- PyroGenesis (TSX:PYR), an environmental stock focused on heavy industry, has signed an energy transition contract with one of the top 3 largest steel companies in the world
- The existing client will assess the benefits of PyroGenesis’ electric plasma torches in its electric arc furnace steelmaking and casting process
- PyroGenesis designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases at attractive economics
- PyroGenesis stock has added 23.08 per cent year-over-year and 28 per cent since 2019
PyroGenesis (TSX:PYR), an environmental stock focused on heavy industry, has signed an energy transition contract with one of the top 3 largest steel companies in the world.
The client will assess the benefits of PyroGenesis’ electric plasma torches in its electric arc furnace (EAF) steelmaking and casting process, where scrap metal and iron are transformed into molten steel.
A shift to electricity represents a minimum 75 per cent emissions reduction compared to the traditional blast furnace method that burns coking coal or coke, and the industry seems to be catching on to this benefit. EAF, which generates minimal emissions, accounted for 30 per cent of global steel production in 2021 and stands at 43 per cent of planned steelmaking capacity today.
The companies will now focus on a 60-to-90-day analysis phase beginning in Q4 2024 to further the steelmaker’s environmental goals.
The energy transition contract follows a years-long relationship between the companies focused on plasma-based decarbonization. Previous news releases, most recently highlighted by PyroGenesis’ Q3 2024 results, refer to the client as Client C.
Leadership insights
“Client C has taken a methodical approach to its decarbonization initiatives and we are very pleased our work with them over the past few years has led to official supplier status for PyroGenesis, and resulted in this initial engagement,” P. Peter Pascali, PyroGenesis’ president and chief executive officer, said in a statement. “Steelmaking is an industry where we continue to make inroads and which we believe offers enormous global potential for plasma use.”
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$0.64 per share. The stock has added 23.08 per cent year-over-year and 28 per cent since 2019.
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(Top photo of the steelmaking process: Adobe Stock)