PyroGenesis Canada Inc announced that its subsidiary, Pyro Green-Gas, received a milestone payment of approximately $2.5 million under its existing $9.3 million contract with Tata Steel — a global steel producer with multiple commercial operations worldwide.
Under the current contract, the Montreal-based company has the mandate to supply a coke oven gas purification and hydrogen production processes that would purify substances into extremely high purity (99.999%) and value, with significant environmental benefits.
The balance of $3 million out of the existing $9.3 million contract will be received over a period of nine months.
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Besides the payment, Pyro Green-Gas has signed another contract for $267,000 with Tata Steel to provide supplementary engineering improvements to the already existing supplies of dry coke oven gas desulfurization and hydrogen production process.
The purification company will supply filters that will further purify the remaining gas, removing condensed hydrocarbons, naphthalene, and dust from the coke oven gas infrastructure. This will allow the purified gas to be used as a fuel for galvanizing and annealing furnaces in steel processing.
“It is clear that this acquisition is proving to be an exceptional addition to our offerings,” said P. Peter Pascali, CEO and PyroGenesis. “We are also very happy to be announcing today our expanding relationship with another multi-billion-dollar entity.”
Meanwhile, the company shared with its investors that it recently granted Andre Mainella, CFO of PyroGenesis, stock options to acquire 100,000 shares of the company with an exercise price of $5.04 per share, exercisable over a period of five years.
Pyro Green-Gas, formerly known as AirScience Technologies Inc, designs and builds gas upgrading systems to convert biogas to renewable natural gas (RNG); pyrolysis-gas purification; biogas and landfill-gas flares and thermal oxidizers; and purification of coke-oven gas (COG) into high purity hydrogen. The organization is also known for its line of landfill gas flares which reduce greenhouse gas (“GHG”) emissions specifically from landfills.
Contact Ritika at ritika@proactiveinvestors.com