CUT AND PASTE KEY POINTS...... MODUS OPERANDI Compare this post…..
Post by tamaracktop on Sep 19, 2024 11:35am
This news is two days old
The announcement from Earthgrid doesn't mention PyroGenesis:
POINT RICHMOND, Calif., Sept. 17, 2024 /CNW/ --
EarthGrid, a Bay-area plasma tunnel-boring technology and infrastructure development company, announced today that it has signed a joint venture agreement with EnerTech, a Kuwait Investment Authority (KIA) entity, to deploy infrastructure projects in four phases across the United States, Europe and the Middle East.
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MONTREAL, Sept. 19, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. ("PyroGenesis") (https://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 congratulate its client EarthGrid, which announced yesterday that it has signed a joint venture agreement with EnerTech, a Kuwait Investment Authority (KIA) entity, to deploy infrastructure projects in four phases across the United States, Europe and the Middle East. The first two phases of the projects consist of an estimated US$18 billion in US infrastructure projects.
PyroGenesis is pleased to confirm that in its press release dated January 16, 2024, wherein it was announced that PyroGenesis "received a $667,000 non-refundable down payment under a master agreement for multi-year multi-plasma torch purchases" from an undisclosed client, that the undisclosed client is EarthGrid and is related to this project. PyroGenesis and EarthGrid are parties to a Master Agreement according to which they have agreed to work collaboratively with the goal of finalizing and executing an initial statement of work (SOW), which would outline the terms that PyroGenesis would design, build, and deliver five (5) high power 2MW air plasma torch systems for an aggregate price of approximately US$13 million. The Master Agreement contemplates additional SOWs being entered into for the purchase of torches, related equipment, and services. As part of the Master Agreement, EarthGrid provided PyroGenesis with a US$500,000 non-refundable down payment. At the time of this earlier announcement, EarthGrid’s name was withheld for competitive and confidentiality reasons.
This joint venture marks a major milestone for EarthGrid in its journey to bring cutting-edge plasma-powered tunnel boring technology to fruition. Its partner – EnerTech – is owned by the National Technology Enterprises Company (NTEC), a fully-owned subsidiary of Kuwait Investment Authority (KIA), the sovereign wealth fund of Kuwait. As global providers of plasma expertise and technology, PyroGenesis is excited by continued innovations in the use of plasma, especially when stemming from client initiatives.