- PyroGenesis Canada (TSX:PYR) announced that it had received two separate project milestone payments totalling C$970,000
- PyroGenesis has received the next milestone payment for the sale of a plasma torch system to a U.S. corporation, which is developing a system geared to destroy perfluoroalkyl and polyfluoroalkyl substances
- PFAS are a set of more than 15,000 chemicals that have been widely used in consumer products in various industries, and research suggests exposure to some PFAS might result in harmful health outcomes, including cancer, increased cholesterol levels and immune system effects
- PyroGenesis Canada Inc. stock last traded at 0.46 per share
PyroGenesis Canada (TSX:PYR) announced Thursday that it had received two separate project milestone payments totalling C$970,000.
After agreements signed in September 2023 and November 2023, PyroGenesis has received the next milestone payment of C$550,000 for the sale of a plasma torch system to a U.S. corporation, which is developing a system geared to destroy perfluoroalkyl and polyfluoroalkyl substances (PFAS).
PFAS are a set of more than 15,000 chemicals that have been widely used in consumer products in various industries, such as aerospace, automotive, and construction, amongst others, for many decades. Research suggests exposure to some PFAS might result in harmful health outcomes, including cancer, increased cholesterol levels and immune system effects.
The high-tech company received a C$420,000 project milestone payment for the announced project with a U.S. aeronautics and defense entity for the development of a high-powered 4.5MW plasma torch system. This client regularly serves as a prime contractor for the U.S. government as well as for public and private customers in the aeronautics and related industries.
PyroGenesis commercializes advanced plasma processes and sustainable solutions geared to reduce greenhouse gases and address environmental pollutants. The team is developing plasma torches for use in the safe destruction of hazardous chemicals such as PFAS, and for novel ultra-high temperature applications.
Earlier this week, the company announced a small plasma-torch contract with one of the five largest steelmakers in the world, whose name is being kept anonymous for competitive and confidentiality reasons.
PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gas emissions. Its patented technologies are being vetted and adopted by multi-billion-dollar industry leaders in iron ore pelletization, aluminum, waste management and additive manufacturing.
PyroGenesis Canada Inc. stock (TSX:PYR) last traded at 0.46 per share. The stock has given back 55.77 per cent year-over-year, and 24.59 per cent over the past five years.
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