- PyroGenesis Canada (PYR) has received the final signed contract to provide its SPARC refrigerant waste destruction system to an advanced materials firm
- This contract includes a first payment of approximately $2.2 million, which has been received by PyroGenesis
- The SPARC system, which is powered by electricity, substantially reduces an operator’s carbon footprint while concurrently eliminating ozone-depleting substances
- PyroGenesis Canada Inc. operates in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions
- PyroGenesis Canada Inc. opened trading at $1.06
PyroGenesis Canada (PYR) has received the final signed contract to provide its SPARC refrigerant waste destruction system to an undisclosed advanced materials firm.
According to the company, the final signed contract was with an advanced materials firm.
The system is the first of two systems that the client has indicated an interest in. This first system is contracted at approximately $6 million, not including ongoing after-sales support of an indeterminate amount.
This contract includes a first payment of approximately $2.2 million, which has been received by PyroGenesis.
PyroGenesis’ patented SPARC system is based on the technology platform originally developed by the company for both the U.S. Navy and U.S. Air Force.
It uses inexpensive steam as the plasma-forming gas to generate a hydrolysis reaction which destroys refrigerants, leading directly to significantly reduced operating costs when compared to processing more expensive gases, with cleaner operations and with no incineration.
The SPARC system, which is powered by electricity, substantially reduces an operator’s carbon footprint while concurrently eliminating ozone-depleting substances.
PyroGenesis has been contracted to design and build the SPARC refrigerant waste destruction system. The company will also supervise and support contractors in the system installation within a new facility being built by the client.
“This contract is for a land-based SPARC system which comes on the heels of the recent announcement of the first deployment for the USS Gerald R. Ford aircraft carrier – the world’s most technologically advanced ship – which set sail with PyroGenesis’ ship-board PAWDS waste destruction system installed,” noted P. Peter Pascali, CEO and Chair of PyroGenesis.
The PAWDS system is, interestingly, the technology platform used for SPARC.
PyroGenesis Canada Inc. is a high-tech company which operates in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional “dirty” processes.
PyroGenesis Canada Inc. opened trading at $1.06.
