PYR - PyroGenesis Signs $2.25 Million Plasma Torch Contract for PFAS Removal | Benzinga
MONTREAL, Sept. 12, 2023 (GLOBE NEWSWIRE) -- 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) and address environmental pollutants, is pleased to announce the signing of a contract valued at US $1.65 million (approximately CA $2.25 million) (the "Contract") from a U.S. corporation (the "Client") geared to destroy Perfluoroalkyl and Polyfluoroalkyl Substances ("PFAS") on behalf of a large operator of public water systems. The name of the Client will remain anonymous for confidentiality reasons. This Contract includes a 20% upfront payment totaling approximately US $380,000 (equivalent to approximately CA $516,800) which has been received.
PyroGenesis previously announced its involvement (Press Release dated October 28, 2021) in this very same project before subsequently suspending and discontinuing discussions (Press Release dated October 7, 2022) as, at the time, the project did not align with the minimum requirements of the Company's global strategy. However, as a result of renewed interest from the project principles, and upon developing a different approach, the Client re-engaged with PyroGenesis and as such PyroGenesis will now supply a plasma torch system as a key destruction component of the overall solution build.
"As disappointing as it was to suspend our participation in the previous iteration of this project, we are happy that discussions have since developed that enable us to showcase PyroGenesis' plasma torch capabilities when it comes to addressing the critical problems posed by PFAS. Of note, this is the second contract in recent weeks (totaling over $6 million), that will demonstrate the capabilities of PyroGenesis' ultra-high temperature plasma torch," said Mr. P. Peter Pascali, CEO of PyroGenesis. "Slowly but surely, PyroGenesis' long-term approach to its various business segment is starting to bear fruit."
PFAS are a set of more than 9,000 man-made chemicals ...