one other.
One other question.
Your comments regarding Exxon and B, you Gotta burner.
You mentioned that they had expanded to some of the requirement to maybe putting words in your mouth, but good.
<unk> expenses those requirements being that this is more than just.
Again, I'm, putting words about more than just looking important baytown, but they want to find out if this works across their entire theater fleet.
Hi, Mike.
I have to be Catholic speaking for four.
Excellent but.
Yes. It it was it was quite clear working with that project team as.
As these specifications developed they were looking much much more.
Much more widely than the operating requirements for this single destination heater.
Also you know putting the pieces together, we look at the hours and the impact the years, the Exxon have been assessing the Clearsign technology.
And the efforts that they have been well they have put into this project and continue to put into this projects.
We really believe that this is a part of something much bigger.
<unk>.
With Exxon and.
You know knowing that we have the.
The central and Engineering Division of X only enroll rather than just the baytown refinery.
You know, what that's going I I can't make statements for Exxon, but from my perspective, all all the possible for this to be the.
And we truly believe it to be the.
The.
Testing of banks on all of our vendors for a a much.
A much wider use globally.
Gotcha Gotcha, Okay, and I'm, sorry, one last piece I think I missed when did you see many was going to be able to get back into China.
So his his visa they have a night a we know it's the it's the second half of this month.
And then on lending he yeah. He has to go into a quarantine on landing that's the same for everyone. So.
So we actually expect.
On the ground earn.
Around mid.
Around mid October.
Okay perfect. Thank you appreciate it.
Thank you Jeff.
And our next question will come from Robert Peck, Sig with Las Colinas Capital Management. Please go ahead.
Hi, Jim Good to talk to you again I've often thought.
Hi, something I've been thinking about for a while could you give us some sort of oh.
A measuring stick on the durability of the material that you're using a as far as maybe the amount of heat or the amount of time that it's used.
In other words.
It is it is it capable of withstanding you know temperature is far beyond the temperatures that are used in these heaters just just looking at the at the right.
At the refinery heaters could you could you kind of talk to that a little bit maybe numerically.
As far as far as durability, and the heat temperatures and stuff I.
I cant Bobby.
Oh.
I called ready for <unk>.
She got to two products that no that will be applicable to and I'll I'll address them both.
So the.
First is the sensor technology, you know the <unk> being combined.
Proves the Autonation probe.
She stick into the flame and.
And really do not last for you.
The though a very oh.
Well have a very high maintenance need they.
They've been up and they are really probably going to lose in that they are left for connectivity.
The class one of my sense of it works through a different technology, but the.
Surface all the metal components closest to the flame. We've we have measured is between 300 and 350 degrees.
On the material is actually able to withstand.
Yeah, 15, 1600 degrees today is I think very great.
Safety margin on products, we really believe that we have a very very durable design.
Design all play it's fine all right.
The.
I think the other technology that are maybe referring to to the buttons.
But I space, we have the ceramic components that we using.
In service now for.
Yes several years on.
A one installation in particular in California, the the heater is actually on a daily cycle.
So rather than starting the units up and leave it to operate at a consistent load, which really doesn't stressed ceramic material that much.
I hate to recycled off jury nine and then brought back on every single day.
And so.
It's probably receive 10 lifetime's worth of work in in a year and we did not see a single failure of any of the ceramic components.
On the heater.
Oh, we have sold the best material available and we we really believe that we have the raw material for the job.
And I guess I guess the other question is.
When you do these tests and so forth.
Are there like hundreds of hours.
I guess I've testing or operating burners already with what the ceramics and your whole your whole design.
I guess I'm, just kind of thinking of the drama this.
Of this test upcoming test and then the installation afterward.
Could you just give us an idea of what kind of.
Oh.
What kind of duration have the burners already experienced.
Well the ones you're talking about for the refineries.
Outright neat.
Only the duration we've experienced at this point it has been in any other installations, that's oh my fed you're referencing the other.
The battery Californian and particularly the cycling.
The testing that we have coming up.
I wouldn't see go for the excellent project.
The data that we all monitoring and validating there is the emissions performance the.
No the flame length about the burn is just turn up and down and operate just like your regular burner.
Based their findings is looking to make sure that the burn is do the job for them Oh. It obviously of course to make the missions guarantees.
But also too.
You bet off right and be driven white, they need to meet their needs work.
That is the.
Fundamental requirement of the test is it, especially making sure the beds do you.
Leaf the guarantees that will may made for the better performance.
Over time.
You know we will see a.
Longevity, all the materials that that will not be evident from the.
The testing about a testing is a much shorter duration in fact, the formal witness testing these burners.
When we get to that point and I'll I'll be phased out by saying that the testing period includes the pre run on the optimization just base.
It's basically like a.
Preparing a play and then going through the dress rehearsal gatchell witness testing is the final performance.
Final performance, Paul when we get there is anticipated to last about a week in total.
I cannot point when the band is getting installed into the refinery.
