PyroGenesis Canada Inc. (TSX:PYR, OTCQX:PYRGF) said it has received the second milestone payment of approximately C$520,000 (US $378,900) for the engineering phase of the plasma torch contract with a US client to destroy perfluoroalkyl and polyfluoroalkyl substances (PFAS).
“We are very pleased with the progress to date in developing this new state-of-the-art plasma torch, and look forward to the upcoming completion of the manufacturing phase,” P. Peter Pascali of PyroGenesis said in a statement.
“The eventual completion of the manufacturing phase will mark an important milestone in PyroGenesis' stated goal to advance PFAS eradication using state-of-the-art plasma torch technology. Today brings us one step closer to delivering a PyroGenesis based solution that addresses critical environmental challenges, reinforcing our unwavering commitment to sustainable innovation.”
The name of the client has not been revealed.
The company said it is on track to begin the manufacturing process over the coming weeks with the manufacturing phase expected to be completed by the end of 2Q 2024.
Perfluoroalkyl and polyfluoroalkyl substances consist of over 15,000 man-made chemicals widely used in consumer products in various industries, such as aerospace, automotive, and construction, for many decades. Research suggests that exposure to some PFAS might result in harmful health outcomes, including cancer, increased cholesterol levels, and immune system effects.