PyroGenesis Signs $1.3 Million Energy Transition Contract

Rhea-AI Summary

PyroGenesis (OTCQX: PYRGF) signed a EUR 815,000 (CAD $1,324,000) contract to supply a plasma torch system for electrifying a calcination furnace in the cement industry.

Delivery is targeted for early Q3 2026 and the client will run a 9-month test as part of a multi-year initiative to demonstrate electric heating can replace fossil fuel combustion. The project plans to use captured CO2 in a closed-loop to power the plasma torch and moves PyroGenesis from low-kW trials toward megawatt-scale testing in industrial calcination.

Positive

• Contract value EUR 815,000 (CAD $1,324,000)
• Delivery target early Q3 2026
• 9-month pilot test within a multi-year decarbonization initiative
• Closed-loop CO2 concept for plasma torch heating (captured CO2 reuse)

Negative

• Pilot stage only: client will test system for 9 months (not immediate commercial roll-out)
• Client identity withheld for confidentiality, limiting public visibility on counterparty

News Market Reaction

+0.07%

1 alert

+0.07% News Effect

On the day this news was published, PYRGF gained 0.07%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Contract value (EUR): EUR 815,000 Contract value (CAD): CAD $1,324,000 Delivery timeline: Early Q3 2026 +5 more

8 metrics

Contract value (EUR) EUR 815,000 Plasma torch system for cement calcination furnace

Contract value (CAD) CAD $1,324,000 Equivalent contract value disclosed in press release

Delivery timeline Early Q3 2026 Targeted delivery date for plasma torch system

Test period 9 months Client’s planned testing duration for the plasma system

Fuel combustion share 40% Portion of cement emissions from fossil-fuel combustion for calcination

Global energy share 5% Cement production share of total global energy consumption

GHG emissions share 7% Cement production share of total GHG emissions

CO2 emissions share 9% Cement share of human-caused CO2 emissions (up to)

Market Reality Check

Price: $0.1968 Vol: Volume 59,329 is 18% abov...

normal vol

$0.1968 Last Close

Volume Volume 59,329 is 18% above the 20-day average of 50,376, showing modestly elevated interest. normal

Technical Trading below the 200-day MA of $0.27, despite a 32.66% one-day gain.

Peers on Argus

Peer moves are mixed: ASPZ is up 7.45% while NEWH is down 16.63%, and others are...

Peer moves are mixed: ASPZ is up 7.45% while NEWH is down 16.63%, and others are flat, suggesting PYRGF’s 32.66% move is stock-specific rather than sector-wide.

Historical Context

5 past events · Latest: Dec 08 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 08	Commercial contract	Positive	+24.1%	Titanium powder supply contract to a global aerospace leader after certification.
Dec 03	Commercial contract	Positive	+0.1%	EUR 815,000 plasma torch contract for cement calcination electrification.
Nov 28	Financing	Negative	+4.5%	Completion of non-brokered private placement raising $5.23M with warrant coverage.
Nov 11	Earnings update	Neutral	+8.7%	Q3 2025 results with lower revenue but a $51.6M backlog and multiple contracts.
Nov 05	Conference call	Neutral	-1.6%	Scheduling of Q3 2025 results and business update conference call.

Pattern Detected

Recent news, especially commercial contracts and operational milestones, has often coincided with positive price reactions, while even dilutive financing saw a price uptick, indicating a tendency to respond constructively to corporate developments.

Recent Company History

Over the past month, PyroGenesis reported several notable developments. An earnings release on Nov 11, 2025 highlighted revenue pressure but a substantial $51.6M backlog and new contracts. A non-brokered private placement completed on Nov 28, 2025 raised gross proceeds of $5,226,083. The company then announced a EUR 815,000 (CAD $1,324,000) cement-sector contract and, later, a titanium powder order to a global aerospace leader. Today’s cement electrification contract fits this pattern of commercial traction in energy transition and advanced materials.

Market Pulse Summary

This announcement adds a EUR 815,000 (CAD $1,324,000) cement-sector contract, advancing plasma torch...

