- PyroGenesis Canada (TSX:PYR) has purchased total control of Drosrite International, a U.S.-based private company, for C$1
- Drosrite International had already been, on an accounting basis, a PyroGenesis subsidiary, but legally a stand-alone entity
- PyroGenesis’ Drosrite system recovers waste from the aluminum smelting process, which can be converted into high-margin products, such as aluminum sulphate and ammonium sulphate
- PyroGenesis stock opened trading at C$0.84 per share
PyroGenesis Canada (TSX:PYR) has purchased total control of Drosrite International, a U.S.-based private company, for C$1.
Drosrite International had already been, on an accounting basis, a PyroGenesis subsidiary, but legally a stand-alone entity.
A technology provider focused on decarbonizing heavy industry, PyroGenesis signed an exclusive agreement with Drosrite International back in 2019. Under the deal, Drosrite International received the required rights from PyroGenesis to manufacture, market, sell and distribute Drosrite systems and technology to the Kingdom of Saudi Arabia, and certain other countries in the Middle East.
PyroGenesis’ Drosrite system recovers waste from the aluminum smelting process, which can be converted into high-margin products, such as aluminum sulphate and ammonium sulphate.
“Not only does this acquisition clear up, once and for all, the accounting versus legal ambiguity surrounding the relationship between PyroGenesis and Drosrite International, but it more importantly now provides PyroGenesis with a 100-per-cent-owned U.S. subsidiary through which we can now consider expanding our activities,” PyroGenesis Canada’s president and CEO, P. Peter Pascali, said in a news release. “This is an important first step within our continually evolving international strategy for the company.”
Earlier this month, PyroGenesis received a C$4.1 million payment of an outstanding receivable under its more than C$25 million Drosrite contract.
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 stock (TSX:PYR) opened trading at C$0.84 per share. The stock has given back nearly 14 per cent year-over-year but has gained more than 42 per cent since 2019.
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(Top photo of PyroGenesis CEO, P. Peter Pascali: PyroGenesis)
