- Shares of PyroGenesis Canada (TSX:PYR) spiked by more than 10 per cent after a global aerospace OEM client stated it would add the company’s Ti64 titanium powder to its approved supplier list
- The client, one of the largest aerospace companies in the world, is evaluating a second powder expected to be approved in due course
- PyroGenesis Canada offers advanced plasma processes and sustainable solutions that reduce greenhouse gases
- PyroGenesis stock has given back 41 per cent year-over-year, but has gained 3.51 per cent over the past five years
Shares of PyroGenesis Canada (TSX:PYR) spiked by more than 10 per cent after a global aerospace OEM client stated it would add the company’s Ti64 titanium powder to its approved supplier list.
The formal addition to the list, slated to be completed sometime this summer, follows a multi-year evaluation including an on-site audit of PyroGenesis’ production facility and the submission of powder samples to confirm client specifications.
PyroGenesis’ coarse Ti64 powder (45µm to 150µm) is produced using the company’s patented NexGen plasma atomization technology and has applications in additive manufacturing, such as electron beam melting and direct energy deposition.
The company’s fine-cut Ti64 metal powder is also being evaluated by the same client, with management confident in its eventual approval and addition to the approved supplier list.
Leadership insights
“Having our coarse Ti64 powder accepted for addition to the approved supplier list of one of the largest aerospace companies in the world underscores the quality and reliability of our NexGen plasma atomization process, our post-processing process, our quality assurance management process, and our quality control system,” Massimo Dattilo, vice president of PyroGenesis Additive, said in a statement. “This achievement is a testament to the hard work and dedication of our team over the past several years. We look forward to officially being added to the approved supplier list and leveraging this success.”
“This is a colossal achievement for PyroGenesis, particularly for the PyroGenesis Additive division,” added P. Peter Pascali, PyroGenesis’ president and chief executive officer. “While we have been confident from the outset, this notification from a global aerospace OEM is confirmation that our board’s decision to re-enter the metal powder market, with a ground-up redesign in the form of the patented NexGen plasma atomization production system, was indeed the right one. This news is even more exciting when taken in the context of the recent announcement of a joint C$415-million government and corporate aerospace initiative to establish an aerospace innovation zone in Montreal, right in our backyard. Today’s announcement positions PyroGenesis well to also be included in one of the world’s foremost aerospace technology developments.”
About PyroGenesis Canada
PyroGenesis offers advanced plasma processes and sustainable solutions that reduce greenhouse gases. The company’s proprietary plasma 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) is up by 7.27 per cent, trading at C$0.59 per share as of 9:48 am ET. The stock has given back 41 per cent year-over-year, but has gained 3.51 per cent over the past five years.
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(Top photo of PyroGenesis’ titanium powder for additive manufacturing: PyroGenesis.)