Pyrogenesis - PYRGF STOCK NEWS

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.

PyroGenesis Canada Inc. announces the receipt of two milestone payments totaling $970,000. The payments are for the sale of a plasma torch system to a U.S. to destroy harmful chemicals and the development of a high-powered plasma torch system for a U.S. aeronautics and defense entity. The Company's focus on plasma processes aligns with global economic drivers for waste remediation and emissions reduction.

PyroGenesis signs a contract with a top global steelmaker to explore using plasma in steel production, aiming to reduce greenhouse gas emissions. The initial feasibility study will assess the applicability of PyroGenesis' electric plasma torches for the production of direct reduced iron, with the potential for further experimental validation. The agreement highlights the growing interest in sustainable solutions in heavy industries like steelmaking.

PyroGenesis Canada Inc. announces a contract with a global mining supply company to explore the use of plasma technology in decarbonization processes. The agreement aims to test PyroGenesis' electric plasma torches in the Client's metal cast houses to potentially replace CO2-emitting burners. If successful, the Client may transition to a complete plasma torch-based system, generating significant revenues for PyroGenesis. The industry-wide initiative aligns with the Company's focus on reducing greenhouse gas emissions and supporting energy transition goals.

PyroGenesis receives exchange approval for block sale of HPQ Silicon Inc. shares, generating $661,447.50 from the sale of 3,779,700 shares at $0.175 per share. The transaction, approved by the TSX, highlights PyroGenesis' strategic investments and continued collaboration with HPQ on long-term projects like the Fumed Silica Reactor and PUREVAPTM Quartz Reduction Reactor.