- PyroGenesis Canada Inc. (PYR) has received an order to supply four high-powered plasma torches and ancillary equipment to a client
- This $6 million order comes from a multi-billion-dollar international producer of iron ore
- PyroGenesis’ clean plasma torches eliminate the need for fossil fuels or natural gases to be used, thereby reducing greenhouse gas emissions
- PyroGenesis Canada is engaged in the design, development, manufacture, and commercialization of advanced plasma processes and systems
- PyroGenesis Canada Inc. (PYR) is up 14.17 per cent on the day, trading at $5.80 per share
PyroGenesis Canada Inc. (PYR) has received an order for high-powered plasma torches and ancillary equipment.
This $6 million order comes from a multi-billion-dollar international producer of iron ore. The client’s objective is to reduce greenhouse gases by replacing its fossil fuel burners with PyroGenesis’ proprietary plasma torches.
Once the torches are successfully installed and implemented, the client has indicated that it plans to order an additional 130 plasma torches.
The company pelletizes iron ore, which is the process of concentrating the ore before shipment, which significantly reduces transportation costs and provides feedstock for blast furnaces. Conventional processing technologies use fossil fuels or natural gas burners to concentrate the iron ore, both processes which are environmentally damaging.
PyroGenesis’ clean plasma torches eliminate the need for fossil fuels or natural gases to be used, thereby reducing greenhouse gas emissions.
Peter Pascali, CEO and Chair of PyroGenesis, commented on the order.
“We cannot overemphasize the opportunity this order presents,” he said. “Although nothing is certain with respect to success and/or future contracts, and there are always risks as we move forward, we can now say without a doubt that we are on the right path and things are evolving in the right direction.”
According to Mr. Pascali, the iron ore pelletization industry “is expected to grow at 3.0% pa from 2021 to 2027.”
Given recent sales, and the fact that the torches are expected to last 25-30 years, PyroGenesis has revised the estimated net present value of each torch sale to be approximately $7 million.
PyroGenesis Canada is engaged in the design, development, manufacture, and commercialization of advanced plasma processes and systems.
PyroGenesis Canada Inc. (PYR) is up 14.17 per cent on the day, trading at $5.80 per share as of 3:41 pm ET.