Since we’re speculating and not to rain on anyone's parade here but I do not believe any of the clients are Vale at this juncture. The Hybrit project continues to have more connections with Pyro, such as RISE, the fact that the project outlines specifically plasma as a probably component of a solution, there are three clients in the Hybrit project (hmmm Clients A, B, C = 3)
Also, I know companies can be secretive but stuff just naturally leaks out onto the Internet and so far I have not found one article that links Vale with specifically or directly Plasma of any kind, unlike Hybrit and others that are testing with plasma.
Not to say Vale won't be looking at this in the future because plasma huge, there are in fact quite a few scientific articles that have now either proved or are in the process of proving and refining plasma based processes for the big three industries (iron ore, steel, cement)
Several such articles linked here definitely worth a read for any serious investors.
This first link specifically notes water cooled plasma torch was used to conduct testing (Pyro torches are water cooled in case you were not aware)
Reduction of Haematite Using Hydrogen Thermal Plasma
This next article is on the future of steel making with great diagrams for each potential new process, potential outcomes, challenges of each etc. very good read (imo)
FOCUS (Roland Berger) - The Future of steelmaking
In the meantime, looking forward to some great news this week from Pyro.
stay safe!