- PyroGenesis (TSX:PYR) signed a memorandum of understanding with GE Vernova’s (NYSE:GEV) power conversion and storage business, setting the stage for a multi-year collaboration to replace fossil fuels in multi-megawatt industrial processes
- PyroGenesis designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases and manage waste at attractive economics
- PyroGenesis stock has added 10.64 per cent year-over-year and 85.71 per cent since 2020
PyroGenesis (TSX:PYR) signed a memorandum of understanding (MOU) with GE Vernova’s (NYSE:GEV) power conversion and storage business for a multi-year collaboration.
The companies will work together to develop and test PyroGenesis’ electric plasma torches with the goal of replacing fossil fuels in multi-megawatt industrial processes, including in the aluminum, steel, alumina, cement and quicklime industries.
Phase 1 will focus on an implementation and retrofitting study for a large-scale irone ore pellet facility, while phase 2 will conduct a similar study for a primary aluminum smelter casthouse.
Leadership insights
“We are excited to announce this MOU as a significant step forward in our commitment to electrifying emissions-intensive industries. By forging this partnership, we are not only advancing our strategic goals but also reinforcing our dedication to sustainable practices that align with global efforts to reduce carbon footprints. This collaboration underscores our resolve to drive innovation and create impactful solutions that contribute to a cleaner, more sustainable future for generations to come,” Ed Torres, power conversion and storage business leader at GE Vernova, said in a statement.
“This MOU with GE Vernova reflects the next-level industrial electrification requirements for PyroGenesis’ plasma torches that will require multi-megawatt power in excess of 10 megawatts. This announcement comes on the heels of our press release dated February 10, where results from multiple client testing projects using our plasma torches confirmed that (i) a solid business case can be made to transition to all-electric PyroGenesis plasma torches from an energy savings perspective alone, with the positive environmental impact (such as CO2 reduction) being a crowning achievement; (ii) with the reduced energy requirement as a result of using PyroGenesis torches, companies can now contemplate building smaller furnaces (for the same capacity), reducing costs further for the same project; and (iii) reduced metal melting time means companies can raise production levels, generating higher and faster output. The resulting increase in production rates by up to 30 per cent from the same production footprint implies processing more output, which in turn directly impacts revenues and profitability,” added P. Peter Pascali, president and chief executive officer of PyroGenesis.
“It is for these reasons that we say that ‘PyroGenesis is working to make sustainability sustainable’. As more companies in sectors requiring progressively higher megawatt levels realize the advantages to making this transition, industrial projects will demand the type of complex and sophisticated electric power system and controls that a company with GE Vernova’s level of expertise can provide. PyroGenesis’ recent $27 million contract that was announced on October 21, 2024, to develop a 20 MW plasma torch system is just one such example,” Pascali concluded.
About GE Vernova
GE Vernova is a global renewable energy company divided into power, wind and electrification segments collectively active in more than 100 countries around he world. The company generated almost US$35 billion in revenue in 2024, earning over US$1.5 billion in net income.
About PyroGenesis
PyroGenesis designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases and manage waste at attractive economics.
PyroGenesis stock (TSX:PYR) last traded at C$0.52 per share. The stock has added 10.64 per cent year-over-year and 85.71 per cent since 2020.
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