PyroGenesis Signs $6MM Contract with Advanced Materials Firm to Supply SPARC™ Land-Based Waste Destruction System
January 10 2023 - 06:30AM
PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY), a TSX30® and a Deloitte Technology Fast
50™ 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
announce today that, further to the press release dated September
13, 2022, the Company has received the final signed contract to
provide the Company’s SPARCTM refrigerant waste destruction system
to an advanced materials company (the “Client”). The system is the
first of two systems that the Client has indicated they may
require. This first system is contracted at approximately $6MM, not
including ongoing after-sales support of an indeterminate amount.
This contract includes a first payment of approx. $2.2MM. The first
payment has been received.
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. Powered by
electricity, the SPARCTM system substantially reduces an operator’s
carbon footprint while concurrently eliminating ozone-depleting
substances. The SPARC™ system is extremely versatile as it can also
destroys other chemicals such as CFCs, HCFCs, HFCs, Halons, and
PFCs.
PyroGenesis has been contracted to design and
build the SPARCTM refrigerant waste destruction system. PyroGenesis
will also supervise and support contractors in the system
installation within a new facility being built by the Client. The
project has an approximate production-to-delivery timeline of 18
months.
“PyroGenesis continues to be recognized for its
fossil-free waste destruction systems, in jurisdictions where
tightened hazardous waste disposal regulations combined with
cost-offsetting carbon credits are resulting in a need for a safer
destruction of various hydrocarbons, including refrigerant
chlorofluorocarbons,” said Mr. P. Peter Pascali, CEO and Chair of
PyroGenesis. “This contract is for a land-based SPARCTM 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.1,2 The PAWDS system is, interestingly, the technology
platform used for SPARC™.”
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 plasma
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.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BD Phone: (514)
937-0002, E-mail: ir@pyrogenesis.com RELATED LINK:
http://www.pyrogenesis.com/
1 US Navy’s latest and most advanced aircraft carrier deploys
for first time, by Ellie Kaufman and Oren Liebermann, CNN. October
4, 2022
https://www.cnn.com/2022/10/04/politics/uss-gerald-ford-deploys 2
USS Gerald R. Ford’s (CVN 78) Lesser-Known, Trash Disposal
Technology, Plasma Arc Waste Destruction System, by Lt. Cmdr. Chris
Buchanan, March 11,
2021.https://scnewsltr.dodlive.mil/Latest-Issue/Article-Display/Article/2612544/uss-gerald-r-fords-cvn-78-lesser-known-trash-disposal-technology-plasma-arc-was/
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