PyroGenesis Canada - CEO, P. Peter Pascali.
CEO, P. Peter Pascali.
Source: PyroGenesis Canada.
  • PyroGenesis Canada (TSXV:PYR) has finalised its plasma torch testing program
  • The company’s torches are designed to replace traditional fossil fuel burners in iron ore processing
  • Testing was completed at the RISE Energy Technology Center AB in Sweden
  • RISE also made its final payment for a plasma torch system deal, as detailed in a January 2019 announcement
  • PyroGenesis (PYR) is up 3.66 per cent, with shares currently trading at $0.42 and a market cap of $41.48 million

Tech company, PyroGenesis Canada (TSXV:PYR), has finalised testing of its plasma torches.

PyroGenesis is a developer of, among other products, a 900-kW plasma torch designed to replace traditional fossil fuel burners in the iron ore pelletization process.

Pelletization is the method by which iron ore is condensed before shipment, thus reducing the overall cost of transportation.

Testing was carried out in Sweden at the RISE Energy Technology Centre.

In January 2019, a deal was signed with RISE for a system using the plasma torches. The contract was won in a competitive bid process, and the company has now made its final payment to PyroGenesis.

With testing now complete, PyroGenesis has entered new discussions with RISE regarding follow-on work and additional orders.

Peter Pascali, President and CEO of PyroGenesis, says the company’s success with RISE displays the significant opportunity available in the plasma torch market.

“Given how compelling our torch offering is, particularly in light of the environmental pressure the industry is under, we expect the demand for our torches to grow exponentially.”

It’s estimated that a standard pelletization plant with an annual output of 10 million metric tonnes will emit roughly one million tonnes of CO2.

With total global pellet production of around 400 million tonnes, the potential market for PyroGenesis’ plasma torches is expected to be in excess of C$10 billion.

PyroGenesis has already received a number of purchase enquiries from potential customers as a result of the recent successes.

A small order has also been signed with a multi-billion dollar producer of iron pellets. This producer will evaluate the efficacy of the torches and potentially install them throughout the its facilities.

PyroGenesis (PYR) is up 3.66 per cent, with shares currently trading for $0.42 at 4:06 pm EST.

More From The Market Herald

Jackpot Digital electronic table games OK’ed for U.S. Virgin Islands

Jackpot Digital (TSXV:JJ) has received licensing approval from the U.S. Virgin Island Casino Control Commission for its Jackpot Blitz ETGs.

Putting crypto’s 2023 bull run in perspective

Bitcoin, the cryptocurrency with the largest market cap, has added more than 160% in 2023 as the crypto industry enjoys another bull run.

Railtown AI engine achieves next-level milestone

Railtown AI Technologies (CSE:RAIL) says its AI engine has achieved a next-level milestone of producing application general intelligence.