- PyroGenesis (TSX:PYR) has disclosed EarthGrid as the client behind a US$13 million multi-plasma-torch contract announced in January
- EarthGrid just signed a joint venture agreement with the Kuwait Investment Authority for billions in new infrastructure projects across the world
- PyroGenesis offers advanced plasma processes and sustainable solutions that reduce greenhouse gases
- PyroGenesis stock last traded at C$0.82 per share
PyroGenesis (TSX:PYR) has disclosed EarthGrid as the client behind a US$13 million multi-plasma-torch contract announced in January.
EarthGrid is an infrastructure company focused on plasma-based boring technology. Its recent joint venture agreement with EnerTech – an entity of the Kuwait Investment Authority – covers infrastructure projects in four phases across the United States, Europe and the Middle East. The first two phases will see an investment of approximately US$18 billion across the United States.
PyroGenesis’ contract with EarthGrid details the design and construction of five high-powered 2 MW air plasma torch systems. To date, the company has received a US$500,000 non-refundable down payment for future services.
The contract adds to PyroGenesis’ growing list of high-profile clients, with recent highlights including global aluminum product manufacturer Constellium, a global mining supply company and one of the five largest global steelmakers.
Leadership insights
“Earlier today I sent my congratulations to Troy Helming and the entire team at EarthGrid for this tremendous result,” P. Peter Pascali, president and chief executive officer of PyroGenesis, said in a statement. “Having worked with Troy and his team for some time, it is no surprise that a leading investment vehicle has stepped forward to partner with EarthGrid. PyroGenesis looks forward to continuing to work with EarthGrid as it moves forward with its engineering, equipment procurement and tunnel development projects.”
“PyroGenesis have been great supporters of our plan, both from a strategic and engineering perspective, as we readied the technology and financial approach over the past year,” added Troy Helming, EarthGrid’s founder. “Having world-class plasma experts like PyroGenesis embracing our initiative and committing to us as a supplier means a great deal to us and our investors, and we look forward to a prosperous long-term working relationship with Peter and his team at PyroGenesis.”
About PyroGenesis Canada
PyroGenesis offers advanced plasma processes and sustainable solutions that reduce greenhouse gases.
PyroGenesis stock (TSX:PYR) last traded at C$0.82 per share.
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(Top photo of EarthGrid’s boring technology at work: EarthGrid)
