03:33 PM EDT, 07/09/2024 (MT Newswires) -- HPQ Silicon Inc. ( HPQFF ) , a technology company specializing in the green engineering of silica and silicon-based materials, announced Tuesday that HPQ Silica Polvere Inc. (HSPI) has reached a "major milestone" concerning the commercialization of the Fumed Silica Reactor (FSR) process.

HSPI (which was a wholly owned subsidiary of HPQ Silicon Inc. ( HPQFF ) when technology supplier PyroGenesis Canada Inc. ( PYRGF ) [PYR.TO] announced its intention to exercise its option to acquire a 50% stake in HSPI in May 2024) signed today a letter of intent (LOI) with with Evonik Corporation, a global specialty chemicals company that manufactures a wide range of high-performance materials, including fumed silica.

"The conclusion of this LOI at this juncture in the development is a testament to the potential of the FSR technology to change fumed silica manufacturing," said Bernard Tourillon, President and CEO of HPQ Silicon ( HPQFF ) and HPQ Silicon Polvere, in a statement. "This LOI confirms industry interest in the technological and commercial potential of the FSR, and we are very proud to be leading this unique opportunity to complete the development of our low cost, low carbon footprint, commercially attractive fumed silica manufacturing process."

The objective of the LOI is for HSPI to collaborate with Evonik during the pilot scale phase to validate the ability of the FSR to produce low-cost low carbon material acceptable to Evonik's specifications. This will be a scaling up of the process from HSPI's first-generation samples which have already proven to satisfy the Evonik specifications.

HPQ was at last look up $0.005 at $0.31.

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