02:04 PM EDT, 07/29/2024 (MT Newswires) -- PyroGenesis Canada ( PYRGF ) on Monday said it signed a 2-stage contract to complete a land-based Plasma Waste-to-Energy System for a European entity.

The first stage consists of a conceptual and preliminary design phase for $2 million, starting in the third quarter, and lasting a year. The design phase will more precisely determine, the cost estimate of the system's construction, which shall range between $120-160 million.

If the first stage proves successful, then the parties are committed, subject to financing allocation and terms and conditions of the second-stage agreement, to to move forward with the project.

The design of the system is based on Pyrogenesis' waste-to-energy technology that eliminates toxic compounds while transforming waste into reusable products such as syngas and chemicals such as methanol.

PyroGenesis shares were last seen up $0.08 to $0.91 on the Toronto Stock Exchange.

Price: 0.91, Change: +0.08, Percent Change: +9.64