<SEC-DOCUMENT>0001104659-21-041551.txt : 20210325
<SEC-HEADER>0001104659-21-041551.hdr.sgml : 20210325
<ACCEPTANCE-DATETIME>20210325164520
ACCESSION NUMBER:		0001104659-21-041551
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210323
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210325
DATE AS OF CHANGE:		20210325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ClearSign Technologies Corp
		CENTRAL INDEX KEY:			0001434524
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35521
		FILM NUMBER:		21772959

	BUSINESS ADDRESS:	
		STREET 1:		12870 INTERURBAN AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98168
		BUSINESS PHONE:		(206) 673-4848

	MAIL ADDRESS:	
		STREET 1:		12870 INTERURBAN AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98168

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEARSIGN COMBUSTION CORP
		DATE OF NAME CHANGE:	20080507
</SEC-HEADER>
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<TYPE>8-K
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<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report (Date of earliest event reported):
March 23, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 21%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CLEARSIGN TECHNOLOGIES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in Charter)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Washington</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 31%; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-35521</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 31%; text-align: center"><FONT STYLE="font-size: 10pt"><B>26-2056298</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Commission File No.)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(IRS Employee Identification No.)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12870 Interurban Avenue South</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Seattle, Washington 98168</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>206-673-4848</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Issuer Telephone number) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2 below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-(c) under
the Exchange Act (17 CFR 240.13(e)-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>CLIR</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>The Nasdaq Stock Market LLC</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"></TD>
<TD STYLE="width: 50%; text-align: left">Emerging growth company&#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><B>Item 2.02</B></TD>
    <TD><B>Results of Operations and Financial Condition.</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 23, 2021, ClearSign Technologies Corporation
(the &#8220;Company&#8221;) issued a press release announcing business updates and certain results of operations for the year ended December
31, 2020. The press release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference in its entirety
into this Item 2.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also on March 23, 2021, the Company held a conference
call discussing certain results for the year ended December 31, 2020 and other business related information provided by the Company&#8217;s
Chief Executive Officer. A transcript of this conference call is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated
by reference in its entirety into this Item 2.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information furnished with this Item 2.02,
including Exhibits 99.1 and 99.2, shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated
by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by
specific reference in such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statements in this Current Report on Form 8-K
include forward-looking statements regarding the intent, belief or current expectations of the Company and members of its management team,
as well as the assumptions on which such statements are based, and generally are identified by the use of words such as &#8220;may,&#8221;
 &#8220;will,&#8221; &#8220;seeks,&#8221; &#8220;strives,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221;
 &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;intends,&#8221; &#8220;should&#8221; or similar expressions. Actual results may differ
materially from those contemplated by such forward-looking statements, including as a result of those factors set forth in the Risk Factors
section of the Company&#8217;s most recent Annual Report on Form 10-K and all other filings with the Securities and Exchange Commission
after that date. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update
or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating
results over time, or revise forward-looking unless required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><B>Item 9.01</B></TD>
    <TD><B>Financial Statements and Exhibits.</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 96px"><A HREF="tm2110949d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Exhibit 99.1</A></TD>
    <TD><A HREF="tm2110949d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release issued March 23, 2021</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2110949d1_ex99-2.htm" STYLE="-sec-extract: exhibit">Exhibit 99.2</A></TD>
    <TD><A HREF="tm2110949d1_ex99-2.htm" STYLE="-sec-extract: exhibit">Transcript of Conference Call held on March 23, 2021</A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: March 25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">CLEARSIGN TECHNOLOGIES CORPORATION</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"></TD>
    <TD STYLE="vertical-align: top; width: 46%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">/s/ Brian Fike</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;Brian Fike</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2110949d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font-family: Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font-family: Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_001.jpg" ALT="ClearSign Logo" STYLE="height: 77px; width: 338px"></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ClearSign
Technologies Corporation Provides Fourth Quarter and Full Year 2020 Update</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEATTLE,
March 23, 2021 -- ClearSign Technologies Corporation (Nasdaq: CLIR) (&quot;ClearSign&quot; or the &quot;Company&quot;), an emerging leader
in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing
emissions, today provides an update on operations for the fourth quarter and year ended on December 31, 2020. The Company will disclose
its full financial results in the Annual Report on Form 10-K to be filed with the U.S. Securities and Exchange Commission in the coming
weeks and, as a result, all numbers are preliminary.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;We
have made significant strides towards the commercial development and deployment of our technologies this past year,&rdquo; said Jim Deller,
Ph.D., Chief Executive Officer of ClearSign. &ldquo;We continue to execute on our strategy of developing our business with collaborative
partnerships both in the USA and abroad, as well as expanding our installation base across the industry. We look forward to completing
upcoming key milestones across our business lines in the coming months, and selling our technologies across the globe,&rdquo; concluded
Dr. Deller.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
strategic and operational highlights during and subsequent to the fourth quarter and full year 2020 include:</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Successfully
Installed a Multi-Unit Process Burner Order for Major Energy Infrastructure Company: </B>The installation is made up of three burners
in an existing process heater at a&nbsp;California&nbsp;storage and transportation terminal. The burners were sold by ClearSign's channel
affiliate, California Boiler, who were a subcontractor to the overall project management company, R. A. Nichols Engineering.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Completed
the Performance Testing and Application for Firetube Boiler Burner Certification in China and Signed a Collaboration Framework Agreement
(CFA) with Jiangsu Shuang Liang Boiler Co. Ltd: </B>The Company completed the government performance testing required for their 2-ton
fire tube boiler burner to be sold in the Chinese market.&nbsp; The performance testing results have been submitted along with the required
documentation for certification in China.&nbsp; Assuming the certification is granted, the Company can then produce, market and sell
the burners in the Chinese market.&nbsp; Additionally, the Company signed a non-binding CFA agreement with Jiangsu Shuang Liang Boiler
Co. Ltd to provide a next generation ultra-low emission, and high efficiency integrated boiler burner package for the Chinese market.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entered
into an Agreement with California Boiler for Sale and Installation of 2.5 ppm NOx Capable Ultra-Low Emission Boiler Burners and Low Emission
Flares: </B>The agreement is for the sale and installation of &quot;ClearSign Core&trade;&quot; enabled ultra-low NOx combustion equipment
into the U.S. market.&nbsp;Both companies will be responsible for sales, California Boiler will be responsible for installation and the
provision of controls, and ClearSign will provide the technology and product design.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Received
Process Burner Order from Super Major Global Refinery for European Installation: </B>The order, from a global refining company, is to
design, fabricate and supply the Company's ClearSign Core process burner for installation in a European refinery.&nbsp; This is the first
purchase from this customer and the second super major customer for the Company.&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash,
cash equivalents and short term investments were approximately&nbsp;$8,800,000 on December 31, 2020.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
outstanding at&nbsp;December 31, 2020&nbsp;total 30,077,436.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will be hosting a call at&nbsp;5:00 PM ET&nbsp;today.&nbsp; Investors interested in participating on the live call can dial 1-866-372-4653
