- PyroGenesis Canada (PYR) has signed a C$11.5 million contract with the US Navy for provision of its waste destruction systems
- The company will build and install the systems on two aircraft carrier ships, the USS Enterprise and USS Doris Miller
- As a result of this new contract, PyroGenesis’ backlog will update to approximately $40 million
- The company expects that the project will be completed within the next 18 months
- PyroGenesis Canada (PYR) is up 6.46 per cent and is currently trading at $5.60 per share
PyroGenesis Canada (PYR) has signed a C$11.5 million contract with the US Navy for provision of its waste destruction systems.
The company designs, manufactures, and commercialises plasma systems which convert waste to energy.
Under the contract, the company will build and install two waste destruction systems, one for each ship in the Navy’s two-ship build. The ships in question are the next Gerald R. Ford-class US aircraft carriers, called the USS Enterprise and the USS Doris Miller.
While the entire contract is worth $11.5 million, it will begin with an initial down payment of approximately $4.8 million. As a result of the new contract, PyroGenesis’ backlog will update to approximately $40 million.
The company expects that the systems will be built and installed to completion within the next 18 months.
PyroGenesis’ President and CEO, P. Peter Pascali, commented on the new contract, saying it was an honour to supply the company’s high-tech products to such a prestigious client as the US Navy.
“It speaks to our credibility as an innovator with a proven capability of delivering proprietary plasma processes to high-value niche markets.
“Furthermore, it is also a testimony to the fact that PyroGenesis continues to develop commercial cutting-edge applications.
“This backlog is quite significant, particularly when taken in the context of the company’s previous revenues (2019: $4.8M, 2018: $5.0M), and we look forward to adding to this in the very near future,” he said.
On the back of similar lucrative contracts, PyroGenesis Canada shares have increased substantially over the few last months, shooting up more than 1,000 per cent since the beginning fo the year.
PyroGenesis Canada (PYR) is up 6.46 per cent and is trading at $5.60 per share at 2:56pm EDT.