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PYROGENESIS ANNOUNCES THAT HPQ SILICA POLVERE SIGNS LETTER OF INTENT WITH EVONIK
MONTREAL, July 09, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company (the “Company” or “PyroGenesis”) 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 the signing by HPQ Silica Polvere Inc. (“HPQ Polvere”) of a letter of intent (LOI) with Evonik Corporation, a global specialty chemicals company that manufactures a wide range of high-performance materials including fumed silica. The LOI was announced earlier today by HPQ Silicon Inc. (“HPQ”), the parent company of HPQ Polvere.
HPQ Polvere’s primary initiative is the Fumed Silica Reactor (FSR) project. PyroGenesis has been designing, engineering, and constructing this proprietary technology to convert quartz (SiO2) into fumed silica (also known as pyrogenic silica) in a single and eco-friendly step while eliminating the use of harmful chemicals generated by conventional methods. The FSR, if successful, could provide a groundbreaking contribution to the repatriation of silica production to North America.
PyroGenesis previously announced (in a press release dated May 30, 2024) its intent to exercise its right to convert its annual royalty rights into a 50% ownership stake of HPQ Polvere pursuant to a Design and Development Agreement. PyroGenesis has yet to provide HPQ with a notice of the execution of the conversion as the companies finalize key documentation outlining the legal parameters which would govern the relationship, including a shareholder’s agreement.
As stated in HPQ’s news release of earlier today, the objective of the LOI is to outline the basis of a collaboration with Evonik during the FSR pilot scale phase with the goal to validate the ability of the FSR to produce low-cost, low carbon material acceptable to Evonik’s specifications. Evonik has already confirmed that HPQ Polvere’s first-generation samples are acceptable to Evonik. The intent is to scale up the current process and confirm that the material produced continues to meet Evonik’s criteria.
“Today’s news announcing the signing of a letter of intent with Evonik is another step towards confirming the unique potential for the FSR, a ground-breaking technology and process that our engineers developed with both environmental and commercial considerations in mind,” said P. Peter Pascali, President and CEO of PyroGenesis. “We look forward to engaging with Evonik and HPQ as the process moves forward.”
Fumed silica is a moisture-absorbing white microstructure powder with high surface area and low bulk density. Used most often as a thickening agent, anti-caking agent, and stabilizer to improve the texture and consistency of products, the commercial applications of fumed silica can be found in many industries across thousands of product lines, including – but not limited to – personal care, powdered food, pharmaceuticals, agriculture (food & feed), adhesives, paints, sealants, construction, batteries and automotive.
The fumed silica market, valued at US$1.3 billion in 2022, is expected to grow at a CAGR of 5% to reach US$2.1 billion by 2032. Fumed silica sales accounted for almost 23% of the global specialty silica market at the end of 2021.1
PyroGenesis’ involvement in developing fumed silica from quartz is part of PyroGenesis’ three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. High-purity silicon is part of PyroGenesis’ Commodity Security & Optimization tier, where the recovery of viable metals and the optimization of production to increase output helps to maximize raw materials and improve the availability of critical minerals. Silicon has been identified as a critical mineral by many governments worldwide.