- Pyro Green-Gas, a subsidiary of PyroGenesis Canada (TSX:PYR), has signed C$1.3 million in new contracts with a global steel company based in India
- The client, which posted more than US$20 billion in 2023 revenue, seeks to reduce emissions using Pyro Green-Gas’ coke oven gas cleaning technology
- PyroGenesis Canada offers advanced plasma processes and sustainable solutions that reduce greenhouse gases
- PyroGenesis stock has given back about 30 per cent year-over-year, but has gained 8.93 per cent since 2019
Pyro Green-Gas, a subsidiary of PyroGenesis Canada (TSX:PYR), has signed C$1.3 million in new contracts with a global steel company based in India.
The client, whose name is being withheld for competitive reasons, posted more than US$20 billion in 2023 revenue, marking the second billion-dollar client the subsidiary is doing business with in India.
Pyro Green-Gas will develop and supply technology to desulphurize and clean the gas released during metallurgical coke production from coal. The coke will then be used in blast furnaces to make steel, while the cleaned gas will be converted into marketable hydrogen.
The steel industry accounts for 7-9 per cent of global greenhouse gas emissions, making it the industrial material with the most detrimental environmental impact. Pyro Green-Gas’ efforts to lower emissions in this area are aligned with PyroGenesis’ three-tiered solution ecosystem to capitalize on the economic drivers of global heavy industry. Coke oven gas cleaning solutions fall under the energy transition & emissions reduction tier, where fuel switching using PyroGenesis’ electric plasma torches, and gas cleaning and conversion technologies, help heavy industry reduce its environmental impact.
Leadership insights
“This announcement highlights our organization’s continued commitment to providing sustainable solutions for heavy industry, this time via our wholly owned subsidiary’s coke oven gas cleaning and purification solution,” P. Peter Pascali, president and chief executive officer of PyroGenesis, said in a statement.
“Given the size and breadth of the industry’s emission reduction requirements, steelmaking is a primary focus/target area for such advancements,” he added. “By leveraging factory-ready technologies, our goal is to become a world leader in facilitating heavy-industry’s transition towards more environmentally friendly practices, while at the same time recognizing their unique operational requirements.”
About Pyro Green-Gas
Pyro Green-Gas specializes in biogas upgrading and air pollution controls. Its offerings include gas upgrading systems to convert biogas to renewable natural gas, pyrolysis-gas purification, biogas and landfill-gas flares and thermal oxidizers, and purification of coke oven gas into high-purity hydrogen.
About PyroGenesis Canada
PyroGenesis Canada offers advanced plasma processes and sustainable solutions that reduce greenhouse gases. The company’s proprietary plasma technologies are being vetted and adopted by multi-billion-dollar industry leaders in iron ore pelletization, aluminum, waste management and additive manufacturing.
PyroGenesis stock (TSX:PYR) is up by 1.64 per cent, trading at C$0.62 per share as of 9:42 am ET. The stock has given back about 30 per cent year-over-year, but has gained 8.93 per cent since 2019.
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(Top photo is sourced from Adobe Stock.)
