PyroGenesis Canada Inc. (TSX:PYR, NASDAQ:PYR) has confirmed the receipt of a $826,000 down payment associated with the previously-announced $4.1 million contract for a 4.5 megawatt (MW) high-power plasma torch system.
The provider of advanced plasma processes said the client is a US corporation that regularly serves as a prime contractor for the US government as well as for public and private customers in the aeronautics and related industries.
“The 4.5MW high power plasma torch system represents a significant step forward in PyroGenesis' expansion of its plasma torch capabilities, and positions the company as a key player in addressing evolving energy transition needs,” PyroGenesis Canada CEO Peter Pascali said in a statement.
“By harnessing the power of electric-powered plasma torches, PyroGenesis empowers heavy industries to transition away from fossil fuel consumption, resulting in substantial reductions in carbon emissions and a cleaner, more sustainable world,” he added.
PyroGenesis noted the development of plasma torches for use in high temperature applications is part of its three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry.
It added that plasma torches, as a high and ultra-high temperature application, are part of the company’s Energy Transition & Emissions Reduction tier, where fuel switching to the PyroGenesis electric-powered plasma torches helps heavy industry reduce fossil fuel use and greenhouse gas emissions.
PyroGenesis Canada is a high-tech company and is a 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 processes.
Contact Sean at sean@proactiveinvestors.com