PyroGenesis Canada Inc. (TSX:PYR, NASDAQ:PYR) said it has received a milestone payment of $445,200 associated with the previously announced engineering phase for its SPARC refrigerant waste destruction system from the government-mandated organization known as Cool-Safe.
The provider of advanced plasma processes said the engineering phase of the SPARC refrigerant waste destruction system has reached a crucial milestone, triggering the subject payment.
“We are very pleased with the progress to date and look forward to the completion of the fabrication phase,” PyroGenesis Canada chief technology officer Pierre Carabin said in a statement.
“We firmly believe that the SPARC system will be instrumental in driving forwards the client's national initiative for the destruction of hazardous refrigerants in New Zealand, and we remain committed to providing state-of-the-art waste destruction systems that contribute to a cleaner, more sustainable environment,” he added.
PyroGenesis noted that with the engineering phase nearing completion, it is on track as previously estimated and has already begun the fabrication process.
The company said it expects to complete the fabrication phase by the first quarter of 2024.
PyroGenesis’ proprietary SPARC system uses inexpensive steam as the plasma-forming gas to generate a hydrolysis reaction that efficiently destroys refrigerants and ozone-depleting substances, offering a cost-effective and environmentally friendly solution for the safe disposal of hazardous waste materials, according to the company.
SPARC’s versatility extends beyond solid waste, as it can also effectively destroy a variety of other chemicals, including CFCs, HCFCs, HFCs, halons and PFCs, PyroGenesis stated.
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 that reduce greenhouse gases and are economically attractive alternatives to conventional processes.
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