PyroGenesis Canada Inc. (http://pyrogenesis.com) (NASDAQ: PYR)
(TSX: PYR) (FRA: 8PY), a high-tech company (hereinafter referred to
as the “Company” or “PyroGenesis”), that designs, develops,
manufactures and commercializes advanced plasma processes and
sustainable solutions to reduce greenhouse gases, is pleased to
announce today that, further to its Q2 2021 financial results press
release (section Outlook) dated August 16th, it has signed joint
venture and license agreements (both agreements collectively the
“JV”) with a leading residue processor (the “Partner”) to
transform dross residues into high value chemical products.
“This is a very interesting addition to
PyroGenesis’ offerings as it fits perfectly into PyroGenesis’
existing portfolio of waste management services offered to the
aluminum industry, at a time when aluminum prices are making our
core technology even more valuable. This JV not only solidifies our
Drosrite™ offering, but it is also able to address a downstream
problem that is increasingly plaguing the industry; namely, how to
handle dross residues which are becoming more and more regulated
and banned from landfills,” said Mr. P. Peter Pascali, CEO and
Chair of PyroGenesis. “This is the ultimate coffee & donut
strategy where, with very little additional effort, we are able to
sell, alongside Drosrite™, a separate compelling green solution,
which also further secures Drosrite™’s commercial
competitiveness.”
This 50:50 JV will be geared towards building,
installing and operating dross residue valorization facilities
worldwide. To this effect, PyroGenesis secured, through the JV, an
exclusive license to a patented and novel technology which is
expected to convert dross residues into high value chemical
products. Under the terms of the JV, the exclusive access to the
technology initially applies to projects in North America and in
the Gulf Cooperation Council nations. Upon successful completion of
the first project, the exclusive access to the technology will
expand to include, for all sense and purposes, the majority of the
world. These dross residues are currently either being (i)
landfilled (which is increasingly becoming banned by regulators) or
(ii) sold as cheap flux to the cement industry.
“We are increasingly finding that these residues
are being stored pending a viable solution or are being treated
with a very expensive technology to make them landfill acceptable,”
said Mr. Alex Pascali, Senior Business Development Manager of
PyroGenesis. “We find there is a significant opportunity to be able
to offer, through the JV, an economically and environmentally sound
solution to a serious problem facing the industry. Today’s
announcement effectively secures PyroGenesis’ existing market
position by building upon the Drosrite™ advantage and tapping into
unseen value in the waste stream.”
The first plant, which will be built after
securing a contract to process dross residues, has already been
identified within the Gulf Region and discussions to secure and
process those residues have already taken place. This facility is
expected to be designed to process approximately 25,000 tonnes of
aluminum dross residues per year and convert these aluminum dross
residues into high margin products with an expected selling price
of between USD$200 to $450 per tonne.
Aluminum dross is typically comprised of two
elements: (i) aluminum metal (60%), and (ii) aluminum oxides (40%).
PyroGenesis’ DROSRITE™ system can recover up to 98% of the aluminum
metal fraction. It is this remaining 40% aluminum oxide (dross
residues) material that is often landfilled or sold as a cheap
additive. Following today’s announcement, it is expected that these
residues could now be processed by the JV, and converted into high
margin products, such as aluminum sulfate and ammonium sulfate,
thereby transforming a waste stream and unlocking a potentially
significant new revenue stream for the Company.
“We believe that this announcement is a
game-changer for the aluminum industry, as it allows PyroGenesis to
offer a complete on-site dross processing service delivering
zero-landfill/reduced carbon solutions while at the same time
increasing clients’ profitability. We believe that this has never
been done before,” said Mr. P. Peter Pascali, CEO and Chair of
PyroGenesis. “By working closely with our clients, we have been
able to witness firsthand the challenges facing their industry, and
more importantly speak to operators and plant managers with respect
to these issues. This provides us with invaluable insight upon
which we can pitch engineering solutions as we have today. With
this unique partnership, the JV enables PyroGenesis to include,
amongst its offerings, another game changing environmentally
friendly solution that converts residues destined for landfill.
PyroGenesis is increasingly becoming a green solution to the
aluminum industry. We expect to expand on this advantage both
within the aluminum industry and, within other industries which are
being faced with similar challenges.”
PyroGenesis’ DROSRITE™ system is a salt-free,
cost-effective, sustainable process for maximizing metal recovery
from dross, a waste generated in the metallurgical industry.
PyroGenesis’ patented process avoids costly loss of metal while
reducing a smelter’s carbon footprint and energy consumption,
providing an impressive return on investment. The system has been
designed to process and recover valuable metal such as aluminum,
zinc and copper from dross.
About PyroGenesis Canada
Inc.
PyroGenesis Canada Inc., a high-tech company, is
a leader in the design, development, manufacture and
commercialization of advanced plasma processes and sustainable
solutions which reduce greenhouse gases (GHG), and are economically
attractive alternatives to conventional “dirty” processes.
PyroGenesis has created proprietary, patented and advanced plasma
technologies that are being vetted and adopted by multiple
multibillion dollar industry leaders in four massive markets: iron
ore pelletization, aluminum, waste management, and additive
manufacturing. With a team of experienced engineers, scientists and
technicians working out of its Montreal office, and its 3,800 m2
and 2,940 m2 manufacturing facilities, PyroGenesis maintains its
competitive advantage by remaining at the forefront of technology
development and commercialization. The operations are ISO
9001:2015 and AS9100D certified, having been ISO certified since
1997. For more information, please visit: www.pyrogenesis.com.
This press release contains certain
forward-looking statements, including, without limitation,
statements containing the words "may", "plan", "will", "estimate",
"continue", "anticipate", "intend", "expect", "in the process" and
other similar expressions which constitute "forward- looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Corporation's current
expectation and assumptions and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated. These forward-looking statements
involve risks and uncertainties including, but not limited to, our
expectations regarding the acceptance of our products by the
market, our strategy to develop new products and enhance the
capabilities of existing products, our strategy with respect to
research and development, the impact of competitive products and
pricing, new product development, and uncertainties related to the
regulatory approval process. Such statements reflect the current
views of the Corporation with respect to future events and are
subject to certain risks and uncertainties and other risks detailed
from time-to-time in the Corporation's ongoing filings with the
securities regulatory authorities, which filings can be found at
www.sedar.com, or at www.sec.gov. Actual results, events, and
performance may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements. The
Corporation undertakes no obligation to publicly update or revise
any forward- looking statements either as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Neither the Toronto Stock Exchange, its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) nor the NASDAQ Stock
Market, LLC accepts responsibility for the adequacy or accuracy of
this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDPhone: (514)
937-0002, E-mail: ir@pyrogenesis.com
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