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PyroGenesis secures $345K milestone payment from Swedish client following successful testing of a 900-kilowatt plasma torch

The payment follows the completion of the site acceptance test of the torch at the Swedish company’s facility

PyroGenesis Canada Inc plasma torch
The final payment of the torch’s C$936,000 cost is expected around the end of the month

PyroGenesis Canada Inc (CVE:PYR) (OTCMKTS:PYRNF) has received a C$345,000 milestone-related payment from RISE Energy Technology Center AB following the sale of a 900-kilowatt plasma torch system. 

The payment follows the completion of the site acceptance test of the torch at the Swedish company’s facility. The torch has been successfully installed and operated under the RISE’s parameters, the company said. 

A series of additional tests are currently being conducted, and the final payment of the torch’s C$936,000 cost is expected around the end of the month.

READ: PyroGenesis Canada closes non-brokered C$168,000 private placement

RISE plans to use the plasma torch as a replacement for fossil fuel burners in iron ore pelletization, a process in which iron ore is heated and concentrated into pellets before shipping.

A typical pellet plant, producing 10 million metric tonnes of pellets annually, emits roughly 1 million metric tonnes of carbon dioxide, the company said. All told, the world produces 4 million metric tonnes of pellets and emits a corresponding 40 million metric tonnes of carbon dioxide, representing a potential market for torch sales of more than $10 billion.

Separately, the Montreal-based company said the company still expects to receive a $6.4 million payment within the next two weeks, thanks to a licensing deal with Drosrite International LLC, which went into effect on October 9.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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Price: 0.37 CAD

TSX-V:PYR
Market: TSX-V
Market Cap: $51.77 m
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