Analysis

This announcement adds a EUR 815,000 (CAD $1,324,000) cement-sector contract, advancing plasma torch electrification of high-temperature calcination and moving from low-kilowatt toward megawatt-scale testing. It builds on a broader backlog referenced in prior updates and aligns with cement’s goal to cut emissions, where around 40% stem from fuel combustion. Investors may track execution milestones, such as the early Q3 2026 delivery target and the planned 9-month test period.

Key Terms

plasma torch, calcination furnace, greenhouse gas emissions, closed-loop system, +1 more

5 terms

plasma torch technical

"for the supply of a plasma torch system for the electrification"

A plasma torch is an industrial tool that creates a very hot, electrically charged gas to cut, melt or break down materials—think of a blowtorch powered by ionized gas instead of a flame. Investors care because the device is used in manufacturing, metalworking and advanced recycling; its adoption can drive sales, recurring service revenue, lower operating costs or help companies meet environmental rules, all of which affect profitability and growth prospects.

calcination furnace technical

"for integration into a calcination furnace, used as part of the cement"

A calcination furnace is an industrial ‘oven’ that heats raw materials to high temperatures without melting them to drive off moisture and volatile substances or trigger chemical changes, such as removing carbonates or converting precursors into active oxides. Investors care because this equipment affects product quality, production speed, energy use, emissions and maintenance costs, so its performance and efficiency influence margins, capital spending and regulatory risk.

greenhouse gas emissions technical

"Approximately 40% of greenhouse gas emissions in cement production is derived"

Greenhouse gas emissions are the gases a company releases into the air—like carbon dioxide or methane—that trap heat in the atmosphere and contribute to global warming. For investors, these emissions matter because they can lead to higher regulatory costs, fines, shifting consumer preferences, and physical risks (like supply-chain disruptions), or create opportunities in low-carbon products; think of emissions as a company’s climate footprint that can affect future profits and value.

closed-loop system technical

"in a closed-loop system, redirected to the plasma torch to heat"

A closed-loop system is an automated setup that continuously measures its own output and uses that feedback to adjust inputs without human intervention, like a thermostat that senses room temperature and turns heating on or off. Investors care because closed-loop designs can improve performance, reduce operating costs and human error, and create harder-to-replicate products or services, affecting efficiency, regulatory scrutiny, liability, and competitive advantage.

rotary kiln technical

"construction and testing of a plasma-driven rotary kiln, for permanent use"

A rotary kiln is a long, slightly tilted metal cylinder that slowly spins while materials pass through and are heated to very high temperatures, similar to a giant rotating oven or concrete mixer used for cooking raw materials. It is essential in industries such as cement, lime, minerals and waste processing because it enables chemical transformation and controlled drying at scale. Investors watch kiln capacity, fuel use, efficiency and emissions since these factors drive production volume, operating costs and regulatory risk, which directly affect margins and valuation.

AI-generated analysis. Not financial advice.

Advances electrification of calcination furnaces in the cement industry using plasma torch technology

MONTREAL, Dec. 03, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), the leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense, announces that it has signed a EUR815,000 (CAD$1,324,000) contract with a European cement industry customer for the supply of a plasma torch system for the electrification of a calcination furnace. The client’s name is being withheld for competitive and confidentiality reasons. This contract was originally noted in the Outlook section of PyroGenesis’ second quarter financial results (press release dated August 6, 2025).

PROJECT HIGHLIGHTS

Purpose: using an electric plasma torch for a more efficient and cleaner method for high-temperature calcination.
Scope: supply of proprietary plasma technology for integration into a calcination furnace, used as part of the cement production process.
Timeline: delivery to client is targeted for early Q3 2026.
Strategic Impact: supports cement industry goals to reduce emissions and produce cleaner, “greener” cement.

The contract announced today is with a global leader in mining and minerals within the cement industry. The goal is to effectively use a plasma torch in a calcination furnace, a key step in the cement production process. For this project, the client is evaluating the use of a CO₂-powered plasma torch. Of particular note, the CO₂ will be captured from other processes and, in a closed-loop system, redirected to the plasma torch to heat the calcination furnace. The client will test the plasma system for 9 months, as part of an existing multi-year initiative that aims to demonstrate that electric heating can substitute fossil fuel combustion in the cement industry. The construction and testing of a plasma-driven rotary kiln, for permanent use in calcination on an industrial scale, is a central goal of the initiative. The integration of PyroGenesis’ plasma torch represents the next step forward from previous low kilowatt-power tests toward megawatt power tests.

