PyroGenesis Canada Inc. (TSX:PYR, NASDAQ:PYR) said it has signed an initial contract with a major European multinational chemical, oil, and gas conglomerate with 2021 revenues exceeding US$25 billion to assess the applicability of PyroGenesis’ fully electric plasma torches for use in its client’s chemical production process.
The company said it couldn’t divulge the client’s name for competitive and confidential reasons but it is headquartered in Southern Europe and has a 100-year history of success across the petroleum, energy, and chemical industries, with a recent focus on energy transition, green energy, and the decarbonization of both their own production processes and the sectors in which they serve.
It is one of the largest companies of its kind worldwide, and is active on multiple continents, PyroGenesis added.
“This agreement is yet another example of the fast-growing shift taking place across multiple heavy industries which are all being challenged to decarbonize,” said P. Peter Pascali, CEO and chair of PyroGenesis in a statement.
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The agreement outlines the initial steps for providing plasma-specific information in support of the client’s energy-transition goals. The first step requires a computational fluid dynamics (CFD) study to gather initial data to evaluate the use of plasma in the client’s chemical production boilers.
Once the CFD study is completed, and depending on the results, the client has indicated that it would then proceed to a live experimental validation study within their facilities, using PyroGenesis’ plasma torches, as per a separate to-be-negotiated agreement.
“This client has made a major public commitment to technology and innovation with the goal to help drive the transformation of the global chemical sector, with energy transition being a major part of that commitment,” Pascali added. “We are proud that our electric plasma torches are under serious consideration as part of their commitment to change.”
PyroGenesis Canada is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions that reduce greenhouse gases, and are economically attractive alternatives to conventional "dirty" processes.
Contact the author at stephen.gunnion@proactiveinvestors.com