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PyroGenesis Canada Receives Two Separate Milestone Payments of Near $1 Million
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PyroGenesis Canada Receives Two Separate Milestone Payments of Near $1 Million
Apr 25, 2024 5:21 AM

07:56 AM EDT, 04/25/2024 (MT Newswires) -- PyroGenesis Canada ( PYRGF ) ,which manufactures plasma processes geared to reduce greenhouse gases (GHG) and address environmental pollutants, said Thursday it has received two separate project milestone payments totaling $970,000.

According to a statement, the company has received the next milestone payment of $550,000 (US$406,000) for the sale of a plasma torch system to a US corporation, which is developing a system to destroy perfluoroalkyl and polyfluoroalkyl substances (PFAS). It said the client's name shall remain anonymous for competitive and confidentiality reasons.

Thursday's statement noted PFAS are a set of more than 15,000 man-made chemicals that have been widely used in consumer products in various industries, such as aerospace, automotive, and construction, for many decades. Research suggests exposure to some PFAS might be detrimental to human health.

Pyrogenesis also received a project milestone payment of $420,000 (US$313,000) for a project with a US aeronautics and defense company for the development of a high-powered 4.5MW plasma torch system. It said the client, who shall remain anonymous for confidentiality reasons, regularly serves as a prime contractor for the US government as well as for public and private customers in the aeronautics and related industries.

Plasma torches are being developed for use in the safe destruction of hazardous chemicals such as PFAS, and for ultra-high temperature applications in heavy industry. The electric-powered plasma torches helps heavy industry reduce fossil fuel use and greenhouse gas emissions, the statement said.

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