- PyroGenesis Canada (TSX:PYR) has secured a C$2.25 million contract to destroy Perfluoroalkyl and Polyfluoroalkyl substances (PFAS) on behalf of a large operator of public water systems
- The U.S. client has issued a 20 per cent upfront payment of approximately $516,800
- PyroGenesis Canada is a high-tech developer and manufacturer of advanced plasma processes and sustainable solutions to reduce greenhouse gases
- PyroGenesis Canada stock (TSX:PYR) is down by 60.10 per cent over the past year, but up by 92.86 per cent over the past five years
PyroGenesis Canada (TSX:PYR) has secured a C$2.25 million contract to destroy Perfluoroalkyl and Polyfluoroalkyl substances (PFAS) on behalf of a large operator of public water systems.
The company will supply a plasma torch system as a major component of the overall solution to safely destroy the hazardous materials.
The U.S. client – whose name is being withheld for confidentiality reasons – has issued a 20 per cent upfront payment of approximately $516,800.
PFAS are composed of some 15,000 man-made chemicals with widespread use in consumer products such as nonstick cookware, stain-resistant carpet coatings, upholstery, water-resistant clothing, cleaning products and personal care and cosmetics products.
Prolonged exposure to these persistent pollutants is thought to be detrimental to one’s health, potentially leading to cancer, increased cholesterol levels, and immune system dysfunction.
The parties previously suspended discussions about the project because of misalignment with PyroGenesis’ minimum requirements for its global expansion strategy. Work will now move forward almost two years after the initial announcement following “renewed interest from the project principles,” according to a statement released Tuesday.
“As disappointing as it was to suspend our participation in the previous iteration of this project, we are happy that discussions have since developed that enable us to showcase PyroGenesis’ plasma torch capabilities when it comes to addressing the critical problems posed by PFAS. Of note, this is the second contract in recent weeks (totaling more than $6 million) that will demonstrate the capabilities of PyroGenesis’ ultra-high temperature plasma torch,” P. Peter Pascali, CEO of PyroGenesis, said in the statement. “Slowly but surely, PyroGenesis’ long-term approach to its various business segments is starting to bear fruit.”
PyroGenesis Canada is a high-tech developer and manufacturer of advanced plasma processes and sustainable solutions to reduce greenhouse gases. The company has received TSX30 recognition and is a previous Deloitte Canada Clean Technology Fast 50 winner.
PyroGenesis Canada stock (TSX:PYR) last traded at $0.81 per share. The stock is down by 60.10 per cent over the past year, but up by 92.86 per cent over the past five years.
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