PyroGenesis Confirms Receipt of $826,000 Down Payment for 4.5MW High Power Plasma Torch System
August 22 2023 - 7:30AM
PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY), a TSX30 and a Deloitte Canada Clean
Technology Fast 50™ company (the “Company” or “PyroGenesis”) that
designs, develops, manufactures and commercializes advanced plasma
processes and sustainable solutions which are geared to reduce
greenhouse gases (GHG), confirms today that further to its press
release dated August 1, 2023, it has received the down payment of
$826,000 associated with the $4.1 million contract for a 4.5MW high
power plasma torch system. The client is a U.S. corporation that
regularly serves as a prime contractor for the U.S. government as
well as for public and private customers in the aeronautics and
related industries.
“The 4.5MW high power plasma torch system
represents a significant step forward in PyroGenesis' expansion of
its plasma torch capabilities, and positions the Company as a key
player in addressing evolving energy transition needs,” said Mr. P.
Peter Pascali, CEO and President of PyroGenesis. “By harnessing the
power of electric-powered plasma torches, PyroGenesis empowers
heavy industries to transition away from fossil fuel consumption,
resulting in substantial reductions in carbon emissions and a
cleaner, more sustainable world.”
As previously described, the Company’s
development of plasma torches for use in high temperature
applications is part of the Company’s three-tiered solution
ecosystem that aligns with economic drivers that are key to global
heavy industry. Plasma torches, as a high and ultra-high
temperature application, are part of the Company’s Energy
Transition & Emissions Reduction tier, where fuel
switching to the Company’s electric-powered plasma torches helps
heavy industry reduce fossil fuel use and greenhouse gas
emissions.
Figure 1- PyroGenesis' Solution
Ecosystem
About PyroGenesis
Canada Inc.
PyroGenesis Canada Inc., a high-tech company, is
a proud leader in the design, development, manufacture and
commercialization of advanced plasma processes and sustainable
solutions which reduce greenhouse gases and are economically
attractive alternatives to conventional “dirty” processes.
PyroGenesis 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 m2
and 2,940 m2 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. For
more information, please visit: www.pyrogenesis.com.
Cautionary and Forward-Looking
Statements
This press release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. In some cases, but not necessarily in all cases,
forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “targets”, “expects”
or “does not expect”, “is expected”, “an opportunity exists”, “is
positioned”, “estimates”, “intends”, “assumes”, “anticipates” or
“does not anticipate” or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might”, “will” or “will be taken”, “occur” or
“be achieved”. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor guarantees
or assurances of future performance but instead represent
management’s current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking statements are necessarily based
on a number of opinions, assumptions and estimates that, while
considered reasonable by the Company as of the date of this
release, are subject to inherent uncertainties, risks and changes
in circumstances that may differ materially from those contemplated
by the forward-looking statements. Important factors that could
cause actual results to differ, possibly materially, from those
indicated by the forward-looking statements include, but are not
limited to, the risk factors identified under “Risk Factors” in the
Company’s latest annual information form, and in other periodic
filings that the Company has made and may make in the future with
the securities commissions or similar regulatory authorities, all
of which are available under the Company’s profile on SEDAR at
www.sedar.com, or at www.sec.gov. These factors are not intended to
represent a complete list of the factors that could affect the
Company. However, such risk factors should be considered carefully.
There can be no assurance that such estimates and assumptions will
prove to be correct. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
release. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, except as required by
applicable securities laws.
Neither the Toronto Stock Exchange, its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) nor the NASDAQ Stock
Market, LLC accepts responsibility for the adequacy or accuracy of
this press release.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BD Phone: (514)
937-0002, E-mail: ir@pyrogenesis.com
RELATED LINK: http://www.pyrogenesis.com/
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7091109f-495a-4563-affe-c6161100b96f
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