A Sequence of Events - 2nd Qtr, 2020And once again Howdy to All,
This blog is simply a continuation, a sequence of events for PYR with their NRs. Simple snapshots of some of the info. provided by PYR. I hope you enjoy the read as much as you may have enjoyed the 1st Qtr info.
MONTREAL, Quebec (GlobeNewswire – April 1, 2020)
PyroGenesis Receives $550K Under an Exclusive Agreement with a US Tunneling Company
received US$400K (approx. CA $550K) under an exclusive agreement (the “Agreement”) with a US based tunneling company (the “Client”). The Client’s name will remain anonymous for confidentiality and competitive reasons.
In the scope of work, currently being defined under this Agreement, PyroGenesis will not only develop and supply high-powered plasma torches, specifically designed for tunneling applications, but will also be intimately involved in all aspects of design and development for the entire project. Upon success, the Client is committed to purchase exclusively, and PyroGenesis is committed to exclusively supplying, plasma torches and auxiliary equipment for these applications. The scope of work will be comprised of several phases, each defined by the results from the former. The Company has received an initial down payment of US$400K (approx. CA $550K) under this Agreement. PyroGenesis’ high-powered plasma torch will be used to replace traditional tunneling methods. An important benefit in using plasma-based tools versus traditional methods, is its potential to drill through all geologies with greater flexibility in size diameter, while at the same time being more economical, efficient and environmentally friendly.
MONTREAL, QUEBEC (GlobeNewswire – April 16 th , 2020)
PyroGenesis Confirms Additional Payment of $1.4M Towards $25M+ DROSRITE™ Contract
to confirm receipt of the second payment of $1.4M noted in this press release,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis. “We would also like to confirm that additional payments are being processed as anticipated and that, as per DI’s press release dated January 27th, 2020, work has already begun. I would also like to take this opportunity to further emphasize to readers that in general, notwithstanding receipt of payments, revenues and expenses are based on percent completion and not receipt of payments.”
MONTREAL, Quebec (GlobeNewswire – April 21, 2020)
PyroGenesis Receives Additional $457K Under Exclusive Agreement with US Tunneling Company
received an additional US$325K (approx. CA $457K) under the exclusive agreement (the “Agreement”) with a US based tunneling company (the “Client”). To date, the Company has received US $725K (over CA $1M) in total.
MONTREAL, Quebec (GlobeNewswire – April 30, 2020) -
PyroGenesis Successfully Completes First Phase of Torch Modelling Geared to Reducing Greenhouse Gases for Major Iron Ore Pelletization Client
successfully completed the first phase (the “First Phase”) of a multi-phase modeling contract aimed at evaluating the performance of PyroGenesis’ proprietary torches in an existing iron ore industrial furnace with the goal of replacing all existing fossil fuel burners with PyroGenesis’ plasma torches. All phases will be completed by the end of Q2 2020. The client is a multi-billion-dollar international producer of iron ore pellets (the “Client”), one of the largest in the industry, whose name will remain confidential for competitive reasons. The Client has over 10 plants each requiring approx. 50 plasma torches.
This all important First Phase demonstrated that replacing fossil fuel burners with PyroGenesis’ proprietary plasma torch (i) has absolutely no ancillary detrimental effects anywhere in the process or with the furnaces, (ii) results in significant greenhouse gas reduction while at the same time, (iii) projecting significant cost savings. This contract consists of evaluating the performance of PyroGenesis’ proprietary torches in the Client’s industrial furnace. The First Phase results confirm that replacing fossil fuel burners with PyroGenesis’ proprietary plasma torches will not have any detrimental effects on the Client’s process or their furnaces and, more importantly, will result in a CO2 reduction in excess of 350,000 tons per year per plant (which is equivalent to removing 76,000 cars1 from the road), while at the same time projecting significant cost savings. The Client has over 10 plants, each requiring approx. 50 torches. Each torch will generate up to $3M of revenue to PyroGenesis. The subsequent modelling phases will further quantify the benefits of transitioning to plasma. All phases will be completed by the end of Q2, 2020.
Mr. P. Peter Pascali, President and CEO of PyroGenesis. “We have effectively demonstrated that by using our proprietary plasma torch to replace the environmental damaging fossil fuel burners, not only will there be a significant reduction in greenhouse gases but there will also be significant cost savings (avoiding future carbon taxes alone is noteworthy), and all without any detrimental effect anywhere in the process. How many process changes can boast of that trifecta?”
“Since our success with RISE, noted in our press release dated March 4th , 2020, most major iron ore pelletization producers have reached out to us, as have several producers from the metallurgical industry,” said Mr. Pascali. “This has resulted in several modelling proposal requests, however, what I find most exciting is that in recent weeks the interest in our torch capabilities has also come to include significant steel producers, and these discussions have been moving forward at a rapid pace as well. All this interest is from producers that use natural gas and heavy fuel oil burners and want alternatives to help them meet greenhouse gas reduction targets/policies. We find that the proposition to reduce greenhouse gases emissions, and avoid carbon taxes, with a simple bolt-on replacement of their current environmentally damaging fossil fuel burners, is too compelling to resist. That, combined with the environmental pressure these industries are currently under (only recently a new trend has emerged where financial institutions are tying credit facilities and debt issuances to carbon reduction targets for multi-national industrial and mining conglomerates), has generated a wave of interest and proposals.”
MONTREAL, Quebec (GlobeNewswire – May 19, 2020)
PyroGenesis Enters Negotiations for Supply of Equipment with Iron Ore Pelletization Modeling Client
now entered into the final stages of negotiation for equipment supply with the major iron ore pelletization client (the “Client”) previously disclosed.
“This is indeed a very significant development as the Client has accepted the successful completion of the first phase (“First Phase”) in the modeling contract as a basis to move forward for equipment supply,” said Mr. Peter Pascali, CEO and President of PyroGenesis. “This was not entirely unexpected as (i) the balance of the modeling contract was geared to further quantify the benefits of transitioning to plasma, and (ii) the initial stage of negotiations had already begun prior to the First Phase getting underway, and as such it served just to confirm expectations. In management’s opinion, this is moving quickly, particularly in light of the Client’s size, the current pandemic, and how busy they are. This is just one of many discussions taking place with other producers in this, and other industries.”
The all-important First Phase was successfully completed as previously disclosed. All modeling phases were to be completed by the end of Q2 2020, and such remains to be the case. The balance of the contract is solely geared to further quantify the benefits of transitioning to plasma. “There is no guarantee of successful conclusion, nor of the timeframe in which this might occur,” noted Mr. Pascali. “However, things seem to be moving in the right direction, and at a very rapid pace.
There you go folks. A true sign of progress, IMO & All of it going in the Right direction. Enjoy the ride as we move forward into a very Bright future for All of us Longs.
Fair to say, a Lot more NRs to come that will make PYR totally ...... EPIC ......
Best wishes All, good health,
Good Fortune,
Sincerely,
Topseeker