PyroGenesis Canada Inc. (“PyroGenesis”) (http://pyrogenesis.com)
(NASDAQ: PYR) (TSX: PYR) (FRA: 8PY), a high-tech company that
designs, develops, manufactures, and commercializes advanced plasma
processes and sustainable solutions to reduce greenhouse gases,
today announced that its subsidiary, Pyro Green-Gas (formerly known
as Air Science Technologies Inc.), has successfully completed the
Integrated Cold Test (ICT) under a previously announced $9.3M
project with a key client, one of the world’s top diversified steel
producers.
Under the terms of this project, Pyro Green-Gas
has been mandated to (i) supply coke oven gas purification
solutions and (ii) hydrogen production processes that have combined
the potential to allow for the extracting of hydrogen with a
99.999% purity level and improve the client’s environmental
outcome. With the implementation of Pyro Green-Gas’ hydrogen
extraction technology, the client would be able to rely on a
cleaner energy source for its annealing, galvanizing and acid
recovery processes, furthering its efforts to reduce its carbon
footprint.
The ICT achievement marks a significant
milestone towards the completion of the project. The successful
demonstration of Pyro Green-Gas coke oven gas purification and
hydrogen extraction processes during the ICT confirms that all
systems, equipment and their components meet and exceed the
required operation and safety standards.
“Our achievement in completing this milestone
demonstrates our unwavering commitment to delivering innovative
solutions that not only meet the needs of our clients but also
contribute to a more sustainable future,” said Mr. P. Peter
Pascali, CEO and President of PyroGenesis. “We are excited to be
working this renowned industry leader on an important project and
are confident that our innovative technology will help them to meet
their sustainability goals while improving operational
efficiency.”
The next target milestone, once fully
commissioned, is the completion of Performance Acceptance
Certificate (PAC), which is anticipated to be done before the end
of Q3 2023. The parties had previously mutually agreed to extend
the duration of the project, which had previously been anticipated
to end before 2023.
The ICT achievement triggers an aggregate
milestone payment of $460,000, which is expected to be received in
the coming weeks. The balance for this project (approximately
$920,000) would be earned upon the completion of two final
milestones, namely obtaining the PAC and completing the post
performance bond.
About Pyro Green-Gas Inc. (formerly
known as AirScience Technologies Inc.)
Pyro Green-Gas offers technologies, equipment,
and expertise in the area of biogas upgrading, as well as air
pollution controls. Pyro Green-Gas designs and builds: (i) gas
upgrading systems to convert biogas to renewable natural gas (RNG);
(ii) pyrolysis-gas purification; (iii) biogas & landfill-gas
flares and thermal oxidizers; and (iv) purification of coke-oven
gas (COG) (a by-product in the primary steel industry arising from
the conversion of coal into coke) into high purity hydrogen, which
is in high demand across the industry. Pyro Green-Gas is also known
for its line of landfill gas flares which reduce greenhouse gas
(GHG) emissions specifically from landfills.
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.
Trademarks
The terms “PyroGenesis” and “Pyro Green-Gas” are
trademarks belonging to PyroGenesis or its subsidiaries and may
only be reproduced or otherwise used, except in accordance with
PyroGenesis’ applicable trademark use policies.
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/
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