They'll bring the he dropped to write as fast as that at around schedule allows.
And.
You know it it will be evidence.
Yes, certainly within a week.
No. The buttons are doing what they are well well they are supposed to do we get that data quite quickly and then the materials will be proven out there truly of over years, because the equipment is selected to.
Last at least from one shutdown to another.
And we expect it to not have to last longer than that.
Okay, great. Thank you.
Thank you thanks, Jim.
Thank you Bill.
And once again, if you Digest a question. Please press Star then one.
And our next question will come from Robert Harvey. Please go ahead.
Hi, good afternoon.
You address or I guess, how products for the process burnt or the boiler burner, a sensor and flair markets or could you.
Could you just spend a few minutes talking about the largest addressable market within each of those four components areas.
I can I mean to it.
It's actually very interesting question I mean, they are the first to mine is also in the <unk> and assessing what timelines at this point.
Is the process than a business, especially following the.
Our collaboration agreement with Zika and the fact that that is so close to truly be launched.
Yeah right now we have the if you like the basic Bana design as we sold wakes on.
Ready to go and being quoted.
But that will expand into the other processes throughout all refineries.
Which is a huge development, but then beyond that it will also be expanded into the petrochemical plants.
Well, which include the ethylene bonuses, so sort of potential there is absolutely enormous.
But thinking beyond that the other boiler burners, and but but only focused in China I think on a previous call. We referenced the market that we believe is about 350000 boilers that allowed you to be retrofit in China.
Over the next 10 years to come into compliance with the latest emission requirements from the Chinese government.
So do you know or you don't have a crystal ball to say exactly which of those markets will develop the most but those two either one of those two could be bigger than the other but both have actually huge potential.
But then looking even.
[laughter] further afield, we have the right the almost sensor which has I think.
Extremely high volume market I mean the.
The pilots were in bed is all around the world is not restricted to it.
Emissions tight.
Hi areas.
Well there is its compliance need and the bad as need be retrofit. This is a product.
That is applicable to every button about has a a pile of what they claim that has to be probably going to be in place.
Globally, so throughout the U.S., but try to every country. The volume there is huge but also on it actually is on on the sensor product line.
No we have a.
Contract for the aerospace industry and become named the Parliament.
To develop that's in.
In into the EPS base business. This is a very different application is it's quite technical there's a lot more work to be done, but the other potential market from that may actually dwarfed the others. It could be absolutely enormous but it is further out.
The flavors is isn't immediate problems we have oh.
The first is obviously significant for us but it doesn't.
Have the same monumental potential that the other three.
Well the ones do.
Yes, I think food is ready to me the essence of the question isn't which is the biggest because each of these three it truly has a an enormous potential for clearsign.
In terms of focus.
We won it it's about walk me to bring to market present, having got the agreement with Zico and got that product truly into a commercial for where we are actively quoting it's.
I think the timing is the real question and and the process that is all at the head of the line and will.
And we'll be the first to market.
But that doesn't diminish our excitement for full for the other businesses. It just means that they're a little bit further along.
Into the future before we truly expect to happen it.
Fully commercialized then and with on it to make the most of that.
Their potential.
Thank you I'm not sure.
So you put it is that I see there's three athletes huge markets and I'm an old me when we look back on this to try and predict which of those three would actually be the biggest is it.
It's very difficult to decide and they all have enormous potential.
Well you must be encouraged that Exxon has for the burner to be tested in a way I guess more thoroughly or more broadly a comprehensively tested for.
A little wider number of a heater installations, so I guess.
I guess you mean the.
What you said that means that they might be installable in the petrochemical plants as well as the refineries.
Are you allowed to call that a the time frame for the testing when the test will be complete as the first.
First half of 2021 or what are you allowed to say anything about what you're testing schedule is and what you might have results.
To give some.
Approximately they smell went to be honest, we not totally in control of the dates, especially the the Ashland installation because that will be done and controlled by Exxon.
And when they choose to bring that he did down for turnaround.
It does depend on the.
On the operating requirements of refinery and the other 10 or projects that they have.
Oh, sorry, I really say that as a caveat out this time.
Our expectation is that the business will be installed.
In Q1 of next year and brought up and running in that time frame.
Oh regarding the testing out busy facility, obviously to happen down their installed in Q1 of next year.
They will be tested.
In time for us to go to a final cleanup packaging and shipping to the job sites.
For installation in that timeframe. So so from that without giving exact dates you can kind of envision that the other testing is on I don't know.
Immediate horizon.
Thank you.
Yeah.
Thank you Robert.
And this will conclude our question and answer session I'd like to turn the conference back over to Jim Taylor for any closing remarks.
Thank you operator.
Thank you everyone for attending this call today. This concludes the place I technologies second quarter Twentytwenty results Conference call.
We appreciate your interest in class, one and look forward to updating you on our business progress.
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines at the time.
Hi, everyone else.
Everyone else has left the call.