PyroGenesis Signs Initial Energy Transition Contract with One of the Largest Multinational Steel Manufacturers
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 ha firmato un contratto con uno dei primi tre produttori di acciaio al mondo per valutare l'utilizzo delle loro torce al plasma elettrico nella produzione di acciaio con forno ad arco elettrico (EAF). Il cliente non nominato, precedentemente conosciuto come Cliente C, ha conferito a PyroGenesis lo status di fornitore ufficiale. Il progetto, programmato per il quarto trimestre del 2024, durerà tra i 60 e i 90 giorni e mira a supportare gli obiettivi di transizione energetica del cliente. L'iniziativa si concentra sull'implementazione della tecnologia al plasma nel processo post-EAF, che già offre emissioni di CO2 inferiori del 75% rispetto ai metodi tradizionali dei forni a coke. Questo sviluppo si allinea con il settore della Transizione Energetica e Riduzione delle Emissioni di PyroGenesis, mirato alla decarbonizzazione industriale.
PyroGenesis ha firmado un contrato con uno de los tres principales productores de acero del mundo para evaluar el uso de sus antorchas de plasma eléctrico en la fabricación de acero con horno de arco eléctrico (EAF). El cliente anónimo, previamente conocido como Cliente C, ha otorgado a PyroGenesis el estatus de proveedor oficial. El proyecto, programado para el cuarto trimestre de 2024, tendrá una duración de 60 a 90 días y tiene como objetivo apoyar los objetivos de transición energética del cliente. La iniciativa se centra en implementar tecnología de plasma en el proceso post-EAF, que ya ofrece emisiones de CO2 un 75% inferiores en comparación con los métodos tradicionales de hornos de coque. Este desarrollo se alinea con el sector de Transición Energética y Reducción de Emisiones de PyroGenesis, que tiene como objetivo la descarbonización industrial.
PyroGenesis는 세계 3대 제강업체 중 하나와 계약을 체결하여 전기 아크로에 의한 제강 (EAF) 공정에서 전기 플라즈마 토치의 사용 평가를 진행합니다. 비공식적인 클라이언트, 이전에 클라이언트 C로 알려졌던 이 회사는 PyroGenesis에 공식 공급업체 지위를 부여했습니다. 2024년 4분기로 예정된 이 프로젝트는 60-90일 동안 지속되며 고객의 에너지 전환 목표를 지원하는 것을 목표로 합니다. 이 이니셔티브는 EAF 후 공정에서 플라즈마 기술 구현에 중점을 두고 있으며, 이는 기존의 코크스 공법에 비해 CO2 배출을 75% 저감하는 효과를 가지고 있습니다. 이 발전은 PyroGenesis의 에너지 전환 및 배출 감소 분야와 일치하며, 산업 탈탄소화를 목표로 하고 있습니다.
PyroGenesis a signé un contrat avec l'un des trois premiers producteurs d'acier au monde pour évaluer l'utilisation de ses torches à plasma électriques dans la fabrication d'acier dans des fours à arc électrique (EAF). Le client anonyme, précédemment référencé comme Client C, a accordé à PyroGenesis le statut de fournisseur officiel. Le projet, prévu pour le quatrième trimestre 2024, durera entre 60 et 90 jours et vise à soutenir les objectifs de transition énergétique du client. L'initiative se concentre sur la mise en œuvre de la technologie plasma dans le processus post-EAF, qui offre déjà des émissions de CO2 75 % inférieures par rapport aux méthodes traditionnelles des hauts fourneaux. Ce développement est en accord avec le secteur Transition Énergétique et Réduction des Émissions de PyroGenesis, visant à la décarbonisation industrielle.
PyroGenesis hat einen Vertrag mit einem der drei größten Stahlhersteller der Welt unterzeichnet, um die Verwendung ihrer elektrischen Plasmalampen in der Stahlproduktion mit elektrischem Lichtbogenofen (EAF) zu bewerten. Der nicht genannte Kunde, zuvor als Kunde C bezeichnet, hat PyroGenesis den offiziellen Lieferantenstatus verliehen. Das für das vierte Quartal 2024 geplante Projekt wird 60 bis 90 Tage dauern und zielt darauf ab, die Energieübergangsziele des Kunden zu unterstützen. Die Initiative konzentriert sich auf die Implementierung von Plasma-Technologie im Nach-EAF-Prozess, der bereits 75% niedrigere CO2-Emissionen im Vergleich zu traditionellen Hochofenmethoden bietet. Diese Entwicklung steht im Einklang mit PyroGenesis' Bereich Energieübergang und Emissionsreduktion, der auf die industrielle Dekarbonisierung abzielt.
- Secured contract with one of world's top 3 steelmakers
- Achieved official supplier status with major client
- Project targets growing EAF market (30% of global steel production)
- Aligns with industry decarbonization trends
- Short-term contract duration (60-90 days)
- Initial phase to assessment only
- No disclosed contract value
Goal is to consider plasma use in steel production process
MONTREAL, Nov. 19, 2024 (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 that it has signed a contract with one of the three largest steelmakers in the world to assess the applicability of PyroGenesis’ fully electric plasma torches for use in part of the customer’s electric arc furnace (EAF) steelmaking and casting process. The client has previously been referred to as Client C and is one of the world’s largest companies in both steelmaking and iron ore pelletization. The client’s name shall remain anonymous for competitive and confidentiality reasons.
As outlined in its recent third quarter financial results, PyroGenesis has been working with Client C over the past few years on various initiatives related to using plasma in decarbonization. Recently, PyroGenesis was awarded official supplier status to Client C, as part of an impending initiative which is announced today.
The project agreement outlines the steps for analyzing plasma torches in support of the client’s energy-transition goals, with a duration of approximately 60-90 days, commencing in Q4 2024.
“Client C has taken a methodical approach to its decarbonization initiatives, and we are very pleased our work with them over the past few years has led to official supplier status for PyroGenesis, and resulted in this initial engagement,” said P. Peter Pascali, President and CEO of PyroGenesis. “Steelmaking is an industry where we continue to make inroads and which we believe offers enormous global potential for plasma use.”
The client’s goal is to determine how plasma can be used following the EAF process which turns scrap metal, and direct reduced iron (DRI), into molten steel. By using electricity in EAFs, the process offers the steelmaking industry a significantly lower carbon footprint with at least
PyroGenesis’ development of plasma torches for use in high temperature applications are part of its three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. Plasma torches for furnace burners are part of its Energy Transition & Emissions Reduction vertical, where fuel switching to its electric-powered plasma torches helps heavy industry reduce fossil fuel use and greenhouse gas emissions.
About PyroGenesis
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.
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
RELATED LINK: http://www.pyrogenesis.com
ii https://worldsteel.org/wp-content/uploads/Fact-sheet-raw-materials-2023.pdf
iii https://globalenergymonitor.org/wp-content/uploads/2023/07/GEM_SteelPlants2023.pdf
FAQ
What is the duration of PyroGenesis' (PYRGF) new steel manufacturing contract?
How much can PyroGenesis' plasma technology reduce CO2 emissions in steel production?
What percentage of global steel production uses EAF technology as of 2021?
When will PyroGenesis (PYRGF) begin the steel manufacturing assessment project?
