07:48 AM EST, 02/03/2025 (MT Newswires) -- PyroGenesis ( PYRGF ) said Monday that its Pyro Green-Gas subsidiary signed a $1.1 million followup contract with the Varennes Carbon Recycling plant in Quebec. As a result, PyroGenesis ( PYRGF ) added its overall project contracts with Varennes increased to $3.6 million.

The new contract expands on the original project announced by PyroGenesis ( PYRGF ) in June 2024, under which the company was contracted to engineer, design, and fabricate a thermal swing adsorption system for the dehydration of pure oxygen produced from electrolyzers at the plant.

Under the terms of the new project, Pyro Green-Gas will provide additional engineering, technology services and equipment related to a nitrogen loop system, whereby nitrogen would be fed into the system to regenerate the system. This would target the necessary requirement and quality of the eventual product gas.

"Our technologies such as thermal swing adsorption and pressure swing adsorption that capture and recover CO2 and other greenhouse gas emissions during biofuel production, are key to expanding the energy grid while reducing hazardous emissions," said P. Peter Pascali, president and CEO of PyroGenesis ( PYRGF ).

"The VCR project has a stated goal of cutting more than 170,000 tonnes of greenhouse gas emissions annually and 4.25 million tonnes over the project's 25-year lifespan. This is equivalent to permanently removing 50,000 passenger vehicles off the road," Pascali added.

Meanwhile, PyroGenesis ( PYRGF ) said over the weekend that it will reduce the pricing of its warrants. Of 1,710,350 warrants, 1,520,350 warrants currently have an exercise price of $0.75 and 190,000 warrants currently have an exercise price of $1.25. The warrants will expire on March 7, 2025.

Starting Feb. 17, the exercise price of the warrants will be $0.60 per share. All other terms of the warrants will remain unchanged.

PyroGenesis' ( PYRGF ) share price rose 1.8% on Friday to $0.56 on the TSX.