- PyroGenesis Canada has signed a contract with a U.S. materials company for a lab-scale plasma torch and refractory furnace system
- The contract will see the company collect C$450,000
- PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases
- PyroGenesis stock has given back 67.13 per cent year-over-year, and 26.56 per cent since 2019
PyroGenesis Canada (TSX:PYR) has signed a contract with a U.S. materials company for a lab-scale plasma torch and refractory furnace system.
The contract will see PyroGenesis collect C$450,000, with the potential for future business contingent on the viability of ramping up production.
The client intends to use the technology to develop environmentally friendly cement products, in an effort to counteract the industry’s heavy reliance on fossil fuels.
“The cement industry is one we have been targeting, as it is one of the highest-emitting industrial sectors, responsible for more than 8 per cent of global CO2 emissions,” P. Peter Pascali, president and chief executive officer of PyroGenesis, said in a statement. “We believe our greenhouse gas-free technologies are a perfect solution to help the cement industry decarbonize by replacing fossil-fuel burners with PyroGenesis’ electric plasma torches in various process steps, effectively moving towards green cement. This first contract with an expert in advanced structural cement development opens the door to future projects in the cement industry.”
The client’s name was withheld from Thursday’s news release because of the U.S. Department of Energy’s involvement in the green cement initiative.
The news follows a C$667,252 down payment in January 2024 for a multi-year plasma torch contract with a U.S. technology company, a second C$520,000 payment in November 2023 for completing the engineering on a torch system to destroy industrial pollutants in the United States, and a C$360,000 deal in October 2023 to destroy chemical warfare waste in the European Union.
PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases. The company’s business plan is centred on economic drivers in heavy industry, including energy transition and emissions reduction, commodity security and optimization, and waste remediation.
PyroGenesis Canada (TSX:PYR) last traded at C$0.47 per share. The stock has given back 67.13 per cent year-over-year, and 26.56 per cent since 2019.
Join the discussion: Learn what other investors are saying about the use-cases for plasma torches on the PyroGenesis Canada Bullboard, and check out Stockhouse’s stock forums and message boards.
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