PyroGenesis Congratulates its Client EarthGrid on its Joint Venture with EnerTech to Deploy US$18B in Plasma-Powered Tunnel Boring Projects
PyroGenesis Canada Inc. (TSX: PYR) (OTCQX: PYRGF) congratulates its client EarthGrid on signing a joint venture agreement with EnerTech, a Kuwait Investment Authority entity, to deploy US$18 billion in infrastructure projects across the United States, Europe, and the Middle East. PyroGenesis confirms that EarthGrid is the previously undisclosed client that provided a $667,000 non-refundable down payment for multi-year multi-plasma torch purchases.
PyroGenesis and EarthGrid have a Master Agreement to collaborate on finalizing an initial statement of work for the design, build, and delivery of five high-power 2MW air plasma torch systems for approximately US$13 million. This joint venture marks a significant milestone for EarthGrid in bringing plasma-powered tunnel boring technology to fruition, with PyroGenesis as a key supplier of plasma expertise and technology.
PyroGenesis Canada Inc. (TSX: PYR) (OTCQX: PYRGF) congratula il suo cliente EarthGrid per la firma di un accordo di joint venture con EnerTech, un'entità dell'Autorità per gli Investimenti del Kuwait, per investire 18 miliardi di dollari USA in progetti infrastrutturali negli Stati Uniti, in Europa e in Medio Oriente. PyroGenesis conferma che EarthGrid è il cliente precedentemente non divulgato che ha fornito un acconto non rimborsabile di 667.000 dollari per acquisti di torce multi-plasma pluriennali.
PyroGenesis ed EarthGrid hanno un Accordo Quadro per collaborare alla finalizzazione di una dichiarazione di lavoro iniziale per la progettazione, costruzione e consegna di cinque sistemi di torce al plasma ad aria ad alta potenza da 2MW per circa 13 milioni di dollari USA. Questa joint venture segna una pietra miliare significativa per EarthGrid nel portare a compimento la tecnologia di perforazione a tunnel alimentata da plasma, con PyroGenesis come fornitore chiave di competenze e tecnologia del plasma.
PyroGenesis Canada Inc. (TSX: PYR) (OTCQX: PYRGF) felicita a su cliente EarthGrid por la firma de un acuerdo de empresa conjunta con EnerTech, una entidad de la Autoridad de Inversiones de Kuwait, para invertir 18 mil millones de dólares USA en proyectos de infraestructura en Estados Unidos, Europa y Medio Oriente. PyroGenesis confirma que EarthGrid es el cliente que no se había divulgado previamente y que proporcionó un anticipo no reembolsable de 667,000 dólares para compras de antorchas multi-plasma a varios años.
PyroGenesis y EarthGrid tienen un Acuerdo Maestro para colaborar en la finalización de una declaración de trabajo inicial para el diseño, construcción y entrega de cinco sistemas de antorchas de plasma de aire de alta potencia de 2MW por aproximadamente 13 millones de dólares USA. Esta empresa conjunta marca un hito significativo para EarthGrid en la realización de la tecnología de perforación de túneles impulsada por plasma, con PyroGenesis como proveedor clave de experiencia y tecnología de plasma.
PyroGenesis Canada Inc. (TSX: PYR) (OTCQX: PYRGF)는 고객인 EarthGrid가 EnerTech와 공동 투자 계약을 체결한 것을 축하합니다. EnerTech는 쿠웨이트 투자청의 한 실체로, 미국, 유럽 및 중동 전역의 인프라 프로젝트에 180억 달러를 투자할 예정입니다. PyroGenesis는 EarthGrid가 667,000달러의 환불 불가 보증금을 제공한 미공식 고객이라고 확인했습니다. 이는 여러 해에 걸쳐 다중 플라즈마 토치를 구매하기 위한 것입니다.
PyroGenesis와 EarthGrid는 5개의 2MW 고출력 공기 플라즈마 토치 시스템의 설계, 구축 및 납품을 위한 초기 작업 명세서를 최종화하기 위한 협력을 위한 주요 계약을 체결했습니다. 이 계약의 예상 비용은 약 1,300만 달러입니다. 이번 공동 투자 프로젝트는 EarthGrid에게 플라즈마 기반 터널 굴착 기술을 실현하는 중요한 이정표가 되며, PyroGenesis는 플라즈마 전문 지식과 기술의 주요 공급자로서 역할을 합니다.
PyroGenesis Canada Inc. (TSX: PYR) (OTCQX: PYRGF) félicite son client EarthGrid pour la signature d'un accord de coentreprise avec EnerTech, une entité de l'Autorité d'Investissement du Koweït, pour investir 18 milliards de dollars US dans des projets d'infrastructure aux États-Unis, en Europe et au Moyen-Orient. PyroGenesis confirme qu'EarthGrid est le client jusqu'alors non divulgué qui a versé un acompte non remboursable de 667 000 dollars pour des achats de torches multi-plasma sur plusieurs années.