within the U.S. or 1-412-902-4217 from abroad. Investors can also access the call online through a listen-only webcast at https://www.webcaster4.com/Webcast/Page/987/40200&nbsp;or
on the investor relations section of the Company's website at&nbsp;http://ir.clearsign.com/overview.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
webcast will be archived on the Company's investor relations website for at least 90 days and a telephonic playback of the conference
call will be available by calling 1-877-344-7529 within the U.S. or 1-412-317-0088 from abroad. Conference ID 10152791. The telephonic
playback will be available for 7 days after the conference call.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
ClearSign Technologies Corporation</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ClearSign
Technologies Corporation designs and develops products and technologies for the purpose of improving key performance characteristics
of industrial and commercial systems, including&nbsp;operational performance, energy efficiency, emission reduction, safety and overall
cost-effectiveness. Our patented technologies, embedded in established OEM products as ClearSign Core&trade; and ClearSign Eye&trade;&nbsp;and
other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range of markets, including
the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, transport and power
industries. For more information, please visit&nbsp;www.clearsign.com.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cautionary
note on forward-looking statements</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
statements in this press release that are not based on historical fact are &ldquo;forward-looking statements.&rdquo; You can find many
(but not all) of these statements by looking for words such as &ldquo;approximates,&rdquo; &ldquo;believes,&rdquo; &ldquo;hopes,&rdquo;
 &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
 &ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;may,&rdquo; &ldquo;will&rdquo; or other similar expressions. While
management has based any forward-looking statements included in this press release on its current expectations, the information on which
such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and
are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, that could cause actual
results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, general
business and economic conditions, the performance of management and our employees, our ability to obtain financing, competition, whether
our technology will be accepted and adopted and other factors identified in our Annual Report on Form 10-K filed with the Securities
and Exchange Commission and available at&nbsp;www.sec.gov&nbsp;and other factors that are detailed in our periodic and current reports
available for review at&nbsp;www.sec.gov. Furthermore, we operate in a competitive environment where new and unanticipated risks may
arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim
any intention to, and, except as may be required by law, undertake no obligation to, update or revise forward-looking statements to reflect
events or circumstances that subsequently occur or of which we hereafter become aware.</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
further information:</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investor
Relations: </B></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matthew
Selinger</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Firm
IR Group for ClearSign</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1
415-572-8152</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mselinger@firmirgroup.com</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Event Name: ClearSign Technologies Q4 and Full Year 2020 Conference
Call</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Event Date: Tuesday, March 23, 2021 5:00 PM ET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Officers and Speakers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Matthew
Selinger; Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Brian
Fike; Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Jim
Deller; Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Analysts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Amit
Dayal; H.C. Wainwright</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Robert
Sussman; Bentley Capital Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Robert
Harvey; Private Investor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">James
Kennedy; Marathon Capital Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">David
Brown; Private Investor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Robert
Kecseg; Las Colinas Capital Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Presentation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: Good day, and welcome to the ClearSign Technologies Fourth
Quarter and Full Year 2020 Conference Call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Operator Instructions]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please note this event is being recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I would like now to turn the conference over to Matthew Selinger of
FIRM IR Group. Please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Matthew Selinger: Good afternoon, and thank you, operator. Welcome,
everyone, to the ClearSign Technologies Corporation Fourth Quarter 2020 and Full Year Results Conference Call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, whether 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 a discussion in the Risk Factors section of the 2019 Annual Report on Form 10-K. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So on the call with me today are Jim Deller, ClearSign's President
and Chief Executive Officer; and Brian Fike, ClearSign's Chief Financial Officer. So at this point in the call, I would like to turn it
over to Brian Fike. Brian, please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brian Fike: Thank you, Matthew, and thank you to everyone joining us
here today. Our financial results on Form 10-K will be filed with the SEC in the coming weeks. All numbers mentioned here are preliminary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The cash burn for the quarter ended December 31, 2020, was approximately
$1.8 million, compared to approximately $1.5 million in the same period of 2019. This increase is specifically due to the extensive product
development we have ongoing in our process burner product line and to a delayed payment for a past complete project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our cash and investment resources were approximately $8.8 million at
the end of the fourth quarter of 2020, compared to $10.6 million at the end of the third quarter of 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares outstanding at December 31 of 2020 were 30,077,436.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is important to note that with our quarter-ending balances, we have
sufficient working capital available to carry us well into 2022, and that is without revenue from any other sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And with that, I would like to turn the call over to our Chief Executive
Officer, Jim Deller. Please go ahead, Jim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Thank you, Brian, for that financial overview. Hello, everyone,
and welcome to the ClearSign Technologies Fourth Quarter and Full Year 2020 Conference Call. Thank you for joining us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have had a lot of recent activity, especially in the last few weeks,
and we're excited to share more details with you. Some of this will be new and some giving more color on backgrounds to topics covered
in press releases issued in the last three months. As there have been many new developments since our last call in late November, I will
spend the majority of this update giving more detail of these recent activities and how they fit into our overall strategic plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I will start off discussing two recently completed multi-burner process
burner installations. One of these, related to our infrastructure project, was the topic of a press release issued earlier today. I'll
make further comments on this product line in general and then move into developments in our boiler burner product lines, both domestic
and the significant progress in China that we announced yesterday. I will end up with my review of our technologies, some comments related
to flares, and provide an update on our ClearSign Eye sensor products. After some general business-related topics and my closing remarks,
we will open up the call to questions and answers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have been quiet on our activities in the Zeeco test facility for
the last few weeks because we have been out in California installing and starting up our process burners in two installations. Due to
the timing of the planned shutdowns, and more importantly, startups, both of these projects needed to be executed concurrently. Both of
these projects were multi-burner heaters, both in critical service -- that is, the plants cannot run without these heaters. Both projects
presented complex operational requirements and now, thanks to our very talented and dedicated process burner engineers and accumulation
of months of product refinement and optimization, both projects are in operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The first is World Oil. You may recall that this is a collaborative
demonstration project one third funded by the California South Coast Air Quality Management District. That is the government regulator
charged with setting the emissions directives for Southern California and identifying the technologies and economic justifications to
support the new mandates. The remainder was funded by the customer, World Oil, and ClearSign contributing in kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This installation is comprised of five burners arranged in a circle
in the floor of a cylindrical heater. The firing intensity of this project is almost twice the American Petroleum Institute recommended
maximum. For anyone on this call from the industry, the firing density for this heater is over 500,000 BTUs per hour per square foot.
