Pyro Green-Gas, a subsidiary of PyroGenesis Canada (PYR), has received part of a $9.3 million contract with Tata Steel.
Under the contract, Pyro Green-Gas will supply a coke oven gas purification and hydrogen production system that can extract high-quality hydrogen with significant environmental benefits.
The remaining contract balance, which is approximately $3 million, is expected to be received in full within the next nine months.
In addition to the payment received today, Pyro Green-Gas has signed an additional contract for $267,000 with Tata Steel to provide supplementary engineering improvements to the dry coke oven gas desulfurization and hydrogen production process already under contract.
Pyro Green-Gas will supply filters that will further purify the remaining gas, removing condensed hydrocarbons, naphthalene, and dust from the coke oven gas infrastructure.
This will allow the purified gas to be used as a fuel for galvanizing and annealing furnaces in steel processing.
P. Peter Pascali, CEO and Chair of PyroGenesis, commented,
“We are very happy to be announcing our expanding relationship with another multi-billion-dollar entity.”
“It is clear,” he added, “that this acquisition is proving to be an exceptional addition to our offerings.”
PyroGenesis Canada is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions.
The company has created proprietary, patented, and advanced plasma technologies that are being vetted and adopted by multiple multibillion-dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing.
PyroGenesis Canada Inc. (PYR) closed trading down 1.59 per cent to $4.94 per share.