- PyroGenesis (TSX:PYR), a green industrial technology stock, has received a C$1.85 million payment under its over C$25 million aluminum recovery contract with Saudi Arabia’s Radian Oil and Gas
- The contract will see PyroGenesis manufacture and deliver seven of its Drosrite aluminum dross recovery systems
- PyroGenesis designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases at attractive economics
- PyroGenesis stock has given back 11.94 per cent year-over-year but remains up by 47.50 per cent since 2020
PyroGenesis (TSX:PYR), a green industrial technology stock, has received a C$1.85 million payment under its over C$25 million aluminum recovery contract with Radian Oil and Gas, a private Saudi Arabian technology company specializing in energy conservation and energy efficiency.
The contract will see PyroGenesis manufacture and deliver seven units of its Drosrite aluminum dross recovery system, which offers up to 50 per cent lower operating expenditures and up to 29 per cent higher recovery rates compared to traditional rotary salt furnaces, in addition to 100 per cent recyclable residues.
The company has delivered three systems to date, which are operating in the Ma’aden aluminum plant in Ras Al-Khair, Saudi Arabia, a joint venture corporation with Alcoa, which Monday’s news release refers to as “the largest and most efficient vertically integrated aluminum complex in the world.” The remaining four systems are in transit to the client’s operations in Saudi Arabia.
PyroGenesis reported previous payments for C$2.8 million in November and C$4.1 million in June.
Leadership insights
“The payment announced today is made in accordance with a payment schedule that has been revised over time to better align options to the pressures with the end client’s operating cash flows created by, amongst other things, increased business opportunities,” P. Peter Pascali, president and chief executive officer of PyroGenesis, said in a statement. “Our patience has established a level of trust between our client, their new partner and ourselves, which speaks volumes as we expand our offerings in the region, a region that is well-funded and has an eye to the future.”
About PyroGenesis
PyroGenesis designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases at attractive economics.
PyroGenesis stock (TSX:PYR) last traded at C$0.59 per share. The stock has given back 11.94 per cent year-over-year but remains up by 47.50 per cent since 2020.
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(Top photo of PyroGenesis’ aluminum recovery technology: PyroGenesis)
