- PyroGenesis Canada (TSX:PYR) has secured a C$4.13M contract with a leading U.S. defence, military and aeronautics company
- The contract is for a 4.5 MW electric plasma torch system, which enables high and ultra-high heat applications while reducing greenhouse gas emissions
- PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases
- PyroGenesis Canada stock (TSX:PYR) last traded at $0.98 per share
PyroGenesis Canada (TSX:PYR) has secured a C$4.13M contract with a leading U.S. defence, military and aeronautics company.
The client specializes as an innovation hub – including full-scale testing capabilities essential to U.S. national security – and regularly serves as a prime contractor for the U.S. government.
The contract is for a 4.5 MW plasma torch system, with PyroGenesis to receive a 20 per cent upfront payment, plus 15 per cent once initial technical drawings are delivered in one month’s time.
The purpose and application of the torch system are being kept confidential.
“The company’s development of plasma torches for use in high-temperature applications is part of the company’s three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry,” P. Peter Pascali, PyroGenesis’ president and CEO, said in a statement. “Plasma torches as a high and ultra-high temperature application are part of the company’s energy transition and emissions reduction tier, where fuel switching to the company’s electric-powered plasma torches helps heavy industry reduce fossil fuel use and greenhouse gas emissions.
“This specific contract … reflects the potential suitability of PyroGenesis’ technology as a solution for significantly more challenging high and ultra-high temperature process-heating needs, specifically within aerospace, defence, and certain heavy industries … such as glass, cement, petrochemical, metal heating and melting.”
PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases.
PyroGenesis Canada stock (TSX:PYR) last traded at $0.98 per share.
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