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PyroGenesis Canada Inc. has secured a $6 million contract to provide its SPARC™ refrigerant waste destruction system to an advanced materials company. The contract includes upfront payment of approximately $2.2 million, which has already been received. This SPARC™ system, which utilizes steam for plasma generation, promises to reduce operating costs while effectively eliminating ozone-depleting substances. The project, set for delivery in about 18 months, will see PyroGenesis design, build, and support installation of the system at the client's facility.
PyroGenesis Canada Inc. (NASDAQ: PYR) received a notification from NASDAQ on November 22, 2022, for failing to maintain a minimum bid price of US$1.00 per share for 30 consecutive business days. This notification does not immediately affect trading or result in delisting. The company has until May 22, 2023 to regain compliance, needing to close above US$1.00 for at least 10 consecutive trading days. Additionally, General Counsel Audrey Haligua has departed the company, with outside counsel temporarily handling her responsibilities.
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PyroGenesis Canada Inc. (NASDAQ: PYR, TSX: PYR) announced a conference call scheduled for November 15, 2022, at 10:00 AM ET to discuss its third-quarter financial results and corporate progress as of September 30, 2022. The company specializes in advanced plasma processes aimed at reducing greenhouse gas emissions and has established itself as a leader in various markets like iron ore and aluminum. Interested parties can access the call via pre-registration, and a replay will be available shortly after the event on the company’s investor relations website.
PyroGenesis Canada Inc. has announced its Q3 2022 financial results, reporting revenues of $5.7M and a gross margin profit of 73% ($4.1M). The company maintains a contract backlog of over $26M, highlighting a significant expansion in its potential contract pipeline. CEO P. Peter Pascali emphasized the company's focus on commercializing its advanced plasma technologies amidst challenging logistics and inflation. Despite delays faced by some clients, the company remains optimistic about future sales increases driven by heavy industry commitments to carbon reduction and technological advancements in their operations.
PyroGenesis Canada Inc. (PYR) has successfully produced hydrogen from methane using its new Zero Carbon Emission (ZCE) hydrogen production technology, an innovative plasma-based process. This method not only converts methane, a potent greenhouse gas, into valuable solid carbon and hydrogen but also offers an economically viable alternative to conventional hydrogen production methods. The global demand for hydrogen is projected to increase from 87 million metric tons in 2020 to between 500 and 680 million metric tons by 2050, positioning PyroGenesis as a key player in sustainable hydrogen production.
PyroGenesis Canada Inc. (TSX: PYR, NASDAQ: PYR) has successfully completed high-temperature testing of its Gen3 PUREVAP™ Quartz Reduction Reactor pilot plant, achieving operational success while maintaining system integrity at temperatures exceeding 2000 ºC. This milestone enables the introduction of reactants to produce high-purity silicon for potential buyers. CEO P. Peter Pascali expressed that this project showcases the company's innovative plasma technology aiming to transform silicon production, crucial for future energy goals, and entitles PyroGenesis to a 10% royalty on HPQ's sales.
PyroGenesis Canada Inc. (TSX: PYR, NASDAQ: PYR) has contracted with a major international aluminum company to explore the application of its plasma torches in aluminum cast house furnaces, aiming to support the client's decarbonization efforts. The project involves a computational fluid dynamics study to evaluate plasma usage in production-scale furnaces. CEO P. Peter Pascali highlighted the significance of this agreement, noting its potential impact on reducing greenhouse gas emissions in the aluminum industry.
PyroGenesis Canada (TSX: PYR, NASDAQ: PYR) has successfully passed its annual quality audits for ISO 9001:2015 and AS9100D standards across all facilities, confirming compliance and quality management excellence. The company reported zero non-conformance reports during the audit. Additionally, it is progressing towards ISO 13485:2016 certification, which will allow it to supply metal powders to medical device manufacturers. PyroGenesis is also nearing completion of modifications requested by a global aerospace client, aiming for approval by Q4 2022 or Q1 2023.
PyroGenesis Canada Inc. confirms the progress of its iron ore pelletization trials, receiving a milestone payment of approximately $1.3 million from Client B. Ongoing trials with both Client A and Client B demonstrate resilience despite COVID-19 related supply chain disruptions. The company emphasizes the shift from fossil fuels to its patented plasma torch technology, considered a long-term solution for reducing greenhouse gas emissions in the iron ore industry. Client A has already purchased a 1-MW plasma torch system for future testing.