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PyroGenesis Inc. develops plasma-based and ultra-high-temperature engineering solutions for heavy industry and defense. Its updates cover engineering projects tied to energy, propulsion, destruction, process heating, emissions control, and materials development for customers in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government markets.
Recurring news themes include financial results and backlog, contracts for NexGen™ plasma-atomized titanium powder, additive manufacturing strategy, battery-materials processes for carbon black, graphite, and hydrogen, fumed silica testing, and governance or corporate secretary changes. The company also reports on commercialization activity across its plasma systems and related engineering services.
PyroGenesis has secured a second contract from a Spanish aerospace client for its titanium metal powder, ideal for additive manufacturing. The client, a global leader in aerospace propulsion, initially placed an order in April 2024 and may consider a long-term contract following this deal. The titanium powder, produced via PyroGenesis' NexGen™ plasma atomization system, is designed for Laser Powder Bed Fusion methods. This order aligns with PyroGenesis' strategy to become a key supplier in the aerospace sector, enhancing their commercial reach and reinforcing their position in the titanium metal powder market.
PyroGenesis has announced contracts worth $2.5 million for the engineering, design, and fabrication of a thermal swing adsorption (TSA) system as part of the Varennes Carbon Recycling (VCR) plant, a $1 billion biofuel project in Quebec. The VCR plant aims to convert 200,000 tonnes of waste into 125 million liters of biofuels annually, with a focus on reducing greenhouse gas emissions by over 170,000 tonnes annually. The plant is supported by major partners such as Shell, Suncor, Proman, and Enerkem, as well as the Quebec and Canadian governments. Pyro Green-Gas, a subsidiary of PyroGenesis, will complete the TSA system by Q4 2024. The TSA technology is part of PyroGenesis's strategy to provide sustainable solutions for heavy industries.
PyroGenesis has been advised by a global aerospace OEM that its Ti64 “coarse” powder has met all requirements to be added to the client’s approved supplier list. The formal addition will occur this summer. This powder, used in additive manufacturing, underwent extensive evaluations, including quality management reviews and on-site audits. This development underscores the quality of PyroGenesis' NexGen™ plasma atomization process and positions the company favorably within the aerospace industry. Additionally, PyroGenesis' 'fine cut' Ti64 metal powder is also in the qualification process with the same client.
PyroGenesis has announced its intent to exercise its option to convert its annual royalty rights into a 50% ownership of HPQ Silica Polvere, a subsidiary of HPQ Silicon. This move is part of a Development and Purchase Agreement with HPQ Polvere. The conversion is expected to enhance PyroGenesis' stake in the innovative Fumed Silica Reactor (FSR) project, which aims to produce eco-friendly fumed silica. The FSR project is progressing well, with major equipment on-site and construction on track for Q2 2024 commissioning. The market for fumed silica is growing, valued at $1.3 billion in 2022 and expected to reach $2.1 billion by 2032.
Pyro Green-Gas, a subsidiary of PyroGenesis Canada, has signed contracts worth $1.3 million with a major Indian steel company to desulphurize coke oven gas, converting it into reusable hydrogen. The unnamed client, with revenues exceeding $20 billion in 2023, is the second billion-dollar client for Pyro Green-Gas in India. This contract aligns with PyroGenesis' focus on reducing greenhouse gas emissions in heavy industries, particularly steelmaking, which accounts for 7-10% of global GHG emissions. The deal was anticipated in PyroGenesis' Q1 2024 financial outlook.
PyroGenesis Canada announces the receipt of $1.5 million as a settlement in legal proceedings involving its subsidiary, Pyro Green-Gas Inc., and Gas RNG Systems.
The settlement, concluded on a no-fault basis, results in the payment of US$1.1 million (approximately CAN$1.5 million) to Pyro Green-Gas Inc. and related parties, with all parties providing full and final releases. Details of the legal proceedings are available in the company’s annual information form.
PyroGenesis has announced its Q1 2024 financial and operational results, revealing a revenue increase of 34.5% year-over-year, reaching $3.5 million. The company's backlog of signed and awarded contracts stands at $28.1 million. Key projects include the fumed silica reactor project for HPQ Silicon and several new contracts across industries like green cement, steelmaking, and aerospace. The company recorded an EPS loss of $0.02 and a margin of 21.7%. Subsequent to the quarter end, PyroGenesis signed a letter of intent with Constellium for plasma remelting furnaces and secured contracts with a top global steelmaker and major manufacturers in mining, defense, and aerospace. Despite some financial losses, the company shows strong revenue growth and a solid backlog of projects, positioning itself as a leader in heavy industry decarbonization technologies.
PyroGenesis Canada Inc. has scheduled a conference call on May 15, 2024, to discuss its financial results for the first quarter of 2024 and provide updates on progress and developments. The Company specializes in advanced plasma processes and sustainable solutions to reduce greenhouse gases and address environmental pollutants.
PyroGenesis announced that 28-day lab strength tests for their green cement additive product, PozPyro, achieved up to 99.56% above the compressive strength target. The product outperformed traditional alternatives like fly ash, showing superior strength and workability. By transforming quartz silica through a plasma-based process, PyroGenesis aims to offer a sustainable solution that reduces CO2 emissions in cement production. The results indicate the potential for PozPyro to revolutionize the cement industry by providing a more environmentally friendly and efficient alternative.
PyroGenesis Canada Inc. announces a new contract to supply titanium metal powder to a Spanish aerospace entity for additive manufacturing. The agreement marks the launch of the company's European distribution strategy, following the end of a distribution agreement with Aubert & Duval. PyroGenesis' NexGen™ plasma atomization system produces high-quality titanium powder for various additive manufacturing applications, reducing costs and increasing direct sales to European clients.