- PyroGenesis (PYR) has delivered a plasma torch to one of the world’s largest iron ore producers
- The torch is intended to increase efficiency and reduce emissions in the steelmaking process
- The client has expressed interest in purchasing up to 36 torches representing revenue of between C$95M-$115M
- PyroGenesis Canada focuses on advanced plasma processes and sustainable solutions to reduce greenhouse gases
- PyroGenesis (PYR) is down by 5.49 per cent trading at $2.41 per share
PyroGenesis (PYR) has delivered a plasma torch to one of the world’s largest iron ore producers.
The client will use the 1 MW torch to increase efficiency and reduce emissions in its iron ore pelletization system, which is an essential upstream component of the steelmaking process.
Installation is estimated at 3-4 weeks, after which the client will perform a site acceptance test.
The client previously requested and received a cost estimate for 36 plasma torches of between C$95M-$115M.
“Since we announced our participation in the international consortium studying the use of plasma in iron ore pelletization for the first time,” said P. Peter Pascali, CEO and Chair of PyroGenesis, “the response to the possibilities presented by our plasma torches, and the subsequent scale at which several of the world’s largest iron ore producers and steelmakers have been willing to investigate such a major change to their process in partnership with PyroGenesis, has been remarkable.”
“It is extremely exciting to have a technology that can directly and significantly reduce carbon emissions in the upstream step of steelmaking,” added Pascali. “By replacing heavily polluting diesel and bunker fuel burners with clean combustion-less plasma torches, iron ore pelletizers around the world will dramatically reduce their reliance on environmentally damaging fossil fuels.”
PyroGenesis Canada focuses on advanced plasma processes and sustainable solutions to reduce greenhouse gases.
PyroGenesis (PYR) is down by 5.49 per cent trading at $2.41 per share as of 9:38 am EST.
