- PyroGenesis (PYR) has secured C$630,000 in government funding to develop a process to transform quartz into fumed silica
- The funding, from a second government agency, brings the total project value to C$5.3 million
- The company is partnering with HPQ Silicon Resources to develop downstream business opportunities by converting quartz into fumed silica
- HPQ Silicon Resources offers a portfolio of high-value specialty silicon products
- PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions
- HPQ Silicon Resources (HPQ) closed unchanged trading at $0.75 per share
- PyroGenesis (PYR) closed down by 1.52 per cent trading at $5.18 per share
PyroGenesis (PYR) has secured C$630,000 in government funding to develop a process to transform quartz into fumed silica.
The funding, from a second government agency, brings the total project value to C$5.3 million.
PyroGenesis and HPQ Polvere, a subsidiary of HPQ Silicon Resources, is developing downstream business opportunities through converting quartz into fumed silica using a one-step plasma-based reactor. The process is designed to reduce hazardous waste and greenhouse gas emissions compared to legacy processes.
PyroGenesis stands to benefit from a 10 per cent royalty on HPQ Polvere sales, which it may convert at any time into a 50 per cent ownership in the subsidiary.
Fumed silica has commercial applications in personal care, pharmaceuticals, agriculture (food & feed), adhesives, sealants, construction, batteries and automotive. According to Pulidindi and Prakash, its global addressable market is expected to grow to US$2.3 billion by 2027.
M. P. Peter Pascali, CEO and Chair of PyroGenesis, stated,
“We are pleased to receive this final tranche of funding from a second government agency which further solidifies and validates the importance of this project to various government agencies. This process, if successful, will create an alternative solution that would eliminate the toxic by-products of legacy systems while reducing GHG emissions by approximately 90 per cent. Work has already begun, and we look forward to providing additional updates on our progress.”
HPQ Silicon Resources offers a portfolio of high-value specialty silicon products.
PyroGenesis Canada designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions.
HPQ Silicon Resources (HPQ) closed unchanged trading at $0.75 per share.
PyroGenesis (PYR) closed down by 1.52 per cent trading at $5.18 per share.