For the rest of you, just know that such a firing density is very rare in a multi-burner heater and creates an extremely challenging situation,
especially when low NOx is your goal. During the start of our performance-proving process, the burners were all brought up to a maximum
rate concurrently and delivered steady, sustained operation at the maximum permitted firing rate of the heater for several hours before
the site reduced the rate slightly to match their current process demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the installation, these burners were demonstrated to World
Oil while operating in the Zeeco test furnace. As they are very similar in size to our ExxonMobil project, it was efficient to include
this optimization and demonstration as a slight detour from that project, and also as a confirmation that the progress we are making there
is scalable and repeatable to enable it to be deployed as a complete, highly functioning product line. As is routine now, all materials
required for these burners were fabricated by Zeeco and the burners shipped from their site to California early this year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do have a small punch list of items to complete before closing out
this project, and frustratingly, following a one-off anomaly in the fuel gas supply to the burners that occurred after our burners were
up and running, three of the burners need attention to resume their earlier and as-desired operating mode. Even so, this heater is in
full production and under the operation of World Oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overall, this installation has been a success and testament to the
great advances we have made in getting our process burners to the point they are ready to handle the rigors of commercial refinery deployment.
Having this multi-burner installation performing in such a highly fired heater will provide a great reference and validation of our ClearSign
Core technology, and we anticipate will be of great benefit when discussing opportunities with all the prospective customers who have
told us, in one form or another: We love what you can do; we just don't want to be first. This project was installed and the control
system provided by our collaborative partner California Boiler, who are demonstrating great proficiency and now gaining great knowledge
and experience installing our equipment and bringing it into operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As announced in the press release issued early this morning, the second
installation and startup was for our infrastructure project. This is on an internationally known, Fortune 500 company whose main business
is the transportation and storage of fuels. The purchase order for this project was announced back in October 2020. This is, again, a
vertical cylindrical heater with burners arranged in a circle in the heater floor. These burners are close to half the size of the ExxonMobil
and World Oil burners but have the same core configuration; again, validating the scalability of the technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This project was sold by California Boiler and displaced the SCR system
that was originally planned for this project. This is noteworthy, as we believe ClearSign Core burners are a significantly more cost-effective
solution to reducing NOx emissions than SCRs. As a reminder, SCRs treat NOx after it has been produced, while our burners create dramatically
less NOx in the first place, thus eliminating the capital and operational costs of post-combustion NOx reduction. California Boiler also
provided the burner installation and worked with our engineer to bring the unit online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The formal third-party emission verification for this site is anticipated
in the near future, but we do not have a specific date yet. Our own informal measurements were taken during the commissioning process
-- indicate that our burners are performing as expected, and this heater is fully operational and the site is up in full production with
a set of new ClearSign Core burners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This brings us to the ExxonMobil testing. The project installation
was moved by ExxonMobil to Q3 of this year, as was previously announced. Testing has gone well and has been hugely additive to our process
burner technology in general, in part driven by the extensive and holistic operating envelope requested to be demonstrated by ExxonMobil.
One significant final hurdle has been enabling the burners to operate with fuel gas containing from 0% up to 80% hydrogen; again, kudos
to our engineering team, who have now worked out how to achieve this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Now that the two installations in California are up and running, we
anticipate completing the testing and arranging the formal performance demonstration for ExxonMobil in the near future. Improvements to
our technology resulting from this project have been incorporated also into the burners supplied for the World Oil project and the infrastructure
project, enabling us to achieve the success that we have. Even understanding the magnitude and significance of the ExxonMobil performance
test and future installation for ClearSign, we always have to prioritize the site installations and turn our schedules, as our customers
are depending on us to enable them to get their site back up and running on schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, on February 2 this year, we were pleased to announce
another order for ClearSign Core process burner in a second super major. We believe this project is another validation project for our
technology, a part of our roadmap for future implementation to meet the anticipated future emissions requirements. This installation is
in Europe, another first for us, but this super major has multiple refineries in California, the U.S. Gulf Coast and many other U.S. locations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This brings us to our boiler burner product line. We have made significant
improvements to this technology over the last few months. It has been specifically focused on the firetube burner design, primarily because
we have the ability to test and prove our design in the small size range, but we believe we can, and fully intend to, use the improvements
we have made in the smaller burner sizes to scale up to deliver similar benefits in our much larger watertube product line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The most significant development has been to redesign this product
into a single-piece burner that will insert into the boiler through the traditional burner opening in the same way that typical burners
for these applications are installed. This follows the same philosophy that we have applied to the process burners. We need to make our
products easy to use and as similar as possible in their installation and operation to the traditional equipment with which our customers
are familiar. We believe that this will increase the rate of adoption of our equipment and enable more efficient installation and servicing
because it will be more aligned with other burner equipment with which site engineers and service personnel are used to working.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Last month we announced our collaboration with California Boiler for
the sale and installation of firetube boiler burners and flares in the U.S.A. Under this agreement, both parties will sell and promote
the product line. California Boiler will provide the controls equipment or adapt what is already onsite and provide the installation,
startup and ongoing servicing of the burners. This is their core business now, and they have a very proficient team providing this service.
