- PyroGenesis Canada (PYR) has signed a binding letter of intent to acquire AirScience Technologies Inc. for $4.8 million
- AST designs and builds biogas upgrading systems and equipment for biodigesters and landfill gas applications
- PyroGenesis CEO and Chair P. Peter Pascali believes that this acquisition will benefit both PyroGenesis and AST
- PyroGenesis Canada is a high-tech company and a leader in the design, development, manufacture, and commercialization of advanced plasma processes and products
- PyroGenesis Canada Inc. (PYR) is down 0.64 per cent and is currently trading at $6.25 per share
PyroGenesis Canada (PYR) has signed a binding letter of intent to acquire AirScience Technologies Inc. for $4.8 million.
AirScience Technologies (AST) is a Montreal-based company that designs and builds biogas upgrading systems and equipment for biodigesters and landfill gas applications.
Biogas is a result of the decomposition process of organic, household, and agricultural waste.
This gas is captured and converted into renewable natural gas, or RNG, which is also called biomethane, a carbon neutral gas that can be used to replace conventional gas in pipelines.
PyroGenesis CEO and Chair P. Peter Pascali believes that this acquisition will benefit both PyroGenesis and AST.
“PyroGenesis believes that AST’s experience in biogas upgrading, combined with PyroGenesis’ engineering and multidisciplinary skills, as well as its proven record of meeting the exacting demands of multibillion dollar companies and the US military, positions the combination well to address the opportunities arising from this growing need to clean biogas,” he remarked.
He added,
“More precisely, PyroGenesis’ acquisition of AST will finally allow AST to realize its full potential by providing the skill set and assets which have been in need at AST, and the lack of which have been an impediment to their growth.”
Mr. Pascali commented in an interview about the acquisition that “Biogas production in North America is an industry on the verge of explosive growth and with significant potential for additional expansion and development.”
The government of Quebec, where PyroGenesis is based, has implemented a strategy to include RNG initiatives in its greenhouse gas reduction plan.
“More specifically,” added Mr. Pascali, “[the government] earmarked over $200 million for RNG projects in the form of investments in the financing of RNG production and distribution projects.”
The letter of intent is only binding for PyroGenesis if the company is satisfied with the final due diligence that has been in progress since September 2020.
PyroGenesis Canada is a high-tech company and a leader in the design, development, manufacture, and commercialization of advanced plasma processes and products.
PyroGenesis Canada Inc. (PYR) is down 0.64 per cent and is trading at $6.25 per share as of 9:56 am ET.
