- PyroGenesis (PYR) has signed an energy transition contract with a European chemical and energy conglomerate
- The company will assess the applicability of its fully electric plasma torches in the client’s chemical production process
- The client reported 2021 revenue in excess of US$25 billion
- PyroGenesis Canada offers advanced plasma processes and sustainable solutions to reduce greenhouse gases
- PyroGenesis (PYR) opened with a gain of 6.48 per cent, trading at $1.15 per share
PyroGenesis (PYR) has signed an energy transition contract with a European chemical and energy conglomerate.
The client is active on multiple continents, has a century of history and took in 2021 revenue exceeding US$25 billion. Its name is being kept confidential to reduce competition.
PyroGenesis will assess the applicability of its fully electric plasma torches in the client’s chemical production process. This aligns with the conglomerate’s focus on energy transition, green energy and the decarbonization of its operations and industry at large.
The first step requires a computational fluid dynamics study to gather initial data. A live experimental validation study within the client’s facilities would follow under a separate agreement.
“This agreement is yet another example of the fast-growing shift taking place across multiple heavy industries, which are all being challenged to decarbonize,” said P. Peter Pascali, CEO and Chair of PyroGenesis.
“This client has made a major public commitment to technology and innovation with the goal to help drive the transformation of the global chemical sector, with energy transition being a major part of that commitment,” he added. “We are proud that our electric plasma torches are under serious consideration as part of their commitment to change.”
PyroGenesis Canada offers advanced plasma processes and sustainable solutions to reduce greenhouse gases.
PyroGenesis (PYR) opened with a gain of 6.48 per cent, trading at $1.15 per share.