PyroGenesis Canada Inc. (TSX:PYR, NASDAQ:PYR) told investors it has signed a contract valued at US$1.65 million with a US corporation to destroy perfluoroalkyl and polyfluoroalkyl substances (PFAS) in drinking water.
The company said in a statement it has already received a 20% upfront payment of about US$380,000 from the corporation, a large operator of public water systems, which it could not name due to confidentiality reasons.
PyroGenesis said it previously announced its involvement in the same project before subsequently suspending and discontinuing discussions.
At the time, it said the project did not align with the minimum requirements of the company’s global strategy. However, as a result of renewed interest in the project principles, and due to a different approach, PyroGensis said the client has re-engaged it to supply a plasma torch system as a key destruction component of the overall solution build.
“As disappointing as it was to suspend our participation in the previous iteration of this project, we are happy that discussions have since developed that enable us to showcase PyroGenesis’ plasma torch capabilities when it comes to addressing the critical problems posed by PFAS,” PyroGenesis CEO P. Peter Pascali commented.
“Of note, this is the second contract in recent weeks (totaling over $6 million), that will demonstrate the capabilities of PyroGenesis’ ultra-high temperature plasma torch. Slowly but surely, PyroGenesis’ long-term approach to its various business segments is starting to bear fruit.”
PFAS are a set of more than 9,000 man-made chemicals that have been widely used in consumer products in various industries, such as aerospace, automotive, and construction, amongst others, for many decades. The company said research suggests exposure to some PFAS might result in harmful health outcomes, including cancer, increased cholesterol levels, and immune system effects.
PyroGenesis noted that its development of plasma torches for use in the safe destruction of hazardous chemicals such as PFAS is part of its three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry.
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