PyroGenesis Announces Receipt of $2.5MM Milestone Payment from Tata Steel
18 Oktober 2021 - 09:02PM
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, today is pleased
to announce that its subsidiary, Pyro Green-Gas (formerly known as
Air Science Technologies Inc.), has received a milestone payment of
approximately $2.5MM under an existing $9.3MM contract with Tata
Steel (the “Client”), one of the world’s top diversified steel
producers with commercial operations worldwide. The balance under
this contract, of approximately $3MM, is expected to be fully
received within the next nine months.
Under this contract, Pyro Green-Gas has the
mandate to supply a coke oven gas purification and hydrogen
production processes that, if successful, will purify coke oven gas
and extract a hydrogen of extremely high purity (99.999%) and
value, with significant environmental benefits.
In addition to the payment received today, Pyro
Green-Gas has signed an additional contract for $267,000 (the
“Contract”) with Tata Steel. Under this Contract, Pyro Green-Gas
will provide supplementary engineering improvements to the dry coke
oven gas desulfurization and hydrogen production process already
under contract. Pyro Green-Gas will supply filters that will
further purify the remaining gas, removing condensed hydrocarbons,
naphthalene and dust from the coke oven gas infrastructure. This
will allow the purified gas to be used as a fuel for galvanizing
and annealing furnaces in steel processing.
“It is clear that this acquisition is proving to
be an exceptional addition to our offerings,” said Mr. P. Peter
Pascali, CEO and Chair of PyroGenesis. “We are also very happy to
be announcing today our expanding relationship with another
multi-billion-dollar entity.”
Separately, the Company announces that it has
recently granted Mr. Andre Mainella, CFO of PyroGenesis, stock
options to acquire 100,000 common shares of the Company (the
“Common Share”) with an exercise price of $5.04 per common share,
and which are exercisable over a period of five (5) years. The
options are granted in accordance with the Company’s stock option
plan and remain subject to regulatory and Exchange approval.
About Pyro Green-Gas (formerly known as AirScience
Technologies Inc.)
Pyro Green-Gas offers technologies, equipment,
and expertise in the area of biogas upgrading, as well as air
pollution controls. Pyro Green-Gas designs and builds: (i) gas
upgrading systems to convert biogas to renewable natural gas (RNG);
(ii) pyrolysis-gas purification; (iii) biogas & landfill-gas
flares and thermal oxidizers; and (iv) purification of coke-oven
gas (COG) (a by-product in the primary steel industry arising from
the conversion of coal into coke) into high purity hydrogen, which
is in high demand across the industry. Pyro Green-Gas is also known
for its line of landfill gas flares which reduce greenhouse gas
(“GHG”) emissions specifically from landfills.
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 Investors Relations and Strategic Business
DevelopmentPhone: (514) 937-0002, E-mail: ir@pyrogenesis.comRELATED
LINK: http://www.pyrogenesis.com/
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