PyroGenesis Announces Participation in Decarbonization “Fuel-Switching” Project with Major International Aluminum Company
03 November 2022 - 12:00PM
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 that, further to its press release
dated April 20th, 2022 which provided an update on its Aluminum
Business offerings, the Company has been engaged by a major
international aluminum company to help in their decarbonization
efforts, with a specific goal to investigate the feasibility of
applying PyroGenesis’ plasma torches as a heating source in their
cast house furnaces (the “Client”). At the request of the Client,
and for competitive reasons, the Client’s name will remain
confidential. The Client is one of the largest aluminum companies
worldwide, active across multiple continents.
PyroGenesis and the Client have already signed a
contract (the “Agreement”) to perform a computational fluid
dynamics (CFD) study to gather data and evaluate plasma for use in
a production scale furnace to be installed at one of the Client’s
sites. This study is well underway.
“This Agreement is a major step as it is the
first with this Client whose standing within the global aluminum
industry is almost unparalleled,” said Mr. P. Peter Pascali, CEO
and Chair of PyroGenesis. “Few companies within the sector have
such a positive and progressive reputation for driving the industry
forward with new and better approaches. We are proud to be under
consideration as part of their global strategy to help with their
decarbonization efforts. This is one of many companies that we are
working with, who have publicly acknowledged a need to reduce
emissions and are constantly working to develop aluminum alloys
with a low carbon footprint.”
“PyroGenesis’ plasma torches, which are powered
entirely with electricity, is one of the options they are
evaluating as a potential replacement for carbon-emitting natural
gas burners in their furnaces,” added Mr. Pascali. “All this to say
that PyroGenesis’ torch offerings are being considered by more and
more sophisticated players, as a fuel-switching solution to their
environmental issues, and this we can be very proud of.”
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.
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/
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f9233789-ffb1-4230-be6f-c9cd87c2fa0b
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