PyroGenesis Signs Previously Announced >$1M Contract for 900 kW Plasma Torch System Sale
MONTREAL, Jan. 17, 2019 (GLOBE NEWSWIRE) — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR) (OTCQB: PYRNF) (FRA: 8PY), a TSX Venture 50® high-tech company, (the “Company”, the “Corporation” or “PyroGenesis”) a Company that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to announce today that, further to its Press Release dated January 7th, the Company has signed the >$1M contract for a 900 kW plasma torch system sale.
This contract was won in a competitive bid announced by RISE Energy Technology Center AB of Sweden. The torch is scheduled to be delivered by Q3 2019.
PyroGenesis’ 900 kW plasma torch will be used to replace fossil fuel burners in the iron ore induration (pelletization) process. Pelletization is the process in which iron ore is concentrated before shipment, thus significantly reducing the cost of transportation. In conventional technology, the process heat is provided by diesel/fuel burners. The combustion, in the burners, of natural gas, heavy oil and/or pulverized coal results in the production of greenhouse gases such as CO2. Plasma torches are therefore an environmentally friendly alternative.
“This Contract not only underscores our expertise with plasma torches, but it also expands our offerings into a very unique and significant opportunity for the Company,” said Mr. Alex Pascali, Business Development Manager of PyroGenesis. “You can imagine, as the world gears up towards a carbon free economy, and Sweden is only the first of many countries to do so, the use of high-powered plasma torches with zero CO2 emissions will become a logical choice when it comes to replacing fossil fuel burners. We already are speaking to other interested parties as a result.”
“A typical pellet plant producing 10 million metric tonnes of pellets annually, emits about one million metric tonnes of CO2,” said Mr. Pierre Carabin, Chief Technology Officer and Chief Strategist of PyroGenesis. “Therefore, the total world pellet production of 400 million metric tonnes of pellets corresponds to the production of about 40 million metric tonnes of CO2. This represents a potential market in torch sales of more than $10B worldwide.”
“This is a very exciting time at the Company,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis. “Everything we announced is moving along smoothly. Our previously announced partnership with the Japanese trading house is beginning to bear fruit. Our other billion-dollar partner, Aubert & Duval, announced that they are targeting capturing 15% of the titanium powders market in Europe by 2022, and we are starting to take steps together in that direction. In short, 2019 is shaping up to be a very interesting year in all our business segments.”
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® high-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes and products. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Our operations are ISO 9001:2015 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian Corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace. For more information, please visit www.pyrogenesis.com.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward- looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation’s current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation’s ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Clémence Bertrand-Bourlaud, Marketing Manager/Investor Relations, Phone: (514) 937-0002, E-mail: firstname.lastname@example.org
RELATED LINKS: http://www.pyrogenesis.com/