07:43 AM EST, 01/21/2025 (MT Newswires) -- PyroGenesis ( PYRGF ) on Tuesday said it received a $1.04 million payment for engineering and production milestones reached under the company's existing $4.1 million contract with an aeronautics and defense industry client.

The company said due to confidentiality requirements, the name of the client was not disclosed but added that the client's facilities house unique full-scale test conditions considered essential to U.S. national security.

"As I stated when we first announced this contract, the development of a 4.5 MW plasma torch system reflects the potential for PyroGenesis' ( PYRGF ) technology to be a solution for significantly more challenging high, and ultra-high, temperature process-heating needs, specifically within aerospace, defense, and certain heavy industries," said PyroGenesis ( PYRGF ) Chief Executive P. Peter Pascali. "Additionally, plasma torches at these power levels positions PyroGenesis ( PYRGF ) to expand its capabilities into other industries requiring high temperature technology at an appreciably higher power level (such as in the glass, cement, petrochemical, metal heating and melting industries).

Shares of the company closed up $0.010 or 1.7%, to $0.60 on Monday on the Toronto Stock Exchange.