The burner technology itself, including the ClearSign Core, will be fabricated to ClearSign drawings by third-party fabricators. As an
added bonus, California Boiler also has a fleet of rental boilers that can be outfitted with ClearSign Core burners. This will provide
the opportunity to demonstrate and, if need be, optimize the scaled-up versions of these burners before they are deployed into customer
installations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our initial target market for the firetube boiler burners was the Chinese
market, and this is still our biggest opportunity. But with recent developments to the ClearSign Core burner design, we are able to achieve
NOx emissions below the new SCR-focused 2- to 2.5-parts-per-million NOx threshold, opening up what we believe is a great opportunity to
provide an alternative to SCRs in the California boiler burner market, both for replacement and retrofit opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The San Joaquin Valley Air Pollution Control District has already announced
a 2.5-ppm target for mid- to large-sized firetube boilers. This will cover an estimated 230 boilers. We expect that the other regions
of California will settle on similar requirements, and if that happens, we foresee an estimated potential market in the region of 7,000
boilers which will be targets for conversion. Obviously the market can expand throughout the rest of the U.S.A. and other markets as NOx
emission requirements are lowered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Now turning our attention to China. Despite the restrictions in place
to control the spread of COVID-19, we have also continued to push forwards there, and as highlighted by our press release issued yesterday
morning, we have success to share in this market also. At present, we have been limited to only have Mr. Manny Menendez, our President
of ClearSign Asia, in country, so we have had to work around not being able to deploy our technical resources there. However, we were
very pleased to announce that our formal government burner product type testing application and extensive documentation was successfully
submitted and accepted by the China government burner testing authorities. Acceptance of our ClearSign application was required before
the government agreed to proceed and schedule formal onsite commercial burner product testing for safety, performance and to verify that
our burner is in compliance with the Chinese regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, as announced in the press release, we have successfully produced,
installed, commissioned and brought into full operation our ClearSign Core ultra-low-NOx firetube burner and a commercial firetube boiler
in China, and, importantly, arranged for the Chinese government testing authorities to conduct and complete their rigorous burner product
tests. We believe this demonstration met all requirements, although to be absolutely transparent, in accordance with the official Chinese
process, we do not have written confirmation of this at this time. But this is expected to be received during the second quarter of this
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For anyone not aware, the Chinese government burner &quot;type&quot;
testing is mandatory for boiler burners, and if granted, our formal government burner product certification will certify that our ClearSign
Core firetube burner is a commercially approved production ultra-low-NOx burner model, and accordingly, is allowed to be marketed and
sold in the China market. This formal government certification, assuming it is received, will be a major milestone for ClearSign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we celebrate this anticipated breakthrough, completing the product
certification process is only a means to an end. Concurrent with the documentation and demonstration of our firetube burner, we have been
busy developing sales channels and a supply chain to turn this into a profitable business in China. And as in the U.S.A., we plan to do
this through collaboration and partnerships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One avenue that we have been developing is a strategic sales channel
and alliance with China's top-tier boiler company, Jiangsu Shuang Liang Boiler Company, Limited, a subsidiary of China's Shuang Liang
Group Company, Limited, which is one of China's top 500 enterprises. Shuang Liang Boiler Company has the largest market share and ranks
as China's #1 boiler manufacturer in the industrial boiler, district heating boiler and commercial and institutional boiler markets, with
over 700 active sales personnel. We have been developing our relationship with Shuang Liang Boiler Company now for some time, and in fact,
they have provided the firetube boiler personnel and facilities needed for our demonstration firetube burner. Today, they are aligned
with ClearSign and see great potential in providing a next-generation, ultra-low-emission and high-efficiency, integrated boiler burner
combustion system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As was included in the press release issued early yesterday morning,
I'm excited to announce we have signed a nonbinding collaboration framework agreement to this effect, and in addition to the relationship
that has been nurtured with Shuang Liang, we have confidence in the sincere interest of the Shuang Liang Group due to the fact that they
have already invested notable resources, expense and effort in facilitating our burner demonstration. We do continue to maintain our close
relationships with the Beijing District Heating Group. We are both looking forward to being able to resume work to demonstrate our large
boiler burner technology and the 29-megawatt watertube boiler in Beijing. In addition, the Beijing District Heating Group has expressed
an interest in possible firetube burner opportunities once our firetube burner certification is in hand.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I will now briefly switch to our other product lines. As mentioned
earlier, our agreement with California Boiler includes flares in addition to boiler burners. Following the successful startup of our most
recent flare order, discussed in our call last November, we have optimized this product and extended its operating range. Our plan is
to provide fabrication details for a range of complete flares, starting with the smaller sizes. These will then be fabricated by a third-party
vendor on an as-needed basis. There is a controls element to the company's flare equipment in addition to the need of installation, startup
and ongoing services. Our collaboration with California Boiler is very complementary to our respective technology and capabilities in
this regard, and given that the current need for this ultra-low-emission flare technology is in, primarily, California, our collaborative
partnership with them makes us very well positioned to develop this market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our ClearSign Eye sensor product is now operational, and we have a
full demonstration unit set up and in the hands of our sales team. This demonstration comprises a fully functional industrial pilot, basically
set up on a transportable tripod that runs on fuel from a standard propane bottle, just as is used on backyard grills. Our ClearSign Eye
is mounted to that pilot, just as it will be on the operational pilot on customer sites. This demonstration setup also includes all the
controls equipment necessary to operate the sensor and show that the flame is on, the flame strength, and to send a signal back to the
customer's operations control system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To date, opportunities to demonstrate the Eye have been limited by
customers generally not being in the office, or if they are, not able to receive external visitors. As working life returns to normal,
in hopefully the near future, we look forward to finally being able to get this new technology into the hands of our customers and ultimately
installed in some first-adopter sites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Turning our attention to internal matters, I am very pleased to welcome
Judy Schrecker to our Board of Directors. Along with her energy, Judy brings more than 40 years of financial and operating leadership
with board participation and broad international experience. Most recently, Ms. Schrecker was Vice President of Finance of Flat Rolled
Products at ATI Metals, Inc., a global manufacturer of technically advanced specialty materials and complex components, overseeing revenues
of over $1 billion. Prior to that, Judy was Chief Financial Officer of Alcoa's Global Rolled Products business and a member of the executive
council of the company. In my conversations with Judy to date, she has demonstrated a strong affinity for the operations of the business
and applying her financial acumen to identifying and maximizing opportunities for profit. I am personally very confident she will be a
great complement to our board, and on behalf of the board, again, we are very pleased to welcome Judy to the team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While these calls are necessarily retrospective, our focus is always
on the future. We have some key events on the horizon that it makes sense to note. In the next few months, we expect to receive the formal
