Pyrogenesis - PYRGF STOCK NEWS

PyroGenesis has received a US$730,000 (CA$1.04 million) milestone payment under an existing CA$4.1 million contract for a 4.5MW plasma torch with an undisclosed aeronautics and defense industry client. The client, which serves as a prime contractor for the U.S. government, recently signed an additional $27 million contract with PyroGenesis for a hyper-powered 20MW plasma torch.

The development of these high-powered plasma torch systems demonstrates PyroGenesis' capability to address challenging high-temperature process-heating needs in aerospace, defense, and heavy industries. The technology is part of the company's Energy Transition & Emissions Reduction strategy, helping industries reduce fossil fuel use and greenhouse gas emissions. This recent contract has increased PyroGenesis' project backlog to over $55 million, marking a historic high for the company.

PyroGenesis has received a US$1.28 million (CA$1.85 million) payment as part of their existing CA$25+ million Drosrite™ contract with Radian Oil and Gas Services Company. The payment follows a revised schedule adapted to the end-client's cash flow considerations.

The contract involves seven Drosrite™ aluminum dross recovery systems, with the first three systems already delivered and operational at the Ma'aden aluminum plant in Ras Al-Khair, Saudi Arabia - a joint venture with Alcoa. The remaining four systems have been manufactured and are being delivered to Saudi Arabia.

The Ma'aden facility is recognized as the world's largest and most efficient vertically integrated aluminum complex. This project is part of PyroGenesis' three-tiered solution ecosystem, focusing on Commodity Security and Optimization, Energy Transition and Emission Reduction, and Waste Remediation.

PyroGenesis has reached an agreement with HPQ Silicon to convert an outstanding liability of $4,941,440 into equity. The conversion will result in PyroGenesis receiving 17,968,873 units at $0.275 per unit, with each unit comprising one common share and one warrant. The warrants allow PyroGenesis to acquire additional HPQ shares at $0.285 within two years.

The companies are collaborating on the Fumed Silica Reactor (FSR) project, where PyroGenesis is developing technology to convert quartz into fumed silica in an eco-friendly single step. The first process material tests are scheduled to begin in January 2025. This initiative aims to repatriate fumed silica production to North America while eliminating harmful chemicals used in conventional methods.

PyroGenesis has successfully completed a $2.25 million contract for the delivery and operation of its plasma torch system to destroy PFAS 'forever chemicals'. The project, funded by the U.S. Department of Defense, has already treated over 300 tonnes of PFAS-contaminated materials at full capacity using a 1MW plasma torch system. The technology addresses a significant environmental and health concern, targeting a global PFAS remediation market estimated at $250 billion, with the U.S. portion valued at approximately $200 billion. PFAS are synthetic chemicals found in various consumer and industrial products, linked to health issues including increased cancer risk and immune system effects.

PyroGenesis has received a US$2 million (CA$2.8 million) payment under its existing CA$25+ million Drosrite™ contract with Radian Oil and Gas Services Company. The payment aligns with a revised schedule to accommodate the end-client's cash flow needs. This contract includes seven Drosrite™ aluminum dross recovery systems, with three already operational at the Ma’aden aluminum plant in Saudi Arabia and four more ready for delivery. PyroGenesis' Drosrite™ systems are part of its broader strategy to enhance metal recovery and optimize production processes, contributing to global heavy industry solutions.

PyroGenesis provides analysis on the potential impact of the upcoming U.S. administration change. The company expects positive economic effects from campaign promises including lower corporate taxation, reduced regulatory burdens, and energy sector expansion. PyroGenesis believes its position in aluminum and titanium industries, along with the growing demand for lightweight metals and grid infrastructure, will remain strong regardless of policy changes.

The company anticipates minimal impact from potential Paris Accord withdrawal or Inflation Reduction Act changes, citing factors such as continued energy transition momentum, rising metal demand, and geographic diversification. PyroGenesis highlights its strength in providing electricity-based technology solutions for industrial applications, particularly benefiting from global grid expansion and nuclear power resurgence.

PyroGenesis has signed a contract with one of the world's top three steelmakers to evaluate the use of their electric plasma torches in electric arc furnace (EAF) steelmaking. The unnamed client, previously referred to as Client C, has granted PyroGenesis official supplier status. The project, scheduled for Q4 2024, will last 60-90 days and aims to support the client's energy-transition goals. The initiative focuses on implementing plasma technology in the post-EAF process, which already offers 75% lower CO2 emissions compared to traditional blast furnace methods. This development aligns with PyroGenesis' Energy Transition & Emissions Reduction vertical, targeting industrial decarbonization.

PyroGenesis Inc., a company specializing in plasma processes and sustainable solutions for reducing greenhouse gases, has announced its corporate name change from PyroGenesis Canada Inc. to PyroGenesis Inc. (French version: PyroGènese Inc.). The change reflects the company's international presence across 21 countries but involves no restructuring or control changes. Trading symbols remain unchanged (TSX: PYR, OTCQX: PYRGF).

Additionally, the company has relocated its headquarters to 1100 René-Lévesque Boulevard West in downtown Montreal, moving from its 30-year location in Griffintown to accommodate growth and provide better accessibility.

PyroGenesis reported Q3 2024 financial results with revenue of $4 million, up 9% year-over-year, marking the third consecutive quarter of growth. The company achieved a record backlog of $54.9 million and a gross margin of 42%, showing a 13-point improvement from Q2. Notable highlights include a $27 million contract for a 20MW plasma torch system and over $3 million in recurring annual cost savings. The company reported an EPS loss of $0.02 and a net loss of $3.9 million, improving 38% compared to the previous year. PyroGenesis also announced its corporate name change from PyroGenesis Canada Inc. to PyroGenesis Inc. and relocated its headquarters to downtown Montreal.