- PyroGenesis Canada (TSX:PYR) reveals it has received a purchase order valued at C$1.01 million for a U.S. Navy after-sales component production
- The contract is from the U.S. Navy’s shipbuilder, Newport News Shipbuilding
- The products are scheduled to be produced and delivered by March 2025
- Shares of PyroGenesis are down 3.37 per cent to $0.86 as of 11:37 am ET
PyroGenesis Canada (TSX:PYR) reveals it has received a purchase order valued at C$1.01 million for a U.S. Navy after-sales component production.
In a news release, the Montreal-based high-tech company stated that the contract is from the U.S. Navy’s shipbuilder, Newport News Shipbuilding.
Under the agreement, the products produced by PyroGenesis will be used on the USS Gerald R. Ford-class aircraft carriers, the world’s largest and most technologically advanced warships.
“The agreement announced today reaffirms our expanding impact in the overall defense industry, while also highlighting the recurring revenue stream resulting from system sales, which we have alluded to in the past,” P. Peter Pascali, CEO of PyroGenesis, said in a statement. “We consider after-sales production and support a growing, and increasingly important, business line. We anticipate that such revenue streams will form a greater proportion of our overall revenues as more and larger plasma-based systems come online.”
The company’s proprietary shipboard waste destruction systems, PAWDS – Plasma Arc Waste Destruction Systems – are specified in the design for all upcoming Ford-class carriers.
The next carrier to use the PAWDS system will be the USS John F. Kennedy, which is scheduled to deploy in 2025.
PAWDS is part of the company’s waste remediation segment that focuses on the safe destruction of hazardous materials, and the recovery and valorization of underlying substances such as chemicals and minerals.
PyroGenesis is a high-tech company that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases.
Shares of PyroGenesis (TSX:PYR) are down 3.37 per cent to $0.86 as of 11:37 am ET.
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