confirmation that our first firetube boiler burner is certified and authorized for sale in China. This will be a great milestone for ClearSign
and enable us to start selling our first fully commercial product in China. Our expectation is then to arrange and negotiate the partner
and vendor relationships we need to sell, deliver and service our burners while in parallel cycling through the certification process
of other burner sizes to complete our commercial firetube boiler burner range in China.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will follow a similar course in the U.S.A. We will first demonstrate
our 125-horsepower firetube boiler burner in a non-ClearSign operating boiler; then, in tandem with our China project, will develop and
prove the larger sizes to complete this product range. The commercialization in the U.S.A. will be done with our new collaborative partner
in this market, California Boiler.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our big milestone on the near horizon for our process burner product
is to complete the performance demonstration for ExxonMobil. As discussed, this has been delayed a few weeks by our recent startup activities
on the two multi-burner heater sites in California, but we look forward to returning to the Zeeco test facility and bringing this extensive
testing project to fruition. As an indication of the quality of our relationship with Zeeco, we have continued to make progress with this
testing remotely from California, working with the Zeeco team, who, like us, are eager to demonstrate this finished product and to push
forward with the development of our process burner business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The completion of this testing is also a milestone in the development
of our mutual business with Zeeco and to initiate a much more comprehensive engagement. For both the validation of our burner technology
across the very extensive operating requirements requested by ExxonMobil and, we believe, being watched by the United States refining
industry at large, and the strategic engagement of the [indiscernible] Zeeco business infrastructure and expertise, the completion of
the ExxonMobil demonstration will be a very significant importance to ClearSign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Of course, we also have the new order for our second super major to
complete. This will be tested at the Zeeco facility prior to shipping to the final destination in Europe. This will add further to our
installation references, and we anticipate the general confidence within the industry of the solutions and benefits that ClearSign Core
offers. Beyond this, we do have an active sales funnel and look forward to future orders. Our sensor, ClearSign Eye, is in the hands of
our sales team, who look forward to customer engagement and being able to place the first units into operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Before I close, I want to thank our employees for their continued focus
and hard work this past quarter, and for working out how to get the job done despite the complexities presented by the effects of COVID-19;
in particular, for the dedication and commitment of those developing our technology and seeing our site installation projects through
to a successful conclusion. Of particular note, Mr. Manny Menendez for delivering our success in China; Dr. Donald Kendrick for advancing
our firetube boiler burner technology to enable sub-2-ppm-NOx capability; and Mr. Jeff Lewallen and Dr. Venkatesh Iyer for our concurrent
installation and startup projects in California and the huge progress they have made to the operating capability of our process burner
product line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With that, operator, can we please open up the line for questions?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Questions &amp; Answers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: [Operator Instructions]</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our first question will come from Amit Dayal with H.C. Wainwright.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amit Dayal: Congratulations on all the progress; very impressive stuff.
With respect to just revenues for 4Q '20, did you have any revenues in the fourth quarter?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: So Amit, I can start off. Brian may add details. The infrastructure
project was our -- I'll call our first -- what will be an example of a normal operational project. That now was sold at our planned pricing.
It was executed as normal, fabricated by Zeeco, shipped to the site and started up as normal, and just completed. But that project was
the one that we announced very recently, and the actual work and the revenues for that will fall into Q1 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amit Dayal: Okay. Not a big deal; I just was wondering if there were
any cores in the fourth quarter, or will most of that show up in the first quarter, so I guess I have my answer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Correct, yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amit Dayal: Okay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Plus -- yes, the -- yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amit Dayal: Yes. And then just with all these developments from a commercialization
perspective, could you share a bit more on a high level, if you can, like, what is in the backup now? And these projects that you are
hoping to deploy, are these all for 2021, do you think, or will some of these go into 2022 also?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Yes, Amit, let me address that. I'm not sure if I can get
down to the exact specifics that you asked, but the -- we'll start with the -- there's two big product lines. We'll start with the process
burner product line. Also, we have the second super major order that we announced, and the -- that project will ship and be installed
in Q3 of this year. That's, at least, the current schedule. So that's definitely going to be a 2021 project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But we're really looking at a ramp-up from this point. That is a demonstration
project for that super major oil refinery. Even though it's going to Europe, they are looking at -- or we believe they're looking at,
I should say -- the multi U.S. refineries that they have here, and as part of their emission reduction programs here in the U.S. So success
there is going to really seed our pipeline with a major oil company with multiple refineries to be addressed here in the U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And the situation is similar with the ExxonMobil projects; it's a single
project right now that's due to install again in Q3 of this year. But the purpose of this project is not a one-off sale; this is for the
technology to be proven and then included as part of the emissions control plans for at least the Baytown refinery, and we believe multiple
refineries, for ExxonMobil. We do -- we obviously have interest from other clients, but I'm really looking at the big strategic opportunity
and the pipeline to really deliver the large growth that we expect, and that's going to come from the major oil refineries that have these
huge plants and really a huge need for burners and a huge need to control emissions in the regulated states, especially California and
Texas.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also talked about our firetube boilers, and both in the U.S.A.,
we do see an imminent opportunity there, but San Joaquin Valley has, in December, rolled out their new emissions targets. We have recently
developed our firetube boiler burner that we believe uniquely can meet those targets without an SCR, so our collaboration with California
Boiler, we have a channel to market, so we are in a position to start delivering that product and to rapidly scale it using their rental
boilers to meet those demands. So that is definitely a near- to midterm sales process. And then in parallel, now with our -- what we will
expect will be our certification in China, we will have a product that's certified for sale there.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incidentally, the burner that we have in China, we've built that in
China. That is a Chinese product, fabricated with Chinese vendors, installed in China, tested in China. So we can repeat that, and we
have that process worked out. And then with the Shuang Liang Group, with that massive sales team intending to incorporate our burner into
their boilers, we have a very powerful sales channel. So I think all of those really lead to a very promising sales expansion in the reasonably
near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amit Dayal: Yes. So with respect to your comments on China, that was
going to be one of my questions, where all these products, which the Chinese market will manufacture -- how should we think about that
in terms of your -- the burden on your balance sheet, et cetera, to finance some of those things? Is this now going to be shorted a little
bit by some of these partners, or will you still need to make some investments to get some sort of manufacturing setup going over there?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: The plan today is to operate very much as we have in U.S.A.
