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 advanced plasma processes and
sustainable solutions to reduce greenhouse gases (GHG) and address
environmental pollutants, is pleased to provide, further to HPQ
Silicon Inc’s (“HPQ” or the “Client”) press release dated January
19th 2023, and the Company’s news release on November 8, 2022, an
update on its Gen3 PUREVAP™ Quartz Reduction Reactor (QRR) pilot
plant (the “ Gen3 PUREVAP ™ Pilot Plant” or the “Pilot Plant”)
project following recent inquiries from investors.
The process testing referred to in the HPQ press
release dated January 19th, 2023, is moving forward as expected and
represents, in management’s opinion, a key development in the
overall project. These tests are geared to not only confirm that
the technology works as expected, but also to give input into the
subsequent engineering study which will be geared to determining
amongst other things, the actual number of systems required for
commercialization and the profitability of each.
“The question that keeps being asked of us is
what does successful testing ultimately mean to PyroGenesis?”, said
Mr. P. Peter Pascali, CEO and Chair of PyroGenesis, “The answer is
that besides the strategic investment PyroGenesis has in HPQ, the
Company also benefits from a royalty payment representing 10% of
the Client’s sales. In addition to this, the subsequent commercial
systems required by HPQ for commercialization would be manufactured
by PyroGenesis. Although these current tests and the subsequent
engineering study will determine the profitability of the
project, they will also determine the exact number of reactors
required. To give more clarity, at this stage both HPQ and
PyroGenesis agree, given what we know today, that at least two (2)
initial reactors, each reactor capable of producing 2,500 MT of
high purity silicon per year, at a build cost to HPQ of at
least $20 million each, would be required. This assumes successful
testing which, although we are confident in, is not guaranteed as
there are many uncertainties yet to be addressed before we can
say with confidence that we have a successful process to
commercialize.”
Figure 1- Picture of PyroGenesis’ Gen3
PUREVAP™ Quartz Reduction Reactor (QRR) pilot plant
The PUREVAP™ process is an innovative patented
process that will enable the one-step conversion of quartz (SiO2)
into high-purity silicon (Si) at reduced costs, energy input and
carbon footprint that will propagate its considerable renewable
energy potential. As part of the terms of the contract with HPQ,
PyroGenesis benefits from a royalty payment representing 10% of the
Client’s sales, with set minimums.
About HPQ Silicon
HPQ Silicon Inc. (TSX-V: HPQ) is
a Quebec-based innovative silicon solutions company that offers
innovative silica (SiO2), silicon (Si) based solutions and is
developing a unique portfolio of high value-added silicon (Si)
products sought after by battery and electric vehicle
manufacturers.
Silicon (Si), also known as silicon metal, is
one of today’s key strategic materials needed for the
decarbonization of the economy and the Renewable Energy Revolution
(“RER”). However, silicon does not exist in its pure state and must
be extracted from quartz (SiO2) in what has historically been a
capital and energy-intensive process.
With PyroGenesis Canada
Inc. (TSX: PYR) (NASDAQ: PYR), HPQ is
developing:
- the PUREVAP™ “Quartz Reduction Reactors”
(QRR), an innovative process (patent pending), which will
permit the one-step transformation of quartz (SiO2) into high
purity silicon (Si) at reduced costs, energy input, and carbon
footprint that will propagate its considerable renewable energy
potential.
- Through its 100% owned subsidiary, HPQ NANO Silicon Powders
Inc., the PUREVAP™ Nano Silicon Reactor
(NSiR) is a new proprietary process
that can use material produced by the QRR as feedstock, to make a
wide range of nano/micro spherical powders of different sizes and
nanowires.
- Through its second 100% owned subsidiary, HPQ Silica POLVERE
Inc., HPQ is developing a new plasma-based process that will allows
a direct Quartz to Fumed silica transformation, removing the usage
of hazardous chemical in the making of Fumed silica and eliminating
the Hydrogen Chloride Gas (HCI) associated with its
manufacturing.
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 sustainable
solutions which reduce greenhouse gases (GHG) 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.
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 Company'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 Company with respect to future events and are subject
to certain risks and uncertainties and other risks detailed from
time-to-time in the Company'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
Company 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 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/31d3e932-406b-440b-9b81-d010aa936be2
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