- PyroGenesis (TSX:PYR), an ESG stock focused on industrial technology, has signed a three-year, C$27 million contract with an existing U.S. client
- The contract increases PyroGenesis’ backlog by 90 per cent to an all-time-high of C$55 million
- PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases at attractive economics
- PyroGenesis stock is up by 14.67 per cent on the news, trading at C$0.86 per share, bringing its gains to 81.05 per cent year-over-year
PyroGenesis (TSX:PYR), an ESG stock focused on industrial technology, has signed a three-year, C$27 million contract with an existing U.S. client, increasing its backlog by 90 per cent to an all-time-high of C$55 million.
Under the contract, PyroGenesis will develop a 20 megawatt (MW) plasma torch system representing “one of the most powerful (if not the most powerful) plasma torches ever produced commercially,” according to Monday’s news release.
The client, whose name has been withheld, provides technology and test services to expedite solutions in the defence, military, aeronautics and space exploration industries and regularly serves as a contractor for the U.S. government. It previously ordered a 4.5 MW plasma torch system from PyroGenesis in August 2023 under a contract that remains ongoing.
Leadership insights
“This landmark contract for a PyroGenesis-developed 20 MW plasma torch system raises the bar globally for plasma power and demonstrates the role PyroGenesis’ technology plays for significantly more challenging high, ultra-high, and now hyper-high temperature and power needs. This need is seen specifically within aerospace, defence and certain heavy industries,” P. Peter Pascali, PyroGenesis’ president and chief executive officer, said in a statement. “Beyond its use in military and aeronautics, plasma torches of this power level position us well to expand our capabilities into other industries requiring appreciably higher-power-level technology, such as glass, cement, petrochemical, and metal and mineral heating, as well as melting industries – a requirement that is becoming more common as global energy transition measures, and the demand for unique high-power heat applications, accelerate. The critical nature and the advanced science involved in this client’s application underscores the regard that clients have for PyroGenesis’ scientific and engineering capabilities.”
About PyroGenesis Canada
PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases at attractive economics.
PyroGenesis stock (TSX:PYR) is up by 14.67 per cent on the news, trading at C$0.86 per share as of 9:32 am ET. The stock has added 81.05 per cent year-over-year.
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(Top photo of a plasma torch cutting metal, generated by AI: Adobe Stock)