PyroGenesis Signs Landmark $27 Million 3-Year Contract for Hyper-Powered 20MW Plasma Torch
21 Oktober 2024 - 1:00PM
PyroGenesis Canada Inc. (“PyroGenesis”) (http://pyrogenesis.com)
(TSX:PYR) (OTCQX:PYRGF) (FRA:8PY), a high-tech company that
designs, develops, manufactures and commercializes advanced plasma
processes and sustainable solutions which are geared to reduce
greenhouse gases (GHG) and address environmental pollutants, is
pleased to announce a signed contract valued at approximately $27
million (US$19.6 million) from an existing U.S. client which
provides technology and test services geared to solving critical
defense, military, aeronautics, and space exploration challenges.
The name of the client will remain anonymous for confidentiality
reasons.
The client, which previously ordered a 4.5MW
plasma torch system from PyroGenesis in August 2023, regularly
serves as a prime contractor for the U.S. government. This new
project does not impact the ongoing 4.5MW plasma torch system
project.
This second project is for the development of a
plasma torch system powered at 20 megawatts. A plasma torch at this
power level, based on PyroGenesis’ own research, represents one of
the most powerful (if not the most powerful) plasma torches ever
produced commercially. The project is expected to start within the
next 30 days, with an approximate duration of 3 years – pushing the
Company’s project backlog to over $55 million for the first time in
its history. This represents an increase of over 90% from the $29.8
million backlog announced during PyroGenesis’ second quarter 2024
earnings.
“This landmark contract for a
PyroGenesis-developed 20 MW plasma torch system raises the bar
globally for plasma power and demonstrates the role PyroGenesis’
technology plays for significantly more challenging high,
ultra-high, and now hyper-high temperature and power needs. This
need is seen specifically within aerospace, defense, and certain
heavy industries,” noted P. Peter Pascali, President and CEO of
PyroGenesis. “Beyond its use in military and aeronautics, plasma
torches of this power level position us well to expand our
capabilities into other industries requiring appreciably higher
power level technology, such as glass, cement, petrochemical, and
metal and mineral heating, as well as melting industries – a
requirement that is becoming more common as global energy
transition measures, and the demand for unique high power heat
applications, accelerate. The critical nature and the advanced
science involved in this client’s application underscores the
regard that clients have for PyroGenesis’ scientific and
engineering capabilities.”
PyroGenesis’ development of plasma torches for
use in high temperature applications are part of its three-tiered
solution ecosystem that aligns with economic drivers that are key
to global heavy industry. Plasma torches are part of its
Energy Transition & Emissions Reduction
vertical, where fuel switching to its electric-powered plasma
torches helps heavy industry reduce fossil fuel use and greenhouse
gas emissions.
About PyroGenesis
PyroGenesis, a high-tech company, is a proud
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. PyroGenesis’ shares are publicly traded on the TSX in Canada
(TSX: PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt
Stock Exchange in Germany (FRA: 8PY). For more information, please
visit: www.pyrogenesis.com.
Cautionary and Forward-Looking
Statements
This press release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. In some cases, but not necessarily in all cases,
forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “targets”, “expects”
or “does not expect”, “is expected”, “an opportunity exists”, “is
positioned”, “estimates”, “intends”, “assumes”, “anticipates” or
“does not anticipate” or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might”, “will” or “will be taken”, “occur” or
“be achieved”. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor guarantees
or assurances of future performance but instead represent
management’s current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking statements are necessarily based
on a number of opinions, assumptions and estimates that, while
considered reasonable by PyroGenesis as of the date of this
release, are subject to inherent uncertainties, risks and changes
in circumstances that may differ materially from those contemplated
by the forward-looking statements. Important factors that could
cause actual results to differ, possibly materially, from those
indicated by the forward-looking statements include, but are not
limited to, the risk factors identified under “Risk Factors” in
PyroGenesis’ latest annual information form, and in other periodic
filings that it has made and may make in the future with the
securities commissions or similar regulatory authorities, all of
which are available under PyroGenesis’ profile on SEDAR+ at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect PyroGenesis.
However, such risk factors should be considered carefully. There
can be no assurance that such estimates and assumptions will prove
to be correct. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
release. PyroGenesis undertakes no obligation to publicly update or
revise any forward-looking statement, 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 OTCQX Best Market
accepts responsibility for the adequacy or accuracy of this press
release.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDE-mail:
ir@pyrogenesis.com RELATED LINK: http://www.pyrogenesis.com/
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