PyroGenesis - CEO, P. Peter Pascali.
CEO, P. Peter Pascali.
Source: PyroGenesis.
  • PyroGenesis (PYR) subsidiary Pyro Green-Gas has completed an integrated cold test for a key client, triggering a payment of $460,000
  • The test pertains to a previously announced $9.3 million project with one of the world’s top diversified steel producers
  • The project will see Pyro Green-Gas supply coke oven gas purification solutions and  hydrogen production processes to improve the client’s environmental performance
  • PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases
  • PyroGenesis (PYR) last traded at $0.94 per share

PyroGenesis (PYR) subsidiary Pyro Green-Gas has completed an integrated cold test for a key client.

The test pertains to a previously announced $9.3 million project with one of the world’s top diversified steel producers.

The project will see Pyro Green-Gas supply coke oven gas purification solutions and  hydrogen production processes with the goal of extracting hydrogen with a 99.999 per cent purity level and improving the client’s environmental performance.

The test demonstrates that all systems, equipment and their components meet and exceed the required operation and safety standards. The milestone triggers a payment of $460,000 to Pyro Green-Gas, which is expected to be received in the coming weeks.

Pyro Green-Gas’ hydrogen extraction technology is being implemented as a cleaner energy source for the client’s annealing, galvanizing and acid recovery processes.

The next target milestone is the completion of a performance acceptance certificate (PAC), which is anticipated before the end of Q3 2023.

The balance for the project – approximately $920,000 – would be earned upon obtaining the PAC and completing the post performance bond.

“Our achievement in completing this milestone demonstrates our unwavering commitment to delivering innovative solutions that not only meet the needs of our clients but also contribute to a more sustainable future,” said P. Peter Pascali, CEO and President of PyroGenesis. “We are excited to be working with this renowned industry leader on an important project and are confident that our innovative technology will help them to meet their sustainability goals while improving operational efficiency.”

Pyro Green-Gas offers technologies, equipment, and expertise in the area of biogas upgrading as well as air pollution controls.

PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases.

PyroGenesis (PYR) last traded at $0.94 per share.

The materials provided in this article are for information only and should not be treated as investment advice. For full disclaimer information, please click here.


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