PyroGenesis Receives $1.85 Million Payment Under Existing Drosrite™ Contract with Saudi Client
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 ha ricevuto un pagamento di 1,28 milioni di dollari statunitensi (1,85 milioni di dollari canadesi) nell'ambito del contratto esistente di oltre 25 milioni di dollari canadesi relativo a Drosrite™ con Radian Oil and Gas Services Company. Il pagamento segue un programma rivisto adattato alle considerazioni sul flusso di cassa del cliente finale.
Il contratto prevede sette sistemi di recupero delle scorie di alluminio Drosrite™, dei quali i primi tre sistemi sono già stati consegnati e sono operativi presso l'impianto di alluminio Ma'aden a Ras Al-Khair, in Arabia Saudita - una joint venture con Alcoa. Gli altri quattro sistemi sono stati prodotti e stanno per essere consegnati in Arabia Saudita.
L'impianto di Ma'aden è riconosciuto come il più grande e il più efficiente complesso di alluminio integrato verticalmente al mondo. Questo progetto è parte dell'ecosistema delle soluzioni a tre livelli di PyroGenesis, incentrato sulla Sicurezza delle Materie Prime e Ottimizzazione, Transizione Energetica e Riduzione delle Emissioni, e Rimedi ai Rifiuti.
PyroGenesis ha recibido un pago de 1,28 millones de dólares estadounidenses (1,85 millones de dólares canadienses) como parte de su contrato existente de más de 25 millones de dólares canadienses con Radian Oil and Gas Services Company. El pago sigue un cronograma revisado adaptado a las consideraciones de flujo de efectivo del cliente final.
El contrato incluye siete sistemas de recuperación de escorias de aluminio Drosrite™, de los cuales los primeros tres ya han sido entregados y están operativos en la planta de aluminio Ma'aden en Ras Al-Khair, Arabia Saudita - una empresa conjunta con Alcoa. Los otros cuatro sistemas han sido fabricados y están siendo entregados a Arabia Saudita.
La instalación de Ma'aden es reconocida como el complejo de aluminio integrado verticalmente más grande y eficiente del mundo. Este proyecto es parte del ecosistema de soluciones en tres niveles de PyroGenesis, centrado en la Seguridad y Optimización de Materias Primas, Transición Energética y Reducción de Emisiones, y Remediación de Residuos.
PyroGenesis는 Radian Oil and Gas Services Company와의 2,500만 캐나다 달러 이상의 Drosrite™ 계약의 일환으로 128만 달러(185만 캐나다 달러) 지급을 받았습니다. 이 지급은 최종 고객의 현금 흐름 고려 사항에 맞춘 수정된 일정에 따라 이루어졌습니다.
계약에는 일곱 개의 Drosrite™ 알루미늄 스크랩 회수 시스템이 포함되어 있으며, 첫 세 시스템은 이미 사우디 아라비아의 Ras Al-Khair에 있는 Ma'aden 알루미늄 공장에서 인도되어 운영 중입니다. 나머지 네 개의 시스템은 제작 완료되어 사우디 아라비아로 배송되고 있습니다.
Ma'aden 시설은 세계에서 가장 크고 효율적인 수직 통합 알루미늄 복합 단지로 인정받고 있습니다. 이 프로젝트는 PyroGenesis의 세 가지 차원 해결책 생태계의 일부로, 원자재 보안 및 최적화, 에너지 전환 및 배출 감소, 폐기물 정화에 중점을 두고 있습니다.
PyroGenesis a reçu un paiement de 1,28 million de dollars américains (1,85 million de dollars canadiens) dans le cadre de son contrat existant de plus de 25 millions de dollars canadiens avec Radian Oil and Gas Services Company. Le paiement intervient suite à un calendrier révisé adapté aux considérations de trésorerie du client final.
Le contrat concerne sept systèmes de récupération des scories d'aluminium Drosrite™, dont les trois premiers ont déjà été livrés et sont opérationnels à l'usine d'aluminium Ma'aden à Ras Al-Khair, en Arabie Saoudite - une coentreprise avec Alcoa. Les quatre autres systèmes ont été fabriqués et sont en cours de livraison en Arabie Saoudite.
La structure de Ma'aden est reconnue comme le plus grand et le plus efficace complexe d'aluminium intégré verticalement au monde. Ce projet fait partie de l'écosystème de solutions à trois niveaux de PyroGenesis, axé sur la Sécurité et l'Optimisation des Matières Premières, la Transition Énergétique et la Réduction des Émissions, ainsi que la Remédiation des Déchets.
