- PyroGenesis (TSX:PYR), an industrial stock focused on decarbonizing heavy industry, has collected a C$2.8 million payment under its C$25 million aluminum recovery contract with Radian Oil and Gas Services Company
- The contract will see PyroGenesis manufacture and deliver seven Drosrite aluminum dross recovery systems to its Saudi client
- PyroGenesis designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases at attractive economics
- PyroGenesis stock last traded at C$0.68 per share and has added 36 per cent year-over-year
PyroGenesis (TSX:PYR), an industrial stock focused on decarbonizing heavy industry, has collected a C$2.8 million payment under its C$25 million aluminum recovery contract with Radian Oil and Gas Services Company.
The contract will see PyroGenesis manufacture and deliver seven Drosrite aluminum dross recovery systems to its Saudi client. Three of the systems are already in commercial operation at the Ma’aden aluminum plant in Ras Al-Khair, Saudi Arabia, a joint venture with Alcoa representing the largest vertically integrated aluminum complex in the world. PyroGenesis has manufactured the remaining four systems and is awaiting instructions for delivery.
According to PyroGenesis’ official website, Drosrite technology offers 98 per cent aluminum recovery – which is 20 per cent higher than legacy rotary salt furnaces – while reducing operating expenses by 50 per cent, offering large-scale polluters a cost-effective means to lower their energy consumption and carbon footprints.
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, PyroGenesis’ president and chief executive officer, 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 while much of the world is in hibernation mode. We have proven that we are not a fair-weathered friend and that we support our clients when it is called for.”
“Last but not least,” Pascali added, “the news today further vindicates management’s patience, support and long-term vision with respect to this valued client. It should quiet those who argued from the sidelines that PyroGenesis was wrong in its approach and judgement.”
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$0.68 per share. The stock has added 36 per cent year-over-year.
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(Top photo of PyroGenesis’ Drosrite aluminum recovery technology: PyroGenesis)