PyroGenesis et EarthGrid ont un Accord-Cadre pour collaborer à l'élaboration d'une déclaration de travail initiale pour la conception, la construction et la livraison de cinq systèmes de torches à plasma à air de 2MW haute puissance pour environ 13 millions de dollars US. Cette coentreprise marque une étape importante pour EarthGrid dans la réalisation de la technologie de tunnelier alimentée par plasma, avec PyroGenesis comme fournisseur clé d'expertise et de technologie plasma.
PyroGenesis Canada Inc. (TSX: PYR) (OTCQX: PYRGF) gratuliert seinem Kunden EarthGrid zur Unterzeichnung eines Joint-Venture-Vertrags mit EnerTech, einer Entität der Kuwait Investment Authority, zur Investition von 18 Milliarden US-Dollar in Infrastrukturprojekte in den Vereinigten Staaten, Europa und dem Nahen Osten. PyroGenesis bestätigt, dass EarthGrid der zuvor nicht bekannt gegebene Kunde ist, der eine nicht rückzahlbare Anzahlung von 667.000 US-Dollar für den Kauf mehrerer Plasma-Brenner über mehrere Jahre geleistet hat.
PyroGenesis und EarthGrid haben einen Rahmenvertrag zur Zusammenarbeit bei der finalen Ausarbeitung einer anfänglichen Arbeitsbeschreibung für die Planung, den Bau und die Lieferung von fünf Hochleistungs-2MW-Luft-Plasma-Brennersystemen zu einem Preis von etwa 13 Millionen US-Dollar abgeschlossen. Dieses Joint Venture markiert einen bedeutenden Meilenstein für EarthGrid, um die mit Plasma betriebene Tunnelbohrtechnik zu verwirklichen, wobei PyroGenesis als wesentlicher Lieferant von Plasma-Expertise und -Technologie fungiert.
- Secured a $667,000 non-refundable down payment from EarthGrid
- Potential US$13 million contract for five 2MW air plasma torch systems
- Master Agreement with EarthGrid allows for additional purchases of torches and related equipment
- Client's (EarthGrid) success in securing an US$18 billion joint venture may lead to increased orders for PyroGenesis
- No firm commitment beyond the initial $667,000 down payment
- Actual revenue from the potential US$13 million contract is not guaranteed
MONTREAL, Sept. 19, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (“PyroGenesis”) (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to congratulate its client EarthGrid, which announced yesterday that it has signed a joint venture agreement with EnerTech, a Kuwait Investment Authority (KIA) entity, to deploy infrastructure projects in four phases across the United States, Europe and the Middle East. The first two phases of the projects consist of an estimated US
PyroGenesis is pleased to confirm that in its press release dated January 16, 2024, wherein it was announced that PyroGenesis “received a
This joint venture marks a major milestone for EarthGrid in its journey to bring cutting-edge plasma-powered tunnel boring technology to fruition. Its partner – EnerTech – is owned by the National Technology Enterprises Company (NTEC), a fully-owned subsidiary of Kuwait Investment Authority (KIA), the sovereign wealth fund of Kuwait. As global providers of plasma expertise and technology, PyroGenesis is excited by continued innovations in the use of plasma, especially when stemming from client initiatives.
“Earlier today I sent my congratulations to Troy Helming and the entire team at EarthGrid for this tremendous result,” said P. Peter Pascali, President and CEO of PyroGenesis. “Having worked with Troy and his team for some time, it is no surprise that a leading investment vehicle has stepped forward to partner with EarthGrid. PyroGenesis looks forward to continuing to work with EarthGrid as it moves forward with its engineering, equipment procurement, and tunnel development projects.”
“PyroGenesis have been great supporters of our plan, both from a strategic and engineering perspective, as we readied the technology and financial approach over the past year,” EarthGrid founder Troy Helming said. “Having world-class plasma experts like PyroGenesis embracing our initiative and committing to us as a supplier means a great deal to us and our investors and we look forward to a prosperous long-term working relationship with Peter and his team at PyroGenesis.”
PyroGenesis’ development of plasma torches is part of its three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. Plasma torches are part of its Energy Transition and Emission Reduction tier, where fuel switching to PyroGenesis’ electric-powered plasma torches helps heavy industry reduce fossil fuel use and greenhouse gas emissions.
About PyroGenesis Canada Inc.
PyroGenesis, 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 (GHG) 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. PyroGenesis’ shares are publicly traded on the TSX in Canada (TSX: PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock Exchange in Germany (FRA: 8PY). For more information, please visit: www.pyrogenesis.com.
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 the Company 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 please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
E-mail: ir@pyrogenesis.com
RELATED LINK: http://www.pyrogenesis.com/
FAQ
What is the value of the joint venture agreement between EarthGrid and EnerTech?
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Who is EnerTech and what is its connection to the Kuwait Investment Authority?
