- Green technology stock PyroGenesis Canada (TSX:PYR) has signed a contract with a global mining supplier to examine how its electric plasma torches can reduce emissions from the client’s metal cast houses
- The client is one of the largest mining product manufacturers with facilities on five continents
- PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gas emissions
- PyroGenesis stock has given back 54.90 per cent year-over-year and 24.59 per cent since 2019
Green technology stock PyroGenesis Canada (TSX:PYR) has signed a contract with a global mining supplier to examine how its electric plasma torches can reduce emissions from the client’s metal cast houses.
The client – whose name is being withheld for competitive and confidentiality reasons – is a “billion-dollar entity,” according to Wednesday’s news release, and one of the largest mining product manufacturers with facilities on five continents.
Subject to 10 weeks of initial testing, PyroGenesis will then replace one of the client’s high-emission fossil fuel burners with a complete torch-based system. The full burner replacement will take six months to complete and generate approximately US$500,000-US$1,000,000 in revenue, potentially opening the door for further orders. PyroGenesis estimates that thousands of these burners are in operation worldwide.
The company’s plasma torches play a key role in its three-tiered solution ecosystem aligned with the economic drivers of global heavy industry. Switching to its electric-powered plasma torches helps industries reduce fossil fuel use and greenhouse gas emissions.
Management insights
“This agreement, in addition to being yet another example of the fast-growing shift taking place across heavy industries, who are all being challenged to decarbonize, has a unique use aspect,” P. Peter Pascali, PyroGenesis’ president and chief executive officer, said in a statement. “Although initially small in value, this contract has the potential to have our plasma torch offering being considered as a solution to a particular carbon-emitting process that seems to be plaguing the industry as a whole. The fact that our engineering team is confident that they will substantiate the first step is also very encouraging.”
“Separately, we are in receipt of a number of such requests asking us to consider plasma as a way to decarbonize legacy processes,” Pascali added. “Although we do not expect to be the solution to every request, we take comfort from the fact that our reputation and expertise has provided us a position at the table.”
About PyroGenesis Canada
PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gas emissions. Its patented 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 8.24 per cent, trading at C$0.46 per share as of 10:24 am ET. The stock has given back 54.90 per cent year-over-year and 24.59 per cent since 2019.
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