A calcination furnace (also known as a calciner), can be used for the high temperature processing of limestone, quicklime, and trona, to produce lime, clinker, and soda ash, all of which are key components of cement, and which contribute to its binding properties, as well as to its strength and durability. Fossil fuel combustion and CO₂ released during calcination are major sources of emissions in the cement industry. Approximately 40% of greenhouse gas emissions in cement production is derived from the combustion of fuel needed to generate the heat required in the calcination process. ⁱ

^{Image: PyroGenesis’ proprietary plasma torch technology.}

“The cement industry is under mounting pressure to shift toward cleaner technology for their high temperature process steps,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis. “Transitioning production methods, using plasma as a heating source, is not just a way to boost operational efficiency, but a vital way to achieve the sector’s long-standing net-zero emission reduction goals. Since fossil fuel combustion accounts for roughly 40% of the industry’s greenhouse gas emissions, replacing fossil fuel burners with plasma torches offers a powerful pathway to deep decarbonization and efficiency gains. I am encouraged to see this growing momentum in the cement industry, as the cement industry is one we have targeted as a perfect candidate for the widespread adoption of plasma torches.”

INDUSTRY AND MARKET CONTEXT

• Cement production is one of the most energy intensive of all manufacturing industries, accounting for nearly 5% of total global energy consumption. ^{ii iii}
• Cement production accounts for 7% of total GHG emissions and up to 9% of human-caused CO₂ emissions. ^{iv v}
• 40% of cement industry emissions come from fossil-fuel combustion to power calcination. ⁱ
• The Global Cement and Concrete Association targets 20% reduction of CO₂ per metric ton of cement and 25% reduction of CO₂ per cubic meter of concrete by 2030 compared to 2020. The GCCA also calls for complete decarbonization by 2050. ^vi
  
  

About PyroGenesis Inc.

PyroGenesis leverages 34 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis’ engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis’ shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges.

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 PyroGenesis 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 PyroGenesis’ latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis’ profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. 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. PyroGenesis 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 OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.

For further information contact ir@pyrogenesis.com or visit http://www.pyrogenesis.com

^{__________________________________}

ⁱ https://link.springer.com/article/10.1007/s10098-023-02683-0

ⁱⁱ https://www.eia.gov/todayinenergy/detail.php?id=11911

ⁱⁱⁱ https://www.sciencedirect.com/science/article/abs/pii/B9780323852104000102

^iv https://www.mckinsey.com/capabilities/sustainability/our-insights/spotting-green-business-opportunities-in-a-surging-net-zero-world/transition-to-net-zero/cement

^v https://www.scientificamerican.com/article/solving-cements-massive-carbon-problem/

^vi https://www.mckinsey.com/industries/engineering-construction-and-building-materials/our-insights/cementing-your-lead-the-cement-industry-in-the-net-zero-transition

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9471926b-3a09-4680-a426-532da1c3523c

FAQ

What is the value of the PyroGenesis contract announced December 3, 2025 (PYRGF)?

PyroGenesis signed a EUR 815,000 (CAD $1,324,000) contract to supply a plasma torch system.

When is the PyroGenesis plasma torch delivery for the calcination furnace (PYRGF)?

Delivery is targeted for early Q3 2026.

How long will the client test PyroGenesis' plasma system for the calciner (PYRGF)?

The client will test the plasma system for 9 months as part of a multi-year initiative.

Does the PyroGenesis project use captured CO2 in the plasma torch (PYRGF)?

Yes; the project evaluates a closed-loop approach where captured CO2 is redirected to the plasma torch for heating.

Is the December 3, 2025 PyroGenesis contract with a disclosed customer (PYRGF)?

No; the client name is being withheld for competitive and confidentiality reasons.

What is the strategic goal of PyroGenesis' plasma torch in cement calcination (PYRGF)?

The goal is to demonstrate that electric plasma heating can substitute fossil fuel combustion and reduce emissions in calcination.