PyroGenesis Announces Request for Cost Estimate from Major Iron Ore Producer for Thirty-Six Plasma Torches
June 03 2021 - 3:10PM
PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY), a high-tech company (hereinafter referred
to as the “Company” or “PyroGenesis”), that designs, develops,
manufactures and commercializes plasma atomized metal powders,
environmentally friendly plasma waste-to-energy systems and clean
plasma torch products, is pleased to announce today that further to
its press release dated November 24th, 2020, it has received a
request for a cost estimate for thirty-six (36) plasma torches from
a major iron ore producer (the “Client”). The Client is a
multi-billion-dollar international producer of iron ore pellets,
one of the largest in the industry, whose name will not be
disclosed for confidentiality reasons, and whose ultimate objective
is to reduce greenhouse gases (GHG) by replacing their fossil fuel
burners with PyroGenesis’ proprietary plasma torches.
As previously disclosed, PyroGenesis has the
process patent to replace fossil fuel burners with PyroGenesis’
clean plasma torches in the iron ore pelletization industry,
thereby reducing GHG emissions.
“Thirty-six (36) is too exact a number to be
random,” said P. Peter Pascali, CEO and Chair of PyroGenesis. “What
is important today is that we can now confirm that the Client has
not only identified the specific furnace to initiate a possible
change-out, but has actually identified the burners to be replaced,
and is now moving to the next steps. This is a significant
development, but one that was not unexpected. We cannot
overemphasize the opportunity this presents. That is not to say
that there are no risks moving forward, or that future contracts
are guaranteed. However, we can say with certainty that we are
continuing to conservatively tick the boxes one by one.”
Pelletization is the process in which iron ore
is concentrated before shipment, thus significantly reducing the
cost of transportation, and providing a required feedstock for
blast furnaces. In conventional technologies, the process heat is
provided by fuel oil or natural gas burners (both environmentally
damaging). The combustion, in the burners, of fossil fuels results
in the production of GHG, mainly CO2. Plasma torches, by contrast,
utilize renewable electricity and as such offer an environmentally
attractive alternative to fossil fuel burners.
Management has estimated internally that a
typical pellet plant producing 10 million metric tonnes of pellets
annually emits approximately one million metric tonnes of CO21. The
total world pellet production of 400 million metric tonnes of
pellets represents a potential market for torch sales in excess of
$10B worldwide. The world pellet industry generates about 40
million metric tonnes of CO2 every year. The use of plasma torches
running off a clean electrical grid would reduce these emissions
significantly. For reference, 40 million tonnes of CO2 represent
the combined yearly emissions of 8.7 million US passenger
vehicles2.
About PyroGenesis Canada
Inc.
PyroGenesis Canada Inc., a high-tech company, is
a leader in the design, development, manufacture and
commercialization of advanced plasma processes and products. The
Company provides its engineering and manufacturing expertise and
its turnkey process equipment packages to customers in the defense,
metallurgical, mining, advanced materials (including 3D printing),
and environmental industries. 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 Company’s core
competencies allow PyroGenesis to provide innovative plasma
torches, plasma waste processes, high-temperature metallurgical
processes, and engineering services to the global marketplace.
PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified.
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.sec.gov. 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 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.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDPhone: (514)
937-0002, E-mail: ir@pyrogenesis.com RELATED LINK:
http://www.pyrogenesis.com/
__________________1 M. Huerta, J. Bolen, M.
Okrutny, I. Cameron and K. O’Leary, “Guidelines for Selecting
Pellet Plant Technology”, Iron Ore Conference 2015 Proceedings,
Perth, WA, July 13-15, 20152
https://www.epa.gov/greenvehicles/greenhouse-gas-emissions-typical-passenger-vehicle
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