PyroGenesis Canada Inc. (TSX:PYR, FRA:8PY) announced that the United States Patent and Trademark Office has issued a Notice of Allowance for US Patent No. 11116069, entitled 'High power DC non transferred steam plasma torch system'.
This new patent covers the company’s high-power DC steam plasma torch system, and relates to a steam plasma torch assembly wherein superheated steam is used as the main plasma forming gas, thereby resulting in a highly reactive steam plasma plume. The system is then used to destroy ozone-depleting substances.
The high-power steam torch system is used in the company's SPARC technology, a patented PyroGenesis process designed to destroy ozone-depleting substances such as end-of-life (EOL) refrigerants like CFCs, HCFs, and HFCs, which have high global warming potential.
In a statement, P. Peter Pascali, CEO and chair of PyroGenesis said: “This patent represents a key milestone as we roll out our SPARC technology; a technology which is specifically geared to reducing ozone-depleting substances. Our system has the potential to reduce EOL refrigerants in a significant and efficient manner while at the same time generating a very low carbon footprint. This patent will provide intellectual property coverage and help us secure a leading position as we move forward in commercializing our SPARC technology worldwide.”
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The company noted that research suggests that the management, and disposal, of HFC refrigerants is the best strategy to address climate change globally. Quickly phasing down HFC use has the potential to lower the effect of global warming by 0.5° C by 2100.
In addition, the Environmental Protection Agency estimates supermarkets in the US alone leak an average of 25% of their refrigerants annually, which is equivalent to the emissions from 12.5 million passenger vehicles for one year.
Pierre Carrabin, CTO and chief strategist of PyroGenesis commented: “Plasma torches that use steam as the main plasma forming gas produce a plasma plume with a high concentration of H+ and OH- ions. The steam plasma plume rich in these chemically and highly reactive ions can be used in a wide range of applications ranging from coal gasification to hazardous waste treatment. Steam plasma torches have been used very successfully in achieving difficult chemical conversion in other applications. We are proud to have been awarded a patent to utilize a steam plasma torch to destroy ozone-depleting substances as we believe there is a huge untapped need for such a torch."
New CFO appointed
In a separate statement, PyroGenesis Canada also announced the appointment of Andre Mainella, as its chief financial officer (CFO), replacing Ben Simo, who no longer works for the company.
The company noted that Mainella has more than 20 years of experience in senior financial positions in various industries including mining, manufacturing and distribution. As senior audit manager at Raymond Chabot Grant Thornton for several years, he has worked on a varied list of audit and non-audit mandates for private and publicly traded companies.
Working for Cogeco as director of Consolidation and Corporate Accounting, the company noted that he also brings to the company extensive experience in the implementation of accounting standards, corporate finance, business acquisitions, divestitures and financial reporting consolidation.
In a statement, P. Peter Pascali, president and chair of PyroGenesis commented: “On behalf of the Board, it gives me great pleasure to welcome Mr. Mainella to our executive leadership team at this pivotal point in our growth trajectory, as PyroGenesis’ CFO."
“Mr. Mainella brings an impressive set of financial and accounting skills in publicly traded companies, combined with an extensive background in financial reporting consolidation. We are looking forward to having him add his expertise, to that of the Board’s, during this exciting time in the Company's evolution, as he will be overseeing the finance/accounting departments while contributing to the execution of the Company’s strategic plan,” Pascali added.
Mainella received his Chartered Professional Accountant designation in 2001. He holds a Bachelor of Commerce and a graduate diploma in public accounting from Concordia University in Montreal.
PyroGenesis Canada is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional 'dirty' processes.
The company has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing.
With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 square meter and 2,940 square meter manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization.
The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997.
Contact the author at jon.hopkins@proactiveinvestors.com