Pyrogenesis Canada Inc - PYR STOCK NEWS

PyroGenesis Canada Inc. (TSX:PYR) announced commitments over $10 million from a private placement initiated on February 14, 2023, including a $2.5 million investment from the CEO. The offering, led by Cormark Securities Inc., is expected to close around February 23, 2023, and funds will be allocated for working capital. An additional payment of $682,000 was received under the DROSRITE™ contract, with a total owed of approximately $12.8 million. Furthermore, the company faces an investigation by the Quebec securities regulator regarding past transactions but has stated no allegations of wrongdoing against it.

PyroGenesis Canada Inc. (TSX: PYR, NASDAQ: PYR) announced the return of Alan Curleigh as Chair of the Board, effective immediately, succeeding P. Peter Pascali, who remains as CEO and President. This transition is seen as beneficial due to Curleigh's previous nine-year tenure and experience with the company’s management team, thereby ensuring a smooth governance transition. Curleigh expressed enthusiasm for PyroGenesis' growth and the new opportunities ahead. The Board now consists of eight members, six of whom are independent, strengthening its governance structure. The company is a leader in advanced plasma processes aimed at reducing greenhouse gases.

PyroGenesis Canada Inc. (TSX: PYR, NASDAQ: PYR) has secured a contract for its SPARC^TM refrigerant waste destruction system, becoming integral to New Zealand's national initiative for hazardous refrigerant collection and destruction, led by the Cool-Safe organization. This initiative aims to significantly cut greenhouse gas emissions by 2035, targeting a 90% reduction in hazardous refrigerants. The project, valued at approximately $6 million, will establish onshore destruction capabilities in New Zealand, eliminating the need for offshore processing. The SPARC^TM system enhances operational efficiency with lower costs, reduced carbon footprint, and versatility in destroying various chemicals.

PyroGenesis Canada Inc. (TSX: PYR, NASDAQ: PYR) announces progress on its Gen3 PUREVAP™ Quartz Reduction Reactor pilot project. The process testing is advancing as planned, deemed crucial for determining the technology's viability and potential profitability. Successful testing will inform an engineering study to assess the number of systems needed for commercialization. Each reactor could produce 2,500 MT of high-purity silicon annually at a build cost of $20 million. Additionally, PyroGenesis earns a 10% royalty on HPQ's sales, further aligning its interests with the client's success.

PyroGenesis Canada Inc. has announced a significant milestone with a payment of approximately $2.4 million triggered by the delivery of four plasma torch systems to a major international iron ore producer. This payment indicates progress in the Client's adoption of PyroGenesis' technology aimed at replacing fossil fuel burners in iron ore pelletization processes. The installation and testing of these systems are expected to conclude by the end of Q2 2023, contributing to a more environmentally sustainable operation by significantly reducing greenhouse gas emissions.

PyroGenesis Canada Inc. has successfully delivered four 1-MW plasma torch systems to Client B, a major iron ore producer, marking a significant milestone in the company's iron ore pelletization business line. The total value of the project now exceeds $6.5 million, with an expected payment of $2.1 million anticipated in the coming weeks. Site acceptance testing is set to begin at Client B’s location, with trials expected to complete by the end of Q2 2023. Additionally, trials with another client, Client A, are also progressing, despite operational delays on their side. This delivery positions PyroGenesis at the forefront of reducing greenhouse gas emissions in steelmaking.

PyroGenesis Canada Inc. has successfully completed all findings from an on-site quality audit by a leading aerospace company, confirming the approval of its NexGen™ metal powder production facility. This significant milestone prepares PyroGenesis to provide sample titanium metal powder for verification of its properties, paving the way to becoming a fully approved supplier for a major North American client. The company anticipates quicker future qualifications from potential clients. Furthermore, PyroGenesis is experiencing an influx of opportunities, indicating strong market demand as it expands its team to meet these needs.

PyroGenesis Canada has signed a contract for over $500,000 with a North American lithium-ion battery recycler to deliver a system that decontaminates dust from battery recycling. The system will have a volume capacity of up to 4000 Nm3/h and aims to effectively reduce airborne contaminants while minimizing energy use. The contract highlights the company's commitment to sustainable solutions in the energy transition, particularly in the electric vehicle market. Delivery of the system is expected in June 2023, demonstrating PyroGenesis' competitive edge in emission-reduction technology.

PyroGenesis Canada Inc. has entered into a significant contract with a large European multinational chemical conglomerate to explore the use of its electric plasma torches in chemical production processes. This collaboration will commence with a computational fluid dynamics (CFD) study to assess the feasibility of retrofitting chemical production boilers. Depending on the results, a live experimental validation study may follow. This partnership underscores PyroGenesis' role in the energy transition and decarbonization efforts within the chemical sector.