PyroGenesis Confirms Receipt of $445,200 Milestone Payment for SPARC™ Land-Based Waste Destruction System
MONTREAL, Aug. 24, 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), is pleased to announce today that, further to its press release dated February 6, 2023, it has received a milestone payment of $445,200 associated with the engineering phase for its SPARC™ refrigerant waste destruction system, from the government-mandated organization known as Cool-Safe (the “Client”).
The engineering phase of the SPARC™ refrigerant waste destruction system has reached a crucial milestone, triggering the subject payment. With the engineering phase nearing completion, PyroGenesis is on track as previously estimated and has already begun the fabrication process. The company expects to complete the fabrication phase by the first quarter of 2024.
“We are very pleased with the progress to date and look forward to the completion of the fabrication phase,” said Mr. Pierre Carabin, CTO of PyroGenesis. “We firmly believe that the SPARC™ system will be instrumental in driving forwards the client's national initiative for the destruction of hazardous refrigerants in New Zealand, and we remain committed to providing state-of-the-art waste destruction systems that contribute to a cleaner, more sustainable environment.”
As previously announced, PyroGenesis has been contracted to design and build the SPARC™ refrigerant waste destruction system, and will also supervise and support contractors in the system installation within a new facility being built by the Cool-Safe organization. Cool-Safe, previously known as The Trust for the Destruction of Synthetic Refrigerants, is a product stewardship organization (PSO) established by the New Zealand government in 1993. Cool-Safe’s mandate is to be a significant factor in the government of New Zealand’s stated goal to reduce their greenhouse gas emissions by 2035 by at least 35%. This will be achieved by implementing their own 90% reduction target for hazardous refrigerants.
PyroGenesis’ proprietary SPARC™ system uses inexpensive steam as the plasma-forming gas to generate a hydrolysis reaction which efficiently destroys refrigerants and ozone-depleting substances. It offers a cost-effective and environmentally friendly solution for the safe disposal of hazardous waste materials. The SPARC™ plasma-based system offers a substantial reduction in the operator's carbon footprint, while effectively eliminating ozone-depleting substances. Its versatility extends beyond solid waste, as it can also effectively destroy a variety of other chemicals, including CFCs, HCFCs, HFCs, halons and PFCs.
The Company’s involvement in the destruction of ozone depleting refrigerant substances using its patented SPARC™ system is part of PyroGenesis’ three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. Solid and hazardous waste destruction is part of the Company’s Waste Remediation tier, where it ensures a safe destruction of hazardous materials, and the recovery and valorization of underlying substances such as chemicals and minerals.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases 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.
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