PyroGenesis Canada Inc. (TSX:PYR, NASDAQ:PYR) announced that it has won a $4.13 million contract for its 4.5 MW plasma torch system with a United States aeronautics and defence client.
The company's shares rose following the announcement, up 4.1% at C$1.02 on Tuesday afternoon.
PyroGenesis said that the contract includes a 20% upfront payment plus an additional 15% payment once the initial technical drawings are delivered, which is expected to be in about a month.
The client, who cannot be named by PyroGenesis for confidentiality reasons, serves as a prime contractor for the United States government as well as public and private customers in the aeronautics and related industries.
The specific purpose and applications of PyroGenesis’ plasma torch system delivered under the agreement also cannot be disclosed due to confidentiality requirements.
“This specific contract for a PyroGenesis’ developed 4.5 MW plasma torch system reflects the potential suitability of PyroGenesis’ technology as a solution for significantly more challenging high, and ultra-high, temperature process-heating needs, specifically within aerospace, defence, and certain heavy industries,” PyroGenesis CEO P. Peter Pascali said in a statement.
“As a result, this contract positions us well to expand our capabilities into other industries requiring high-temperature technology but at an appreciably higher power level, such as glass, cement, petrochemical, metal heating and melting industries – a requirement that is becoming more common as global energy transition measures, and the demand for unique high power heat applications, accelerate.”
PyroGenesis is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases and are economically attractive alternatives to conventional “dirty” processes.
The company 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.
- Updated with share price movement -
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