PyroGenesis Confirms Delivery of Plasma Torch to One of the World’s Largest Producers of Iron Ore for Use in Induration Furnace
05 Juli 2022 - 1:30PM
PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: 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 which are geared to reduce greenhouse gases
(GHG), is pleased to announce today that, further to its
press release dated February 8, 2022, it has completed the delivery
of its 1-MW plasma torch to Client A (the “Client”), for use in the
company’s iron ore pelletization system, a key upstream part of the
steelmaking process. With all contracted components related to the
Company’s plasma torch system now on site, next steps can proceed
at the discretion of the client.
“This on-schedule delivery signals the push into
the final leg of this journey,” said Mr. P. Peter Pascali, CEO and
Chair of PyroGenesis. “Since we announced our participation in the
international consortium studying the use of plasma in iron ore
pelletization for the first time, the response to the possibilities
presented by our plasma torches, and the subsequent scale at which
several of the world’s largest iron ore producers and steelmakers
have been willing to investigate such a major change to their
process in partnership with PyroGenesis, has been remarkable.”
The installation of the plasma torch system and
all related peripherals is estimated to take approximately 3 to 4
weeks, after which a Site Acceptance Test (SAT) will be
performed.
The SAT was initially scheduled to be completed
for the end of July 2022. The Client has recently informed
PyroGenesis that they would prefer to extend the process by up to
an additional 90 days. This additional time was requested due to
delays in implementing significant modifications to their site that
the Client is making, at their expense. The Client has assured
PyroGenesis that all required civil, electrical, and mechanical
engineering work are advancing as required, and this process
extension represents changes to scheduling and reallocation of
materials and personnel, with all objectives remaining the
same.
“It is extremely exciting to have a technology
that can directly and significantly reduce carbon emissions in the
upstream step of steelmaking. It is such a rare opportunity,”
continued Mr. Pascali. “By replacing heavily polluting diesel and
bunker fuel burners with clean combustion-less plasma torches, iron
ore pelletizers around the world will dramatically reduce their
reliance on environmentally damaging fossil fuels. And now, after
extensive modeling, simulations, business case development,
production, and live factory tests – during a period that was
engulfed by a global pandemic – our plasma torch system for iron
ore pelletization is now on-site with the Client in preparation for
first-ever live factory usage toward that carbon reduction goal. We
are excited to have reached this final stage and we look forward to
working with the Client during the installation and final site
acceptance testing phase.”
As previously disclosed, Client A is a
multi-billion-dollar international producer of iron ore pellets and
one of the largest in the industry, whose name will remain
confidential for competitive reasons. The Client, which has
committed to reduce its GHG emissions, has over ten (10) iron ore
pelletization plants, each possibly requiring up to 50 plasma
torches, or more than 500 torches in total.
It has also been previously disclosed that the
Client requested and received from PyroGenesis a cost estimate for
36 plasma torches of between USD $75-$95 million (Cdn equivalent:
$95-115 million).
PyroGenesis holds the global patent for the use
of plasma torches in iron ore pelletization.
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 plasm a
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 RELATED LINK:
http://www.pyrogenesis.com/
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