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 (GHGs), announced
today the launch of a new zero-carbon emission (“ZCE”) hydrogen
production technology which is expected to compete with
conventional technologies to produce an environmentally-friendly
hydrogen. PyroGenesis’ new hydrogen production technology is now
entering a testing phase and is expected to convert methane (a GHG
with a high global warming potential) to hydrogen, thereby creating
a ZCE hydrogen. The conventional ZCE process, water electrolysis,
is extremely expensive, requires a lot of energy and uses rare
earth materials. The accumulation of GHGs in the atmosphere
contributes to global warming. Under the Paris Agreement, 191
countries have committed to limit GHGs, while many territories,
including the European Union, have committed to be carbon neutral
by 2050.
“The conventional method to produce hydrogen is
called “Steam Methane Reforming”, which produces GHGs as a result”,
said P. Peter pascali, CEO and Chair of PyroGenesis. “Another
technology used to produce hydrogen is called “Water Electrolysis”.
It has been around for many years and is considered to be a ZCE
technology. The hydrogen generated from this process is generally
referred to as “Green Hydrogen”, however it is recognized to (i) be
relatively expensive, (ii) require a lot of energy, and (iii) use
rare earth materials. PyroGenesis’ new technology is expected to
combine the best of both worlds; it is expected to be cheaper than
any existing hydrogen process while at the same time producing ZCE
hydrogen. The hydrogen generated by this process is referred to as
“Turquoise Hydrogen”. The Company does not expect that this new
process would compete with its iron ore pelletization offering
where fossil fuel burners are replaced with plasma torches but, in
fact, would complement theses plasma torch offerings by providing a
hydrogen alternative elsewhere in the manufacturing process.”
PyroGenesis has filed an international
application No. PCT/CA2021/000099 with WIPO (World Intellectual
Property Organization) entitled, “Hydrogen production from
hydrocarbons by plasma pyrolysis.” This PCT application covers the
Company’s process for producing hydrogen from methane and other
light hydrocarbons using thermal plasma without generating
GHGs.
PyroGenesis’ technology boasts a theoretical
electricity cost 3 times lower than that of water electrolysis to
produce the same amount of hydrogen making it one of the most
energy-efficient technologies to produce ZCE hydrogen. The
technology would be easily scalable, and its capital cost per
hydrogen production unit is comparable to that of steam methane
reforming technology, the most established commercial technology to
produce hydrogen.
The combustion of ZCE hydrogen for heating in
industrial processes and in transportation generates water vapor as
a combustion byproduct, instead of carbon dioxide, thus reducing
GHG emissions worldwide. As a result, many industrial processes are
looking to replace fossil fuels and reactants such as coal, oil,
and natural gas with ZCE hydrogen. In the iron and steel
manufacturing industries alone, the consumption of ZCE is projected
to increase from 0.5 million tons per year in 2020 to 12.5 million
tons in 2030.1 Once again, the Company does not expect that this
new process would compete with its iron ore pelletization offering
where fossil fuel burners are replaced with plasma torches but, in
fact, would complement these plasma torch offerings by providing a
hydrogen alternative elsewhere in the manufacturing process.
“Filing our U.S. provisional patent application,
along with the international PCT application is an important
milestone as we move forward with launching a new method for
producing ZCE hydrogen through an energy-efficient and reliable
plasma process”, said Mr. Pierre Carabin, Chief Technology Officer
and Chief Strategist of PyroGenesis. “There is a high demand for
technologies that use clean renewable electricity. Currently, the
only commercially available process to produce clean hydrogen is
water electrolysis. In this process, electrical energy is used to
convert water to hydrogen and oxygen. However, the water
electrolysis process suffers from several drawbacks, including high
energy consumption and the need for a high quantity of rare
materials, which is not sustainable. We believe our new proprietary
hydrogen production process will be much more energy efficient,
cost-effective and scalable than other forms of hydrogen
production.”
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 Company'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 Company with respect to future events and are subject
to certain risks and uncertainties and other risks detailed from
time-to-time in the Company'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
Company 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/
_________________________1 IEA, “Hydrogen”, IEA,
Paris, 2021. https://www.iea.org/reports/hydrogen
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