$2.4 million payment triggered by recent delivery milestone.
MONTREAL, Jan. 31, 2023 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://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), confirms today that, further to its press release dated January 26, 2023, it has received the project milestone payment of approximately $2.4 million.
This payment was triggered by the recently announced delivery of four (4) 1-MW plasma torch systems to a major international iron ore producer, Client B (the “Client”), for use in the Client’s iron ore pelletization furnaces – a key upstream part of the steelmaking process. As noted in the January 26th press release, the Client now has all major components related to the Company’s plasma torch systems on site at one of their large, integrated iron ore mining and processing locations. This allows for the installation and trials (also known as site acceptance testing or “SAT”) to proceed at the Client’s discretion, the conclusion of which is expected by the end of Q2 2023.
The name of the Client – a multi-billion-dollar international producer of iron ore who is undertaking the testing of plasma torches to replace fossil fuel-burners as part of its iron ore pelletization process – has been kept confidential for competitive reasons.