The fabrication of the burner that we have there and in the future will plan to be done in third-party fabricators. Now, I want to make
a distinction: We are not going to a Chinese burner manufacturer for multiple reasons, one being IP. What we've done is, we have the drawings;
we've developed the technology here in the U.S., so we have the drawings, and then we will take the different burner components and actually
have them fabricated in different Chinese fabrication shops unrelated to the burner industry, and then we'd bring those components together
to provide the completed burner. But we are doing it with third-party shops. So I won't say never, but certainly at this time, there are
no plans to develop our own fabricating facilities in China. We will work through partners and collaboration. And we let them do what
they do well, which is the fabrication. We will just bring our technology components together to deliver the final product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amit Dayal: Understood. And with this -- with respect to this win in
Europe for the demonstration with the super major entity, was this sort of an organic win or was this through a distributor? How did this
come about? And what are you doing for potential other opportunities in Europe? Are you looking to other distributors? Are you attacking
the market organically?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Yes, great question, Amit. So yes, let me explain. This
product, this particular order, is going to a heater in Europe. The client is a global super major refining company along the lines of
-- it's obviously not Exxon, but in that tier. We know the senior engineers of these companies very well, and it's through our relationships
with them that they have become obviously very aware of what we are providing, and ClearSign Technology, and of the progress that we've
made in developing our product and getting it to the point that it's ready for deployment. They wanted to test the products with an eye
to their future installation plans, and it just so happened that the heater and the installation that made the most sense for them to
put this first project happened to be in one of their European refineries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So we did not approach a sales channel in Europe to find the opportunity.
It was really a sell to the super major oil company. They were looking for somewhere to test the technology out as their first project;
that happened to be for this destination in Europe. I think further in our plans, there -- I hope there will be opportunities into Europe.
At this time, the emissions legislation there is not as tight as the U.S.A., and quite frankly, I'm very interested in getting our business
going as quickly as possible. We have a very large addressable market in the U.S.A., and especially for the process burners. We are focusing
here to get that done quickly rather than spreading ourselves thin and spreading into Europe at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: Our next question will come from Robert Sussman with Bentley
Capital Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Sussman: A few questions: Can you tell us why Exxon delayed
until the third quarter? And you indicated, I think, an issue with your installation in California, as slowing down your demo and testing
for the Exxon project. Can you give us an idea when the Exxon testing could be done, based upon the corrections that you've made in California,
and why Exxon did delay it till the third quarter?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Okay. I don't want to correct a question, but I think there
are some assumptions there that I need to address. Firstly, there is no correlation between the installation in California and the testing
for Exxon. Exxon had multiple shutdowns. It's a very complex refinery. And I can't speak for Exxon. They did move that installation to
Q3, and we just very much look forward to getting our product installed in that refinery then.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The burners in California, the World Oil site, they're -- that project,
it's a little frustrating, but our project worked really well. The burners were installed, they ran up, they were operating, they ran
at their maximum firing level for a very sustained period of time. It gave the refinery confidence at that full rate, and they finally
just reduced back down to the normal operating rate. So everything was working very well, except at some point later, there was an anomaly
in the fuel gas supply that caused a problem. It's obvious we can address it. We can go back and take care of it. That is in no -- it's
not related to Exxon, and unfortunately it's there, but it shouldn't diminish the results as they're seen in terms of proving the ClearSign
technology. Our burners were running for a long period of time and very smoothly until this happened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The reason that I mentioned it is really just to be transparent, and
if our customers want to go and see that site, we'd obviously want them to know that the burners were not all operating as we designed
them right now. We certainly hope they will be as soon as we can get back into that heater, but it's not a -- I wouldn't want to take
that as a reflection on the state of our technology. Our engineers did an absolutely incredible job developing the burners to this stage
and to get these burners running in such a highly fired heater, and performing as smoothly and as well as they did, and up to and including
the maximum firing rate in this heater, just as designed, was absolutely incredible. And I'm personally extremely pleased with that result.
So it's very difficult to bring up what happened after out of concern it will be taken in the wrong light, but this really was a huge
success for ClearSign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Sussman: Good. So can you give us some timeframe for when you
think you'd be able to complete the Exxon demo and get Exxon to approve it? What a timeframe might be?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: I can't give an exact date. We don't have a date arranged
with Exxon yet. To use a football analogy, I certainly believe we're at the five-yard line. Getting the burners to operate over a fuel
gas range from 0% hydrogen to 80% hydrogen, those may be just numbers; to anyone in the industry, knows that that is an extreme fuel range,
and it's a huge achievement for a burner technology. We've been able to show that, and we've got the burners to operate over that range.
We do have some minor finishing touches to complete, so we're not quite ready to call in for our final demonstration yet, but I'm very
pleased with the progress we've made, and I think it's going to be in the -- the best I'd say, the reasonably near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Sussman: Okay. My last question is: What do you think the timeframe,
if things go -- the optimistic timeframe would be to get the approval from the Chinese government to sell your product with your Chinese
partner?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: So in the call -- within this coming quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Sussman: Within the second quarter is what you mean, I assume?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Yes. Yes, I mean, Q1 is pretty much over. Yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: Our next question will come from Robert Harvey, a private
investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Harvey: Jim and Brian, the -- I believe you said, I think it
was sometime last year, that the addressable boiler burner market was 7,000 or 7,500 units in California, but if I recall correctly, 350,000
in China. California is one of the most populous states in the U.S.; how is that there's so many? And are these equivalent, the 7,500
in California are equivalent to each of those 350,000 in China, or are the Chinese ones smaller? Just a sense of the addressable market
would be helpful. Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Yes. I'll answer this the best I can. The application of
boilers in China is a little different. So the 7,000 number is what we -- it's our estimate of the firetube boilers in California, because
the firetube are typically the -- I hate to say the smaller end of the range, because these things really get to be quite big, but when
you get up to watertube and sting generation they get absolutely massive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 350,000 boilers that -- and that's not the total boilers in China,
that's just the number that we believe need to be converted to ultra-low-NOx because of the nonattainment regions within China. So they
have a lot more boilers than that, but this is their immediate market need. About 80% of those, we believe, are of the firetube type,
the remainder being the larger watertube.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The difference in China is the northern regions of China, they have
a district heating model. So whereas here in the U.S. we have personal HVAC systems that heat our houses and heat our offices, in China
the district will have a government-run boiler plant that will have a whole series of boilers, and they heat up hot water they pipe around
the buildings within that district to provide the heating during the cold months of -- and you can imagine, in Beijing and north of Beijing,
it actually gets really cold. So there are some very big government organizations in China that run many, many boilers, and that's how
the numbers get so high.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also, in our past and present, we have formed a very close engagement
with the Beijing District Heating Group, which is the largest of these government organizations that provide the heating in Beijing, and
we actually have a collaborative project with them. During the call, I mentioned, with regard to the firetube boiler burner in China,
that through our relationship and our conversations with them, and in particular, Mr. Manny Menendez over there, has a very close relationship.
