PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY), a high-tech company (hereinafter referred
to as the “Company” or “PyroGenesis”), that designs, develops,
manufactures and commercializes advanced plasma processes and
sustainable solutions which are geared to reduce greenhouse gases
(GHG), is pleased to provide an update further to its press release
dated September 27th, which announced that the Company had signed a
joint venture and license agreement (both agreements collectively
the “JV”) with a leading residue processor (the “JV Partner”) to
ultimately build and operate plants around the globe to transform
dross residues (a by-product of the Company’s DROSRITE™ process)
into high value chemical and metallurgical products. The Company is
proud to announce today that the JV Partner has completed primary
testing of residues from an operational DROSRITE™ facility. The
results confirm that the residues are of such high quality as to be
able to be processed into highly marketable products.
“We are extremely happy to announce today that
for the very first time the existing process, around which we are
basing the joint venture on, has successfully tested residues from
PyroGenesis’ DROSRITE™ metal recovery system,” said P. Peter
Pascali, CEO of PyroGenesis Canada Inc. “Of note, these residues
are from the same site where we plan to build and operate our first
dross residue processing plant. It is expected that this will be
the first plant of several that will be built to transform dross
residues into high value chemicals. Timing could not be more
perfect, as these residues are being increasingly regulated, with
some jurisdictions banning them outright from landfills. The
success of these test results further validates the
“inside-the-fence”, on-site discovery and upsell strategy we have
often described as key to our customer relationships. This bodes
well for our long-term goal of building out and operating many such
plants. These results further demonstrate the value of this JV, and
reinforces PyroGenesis’ strategy as an eventual one-stop shop for
aluminum producers aiming to reduce CO2 emissions with
environmentally friendly processes.”
As background, aluminum dross is a waste
by-product of aluminum production or transformation, created when
the top layer of the molten metal is exposed to oxygen. Composed of
a mix of aluminum metal (typically 60%) as well as oxides and other
chemicals (typically 40%) that get trapped together in this layer,
it is constantly skimmed off and removed from furnaces containing
molten metal. Toxic in nature, dross is stored, landfilled, or
processed, with the goal to recover some of the metal that it
contains.
PyroGenesis’ DROSRITE™ dross processing metal
recovery system can recover up to an industry-leading 98% of the
aluminum metal fraction in dross, returning it directly back to
production. This results in cost savings for aluminum producers,
who benefit with instantly higher output levels, less waste, and
less cost to store or landfill the material.
The material left after DROSRITE™ processing –
the remaining fraction comprising typically 40% of the original
dross – is referred to as secondary dross, dross residue or often
just “residue”. With little purpose in this form, this residue is
most often either disposed in landfills or, in some cases, sold
as-is as a cheap production additive to other industries. It is the
transformation of these residues into high-value products to sell
on the open market – a process known as “valorization” - for which
the 50:50 JV agreement was signed, with an end goal of building and
operating dross residue valorization facilities worldwide to serve
areas of high dross production, and locations where PyroGenesis’
DROSRITE™ systems are operating.
This testing of residue from actual
factory-processed dross was done not only with a view to validate
that the process can manage dross, but more importantly to help
identify the higher value chemicals that result from this specific
dross stream (as chemical composition of dross can vary from
producer to producer).
The Company is happy to report that the results
reveal that the residues are of an extremely high quality, for both
alumina and aluminum nitrides. This reflects both the quality of
the aluminum produced by the Company’s client (a major producer of
aluminum), and of PyroGenesis’ DROSRITE™ process which, unlike
legacy processing technology used by some in the industry, contains
no salt or other contaminants as part of the process.
With these results in hand, steps to confirm
specific techno-economic aspects of the first JV plant can be
completed, a phase that’s ongoing this quarter (Q3) and which is
expected to conclude during the next quarter (Q4), at which point
actual factory planning can commence.
“These preliminary results, while not
surprising, underscore the benefit of utilizing PyroGenesis’
DROSRITE™ system for aluminum dross processing, as well as the
Company’s commitment to finding unique, in-line technology
solutions for heavy industry, particularly the aluminum, steel, and
mining industries,” said Mr. P. Peter Pascali, CEO and Chair of
PyroGenesis. “As we have stated previously, we believe that this
announcement is a game-changer for the aluminum industry, as it
allows PyroGenesis to offer a truly complete dross processing
service, delivering zero-landfill/reduced carbon solutions while at
the same time increasing clients’ profitability. We look forward to
final results and to moving forward with our facility construction
plans, for the first and subsequent factories. As previously
announced, it is expected that the residues can be converted into
high margin products, such as aluminum sulfate and ammonium
sulfate, then sold for use in in-demand applications such as
fertilizer production and water purification for global markets,
thereby rescuing a waste stream and unlocking a potentially
significant new revenue stream for the Company.”
About PyroGenesis Canada
Inc.
PyroGenesis Canada Inc., a high-tech company, is
a leader 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 has created proprietary, patented and advanced plasm a
technologies that are being vetted and adopted by multiple
multibillion dollar industry leaders in four massive markets: iron
ore pelletization, aluminum, waste management, and additive
manufacturing. With a team of experienced engineers, scientists and
technicians working out of its Montreal office, and its 3,800 m2
and 2,940 m2 manufacturing facilities, PyroGenesis maintains its
competitive advantage by remaining at the forefront of technology
development and commercialization. The operations are ISO
9001:2015 and AS9100D certified, having been ISO certified since
1997. For more information, please visit: www.pyrogenesis.com.
This press release contains certain
forward-looking statements, including, without limitation,
statements containing the words "may", "plan", "will", "estimate",
"continue", "anticipate", "intend", "expect", "in the process" and
other similar expressions which constitute "forward- looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Corporation's current
expectation and assumptions and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated. These forward-looking statements
involve risks and uncertainties including, but not limited to, our
expectations regarding the acceptance of our products by the
market, our strategy to develop new products and enhance the
capabilities of existing products, our strategy with respect to
research and development, the impact of competitive products and
pricing, new product development, and uncertainties related to the
regulatory approval process. Such statements reflect the current
views of the Corporation with respect to future events and are
subject to certain risks and uncertainties and other risks detailed
from time-to-time in the Corporation's ongoing filings with the
securities regulatory authorities, which filings can be found at
www.sedar.com, or at www.sec.gov. Actual results, events, and
performance may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements. The
Corporation undertakes no obligation to publicly update or revise
any forward- looking statements either as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Neither the Toronto Stock Exchange, its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) nor the NASDAQ Stock
Market, LLC accepts responsibility for the adequacy or accuracy of
this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDPhone: (514)
937-0002, E-mail: ir@pyrogenesis.com RELATED LINK:
http://www.pyrogenesis.com/
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