PyroGenesis hat eine Zahlung von 1,28 Millionen US-Dollar (1,85 Millionen CAD) im Rahmen ihres bestehenden Vertrages über mehr als 25 Millionen CAD mit der Radian Oil and Gas Services Company erhalten. Die Zahlung folgt einem überarbeiteten Zeitplan, der an die Cashflow-Überlegungen des Endkunden angepasst wurde.
Der Vertrag umfasst sieben Drosrite™ Aluminium-Schlacke-Rückgewinnungssysteme, von denen die ersten drei bereits geliefert und im Aluminiumwerk Ma'aden in Ras Al-Khair, Saudi-Arabien, einem Joint Venture mit Alcoa, in Betrieb sind. Die restlichen vier Systeme wurden hergestellt und werden nach Saudi-Arabien geliefert.
Die Ma'aden-Anlage ist als der weltweit größte und effizienteste vertikal integrierte Aluminiumkomplex bekannt. Dieses Projekt ist Teil des dreistufigen Lösungsecosystems von PyroGenesis, das sich auf Rohstoffsicherheit und -optimierung, Energieübergang und Emissionsreduzierung sowie Abfallbeseitigung konzentriert.
- Received significant payment of US$1.28M (CA$1.85M) from existing contract
- Three Drosrite™ systems already operational at world's largest aluminum complex
- Remaining four systems manufactured and in delivery phase
- Contract maintains total value of CA$25+ million
- Payment schedule required revision due to client's cash flow pressures
- Delayed payment collection from original schedule
MONTREAL, Jan. 20, 2025 (GLOBE NEWSWIRE) -- PyroGenesis 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, announces the receipt of a US
“The payment announced today is made in accordance with a payment schedule that has been revised over time to better align options to the pressures with the end-client’s operating cash flows created by, amongst other things, increased business opportunities. Our patience has established a level of trust between our client, their new partner, and ourselves which speaks volumes as we expand our offerings in the region, a region that is well funded and has an eye to the future,” said P. Peter Pascali, President and CEO of PyroGenesis.
As previously announced, PyroGenesis contracted with PyroGenesis International LLC (then Drosrite International LLC), which was in turn contracted by Radian Oil and Gas Services Company for an order of seven (7) Drosrite™ aluminum dross recovery systems.
The first three systems were manufactured and delivered by the Company and are in full commercial operation for the Ma’aden aluminum plant in Ras Al-Khair, Saudi Arabia, a joint venture corporation with Alcoa. The facility at Ras Al-Khair is known to be the largest and most efficient vertically integrated aluminum complex in the world and boasts one of the world’s largest smelters.1 The remaining four Drosrite™ systems under the contract have already been manufactured and are being delivered to the end client’s operations in Saudi Arabia.
PyroGenesis’ involvement in developing Drosrite aluminum dross recovery systems is part of its three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. Dross recovery is part of its Commodity Security and Optimization tier, where the recovery of viable metals, and the optimization of production to increase output of these metals, helps to maximize raw materials and improve the overall availability of critical minerals. The other tiers are Energy Transition and Emission Reduction, and Waste Remediation.
About PyroGenesis International LLC
PyroGenesis International is a wholly-owned subsidiary of PyroGenesis existing under the laws of the State of Delaware. It provides state-of-the-art waste management technologies to the aluminum industry. PyroGenesis International was duly licensed by PyroGenesis to manufacture, market, sell and distribute Drosrite™ systems and technology to the Kingdom of Saudi Arabia, and certain other countries in the Middle East, on an exclusive basis. PyroGenesis acquired
About Radian Oil and Gas Services Company
Radian is a private Saudi Arabian company providing technologies that help customers conserve energy, operate more efficiently through a broad range of solutions while saving fuel, water / electricity & reducing CO2 emissions.
About Ma’aden
Ma’aden is a diversified multi-billion-dollar mining company and was formed as a Saudi joint stock company in 1997. Since 2009, Alcoa, the world's eighth largest producer of aluminum, and Ma’aden have formed a joint venture that has created the world’s largest, lowest cost, and fully integrated aluminum facility in Ras Al-Khair. Ma’aden is the largest mining company in the Kingdom of Saudi Arabia, and one of the world’s most cutting-edge companies in their industry.
About PyroGenesis 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).
Cautionary and Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
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 it 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
http://www.pyrogenesis.com
1 https://www.bechtel.com/projects/ras-al-khair-aluminum-smelter/
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4b4aae0c-e401-4454-9359-7a9e58ee710a
FAQ
What is the value of PyroGenesis' (PYRGF) recent payment received from Saudi client?
How many Drosrite™ systems has PyroGenesis (PYRGF) delivered to Ma'aden aluminum plant?
What is the total contract value for PyroGenesis' (PYRGF) Drosrite™ systems in Saudi Arabia?
How many additional Drosrite™ systems will PyroGenesis (PYRGF) deliver to Saudi Arabia?