And they are very interested also in our firetube boiler burner project because they have a lot of firetube boilers in their region and
they are in a nonattainment region, and they need to get their NOx emissions in compliance with the requirements of the Chinese government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So your numbers are correct. I think the firetube boilers are largely
similar, but I think the important difference with China is they have these massive government organizations that also provide the district
heating and they also have a very big pending government requirement to the get the NOx emissions from their highly -- high-density population
areas where they do have NOx attainment problems, and they've got a mandate to get those NOx emissions down.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: Our next question will come from Jim Kennedy from Marathon
Capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James Kennedy: Jim, most of my questions have been answered; I just
had a quick one on the China market. Are you aware of competing technologies? Do they have an SCR market over there, or are you one of
the only solutions that you're aware of for that market?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Jim, from what we've seen, there is very little activity
from SCRs in China. I can't say there's none, but I'm not aware of any, and certainly believe it's very low. From talking to the operators
on my last visit there, which was, unfortunately, due to COVID, a little while ago, they like a simple operation. The Chinese are also
very focused on efficiency, so the horsepower required for blowers and the use of ammonia and the quite large operational costs for an
SCR, I believe, will be a deterrent to the Chinese deploying that technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But that's also relevant when we look at -- you asked about other burner
technologies. There are other burners in China; they can't -- I don't believe they can get NOx as low as we can. They tend to use a lot
of flue gas recirculation, which again involves blowers and complexity in the controls. And we've actually got similar responses from
the operating companies regarding those, that just the efficiency, the extra blowers and the complexity of running those systems are not
liked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And we believe that is the main driver between the interest at the
Beijing District Heating Group have shown in our technology, that we offer a burner that has a simple blower, has no flue gas recirculation,
doesn't require any additional ductwork or blower to -- basically, what they do is take the flue gas from the stack and blow it back
around to the burner, so there's extra power and extra construction there. So I do believe that we offer the simplest solution in China,
and as needs arise, I'm -- as we do in the U.S.A., I believe with our burners we have the ability to provide the lowest NOx also.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: Our next question will come from David Brown, a private investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Brown: Great progress. So many different fronts; it's just --
to me, it's encouraging as an investor and an author who's written about the company on Seeking Alpha, that you have so many different
fronts that you're working on and finding success. My question that I haven't heard asked yet was: I wanted a little more color on the
parts per million requirements, especially in the more restrictive markets like California. You mentioned a victory in the San Joaquin
district, that you were able to get the firetube boiler down below 2.5 parts per million, which is their current and future targets. I
know that those targets have kind of moved from below 5 to now even lower, to below 2.5, and various verticals. Can you tell us a little
bit about where the ClearSign Core is coming in with the various verticals, the different types of applications, and how you're meeting
the regulations?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Yes, and I will the best I can. I think the first thing
to note is, especially regarding -- well, California and Texas, the San Joaquin Valley did issue their latest targets in December. The
other regions are in the process of developing their new guidelines. The best indications we have, I believe the other regions of California
are going to come out with numbers similar to the San Joaquin Valley. The numbers for Texas at this point, I truly don't know where --
I don't know where any are going to end up. I don't have as good guidance in Texas. I believe the process burners will be targeting a
similar number. But the regulations typically for process burners -- I mean, as pretty much for the boilers also, vary by the size of
the equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The heaters like the World Oil heater and the infrastructure project
we've just started up, I believe that the regulation for that type of heater is going to come in around the 9-ppm level. That's a general
guidance. With that, with the data we've got that we've noted, the -- and I mentioned the commissioning date, which is the only one we've
seen so far from the infrastructure project, is going to be comfortably below that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Brown: Great. And the same for flare? Now, flares have a larger
ppm, usually, I think, if I'm remembering correctly. You're doing fine as far as keeping your customers happy and hopefully the regulators
happy as well with flares?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Yes, yes we are. Yes, we are similarly comfortable with
the performance compared to the regulations for the flares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Brown: Okay, excellent. I think all -- most all of my other
questions have pretty much been answered. It's -- let me just echo a little bit about what I'm thinking I'm hearing about China, which
sounds extremely exciting. So -- and one, just one clarifying question about China: So Manny Menendez is the only ClearSign staff that's
over there for the last significant period of time, so good for him in getting this all worked out. So you have one demonstration project,
is that -- or are there more than one firetube boilers that you can point to when China is vetting this, and signing off, so that you
can hopefully very soon get -- be able to start selling firetube boilers in China? Is that correct? You have one demonstration project
right now?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: So David, if I can, let me jump in as well, just regarding
the staff. And Mr. Manny Menendez is our President of ClearSign Asia and spends the majority of his time there. We do have a fulltime
Chinese national there also who oversees our business, and obviously, being a Chinese national, he is there fulltime, so we do have a
continuous presence in China, and our Mr. Menendez is in almost constant touch with China even when he's not there. It's almost like he
doesn't come home.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So back to your question, we do -- yes, regarding the firetube product,
we do -- right now we have one demonstration burner that we have demonstrated. The burner is in a boiler of the Shuang Liang Group. They'll
churn boilers out, multiple boilers out daily. So our expectation is, as we scale up this product line, as they have the setup and as
they have the boilers, it will be a very easy process for us to fit our new burner sizes into new boilers and to run through the same
process in China to build up our product line, and that certainly is our intention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The beauty of our relationship with California Boiler is that they
also have a fleet of rental boilers here in the U.S.A., and the technology is the same, so as we develop the burner technology, which
we can do here in the U.S.A., we can then basically send those drawings to China, have those burners fabricated in the manner that I described
earlier, and then install them into ever increasingly large boilers with the Shuang Liang Group to go through the certification process
and build out our product line there.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Brown: Well, congratulations. I think, to me, it sounds like
the setup in China is beautiful, as -- with hopefully no glitches, and having that nonbinding collaboration framework agreement with Jiangsu
Shuang Liang Boiler Company is -- which is the top, #1 company in boilers in China -- that's a great victory, so congratulations on that.
