07:36 AM EDT, 03/21/2025 (MT Newswires) -- PyroGenesis Canada (PYR.TO) said Friday it will continue work on the Varennes Carbon Recycling project after project manager Varennes Cellulosic Ethanol (VCE) filed for protection under the Companies' Creditors Arrangement Act to address liquidity issues.

Amid the development, PyroGenesis ( PYRGF ) said it would receive timely payments for contracted goods and services moving forward.

The company said it will continue to monitor developments and hopes that VCE would reach a resolution.

PyroGenesis ( PYRGF ) said its subsidiary Pyro Green-Gas secured contracts in June 2024 totaling $2.5 million for the engineering, design, and fabrication of a Thermal Swing Adsorption system for gas recovery at the VCR plant. The unit also signed an additional $1.1 million contract in February.

The legal process allows VCE to continue operations while seeking financial restructuring solutions under court supervision, PyroGenesis ( PYRGF ) said.