Progressive Planet Solutions Inc (TSX-V:PLAN) announced that it has finalized a purchase agreement in which Lafarge Canada Inc, Canada's largest cement producer, will buy all the PozGlass 100G produced by Progressive Planet 's pilot plant up to a maximum of 3500 metric tonnes per year.
The cleantech and manufacturing company said the purchase agreement follows the non-binding memorandum of understanding (MOU) with Lafarge announced March 13, 2023, and allows Progressive Planet to now focus on proving the patent-pending PozGlass technology as a bolt-on solution for existing cement plants in North America and around the globe.
“It (purchase agreement) positions us for global licensing and royalties, which will be an important revenue driver for our company,” Progressive Planet Solutions vice president of strategy and investor relations Ian Grant said in a statement.
“Glass has virtually the same chemical composition worldwide, which lends itself to rapid scalability for cement manufacturers utilizing PozGlass technology,” he added.
The Kamloops-based pilot plant, the final step to validate this technology, begins construction in 2023 and will be operational in 2024, according to the company.
It added that Lafarge is providing technical guidance and support to Progressive Planet in advancing the proprietary PozGlass technology through design, construction, and operation of the pilot plant.
Progressive Planet is a well-established cleantech and manufacturing company based in Kamloops, British Columbia, in the heart of some of Canada's richest volcanic fields, which are the prime ingredient of its innovations. The company's products are in 10,000-plus retail stores across North America.
Contact Sean at sean@proactiveinvestors.com