PyroGenesis (PYR) has successfully installed state-of-the-art plasma torch production equipment at its new facility in Montreal.
The cost of the installation is approximately $1 million.
PyroGenesis designs, develops, manufactures and commercializes plasma atomized metal powders, environmentally friendly plasma waste-to-energy systems and clean plasma torch products.
The company also announced that it will release its 2021 first quarter results on May 17, before the markets open.
“The company recently invested approximately $1MM in state-of-the-art production equipment, and we announce today its successful installation. This equipment has a wide range of capabilities and will significantly reduce the manufacturing time of our plasma torches. For example, parts that previously took 4 hours to manufacture will now take 15 minutes. PyroGenesis will produce parts faster and at lower cost, thereby reducing delivery times while increasing profitability," said PyroGenesis CEO and Chair P. Peter Pascali.
PyroGenesis Canada is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials, and environmental industries.
Shares of PyroGenesis are down 8.75 per cent, trading at $4.90 at 2:47 pm ET.