And I'm extremely excited about that news and look forward to further announcements from the company, so thank you so much.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Thank you, David.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: Our next question will come from Robert Kecseg with Las Colinas
Capital Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Kecseg: Congratulations. So many things really came together
on this. I wanted to focus first on the California Boiler, because it seems like that's probably the fastest, readiest to go, to add new
installations and expose the product in the California market. So really, whether there's 7,000 or 3,000, as far as timing goes, don't
you think that's probably the most immediate impact as far as generating some cash for the company?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: I think it's a bit of a race, to be honest. I think that
California Boiler are in a market where we are seeing immediate demand. Very shortly after we had announced that we had the 2.5-ppm NOx
burner, we very quickly became aware of a lot of interest actually being live -- sent in through California Boiler. So that is very encouraging.
On this front, I mentioned a race also in China, with -- now if you think that we have the company, Shuang Liang Boiler Company, who
manufacture boilers, we have been discussing with them an integrated boiler burner package, where they will sell a boiler enabled with
a ClearSign Core burner as a package. That's going to be a unique offering within China. And when you think of the magnitude of that
company with a 700-person sales team, I'm not sure which horse I'm going to back in this race. I think they're both extremely exciting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Kecseg: Well, good. I was going to say, when we think about
the boiler burner compared to the process heater, bigger units, do you think that, again, is where the sooner cash -- I'm concerned about
cash flow and financing down the road, is what I'm kind of talking to. And so the sooner we get cash flow, the better off we are as shareholders.
I'm not [indiscernible].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Certainly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Kecseg: Yes. Can you just speak to that?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: I can. Again, I don't think there's a very clear answer.
Both of our major product lines, the process heaters are -- I really believe that business is finally poised to make some huge inroads.
With the multi-burner installations we now have in California, that is a reference point we've never had before. Seeing the emissions
numbers, or at least what we believe will be the emissions numbers, on the infrastructure projects is going to be a great validation for
us. Completing the Exxon testing and having installed sites with two super majors coming up and demonstrating the operating range that
Exxon has put before us is going to be a great reference within the industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It's not -- these projects are not just being watched by their owners.
This is a very tight and collaborative industry in general. And the technical specialists from all the refineries are watching these projects.
So with that success, I really think it's going to -- potentially going to create a strong growth in the process burner industry. So whether
that ends up growing faster than the boiler business is hard to say. We -- obviously with the boilers, with the opportunity before us
in China and the relationship with California Boiler here in the U.S., and the degree that we've got the technology developed to, to fit
the new requirements of the boiler size in California, I don't see either one as being weak. I think they've both got great potential,
and I think we've got them both to the cusp of really changing this business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Kecseg: Yes, and I have to say that I think it has to be comforting
to know that we're just going for that certification now, and everything is in their hands. And to have that on this call I think was
really significant too. Could you just clear up for me on that World Oil -- so you put in the five burners, you ran them, demonstrated
for them in the Zeeco fab, is what I have here in my notes. And California Boiler made the field installation. But are you saying that
it's -- that they're not running the -- they're not actually running those burners now?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: No, that's not -- Bob, that's not -- no, let me clear
that up. Our burners are in. They're all in. They're all running at maximum rates. And the refinery is in normal operation, and I believe
their refinery is actually running at very high rates. So in terms of productivity from this heater, it's done everything that could
be asked for it. The only blemish that I mentioned -- and it's not down to the burner technology, it's just an unfortunate occurrence
-- is that we've had to modify the tip components slightly, and the burner -- which basically is what we've done, is we've had to de-tune
the NOx-reducing features just because of this unfortunate incident that has occurred, and that's -- we just want to get back into --
to get them back to normal. But they ran in that normal configuration as designed for a long time at the maximum firing rate. So as far
as the technology goes, it was a great success. It's just that unfortunately it's not a great reference for us just because not all the
burners are running in their as-designed form, until we can get back in there just to switch them back.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Kecseg: Okay. And then there was something I learned of years
ago in this industry about the BACT, the best available control technology, in these districts, kind of a declaration of the level of
achievement of the technology. Is that something still significant, that we can look forward to? Or is it not that important?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Well, let me talk in a little more general terms, and I'll
be absolutely honest: The very specific requirements to get a formal declaration of BACT, I'm not confident enough about that to talk
about it in detail. We are obviously working closely with the South Coast Air Quality Management District as part of that World Oil collaboration,
and we are doing that with them because they basically need to demonstrate to the industry that there is technology available to meet
the requirements that they are imposing in the industry. As far as I'm aware, especially with our recently completed reference sites,
we are the most advanced burner technology that they have for that. But in terms of -- if you get down to the technical details of what
goes into BACT, I wouldn't want to mislead anyone, and I'm not absolutely confident of the details of that requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Kecseg: Yes, it sounds great, though, if -- from the way you
just described it. It's an effect that can have a real lever for the company to get more business. Well, I can't think of anything else
right now. I'll maybe call you later. And congratulations to everybody; I really appreciate the news today, Jim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Great. Thank you, Bob. It's good to hear from you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: Due to time constraints, this concludes our question-and-answer
session. I'd like to turn the conference back over to Jim Deller for any closing remarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Well, everyone, I really appreciate your time today, and
thank you for joining the call. On behalf of everyone at ClearSign Technologies, I wish you all the best, and thanks for calling in.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: The conference has now concluded. Thank you for attending
today's presentation. You may now disconnect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
