Mr. Peter Pascali reports
PYROGENESIS ANNOUNCES RECEIPT OF $2.5MM MILESTONE PAYMENT FROM TATA STEEL
PyroGenesis Canada Inc.'s Pyro Green-Gas (formerly known as Air Science Technologies Inc.) has received a milestone payment of approximately $2.5-million under an existing $9.3-million contract with Tata Steel, one of the world's top diversified steel producers with commercial operations worldwide. The balance under this contract, approximately $3-million, is expected to be fully received within the next nine months.
Under this contract, Pyro Green-Gas has the mandate to supply a coke oven gas purification and hydrogen production process that, if successful, will purify coke oven gas and extract hydrogen of extremely high purity (99.999 per cent) and value, with significant environmental benefits.
In addition to the payment received today, Pyro Green-Gas has signed an additional contract for $267,000 with Tata Steel. Under this contract, Pyro Green-Gas will provide supplementary engineering improvements to the dry coke oven gas desulphurization and hydrogen production process already under contract. Pyro Green-Gas will supply filters that will further purify the remaining gas, removing condensed hydrocarbons, naphthalene and dust from the coke oven gas infrastructure. This will allow the purified gas to be used as a fuel for galvanizing and annealing furnaces in steel processing.
"It is clear that this acquisition is proving to be an exceptional addition to our offerings," said P. Peter Pascali, chief executive officer and chairman of PyroGenesis. "We are also very happy to be announcing today our expanding relationship with another multibillion-dollar entity."
Separately, the company has granted to Andre Mainella, chief financial officer of PyroGenesis, stock options to acquire 100,000 common shares of the company at an exercise price of $5.04 per common share, which are exercisable over a period of five years. The options are granted in accordance with the company's stock option plan and remain subject to regulatory and exchange approvals.
About PyroGenesis Canada Inc.
PyroGenesis Canada is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions that reduce greenhouse gases and are economically attractive alternatives to conventional dirty processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion-dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, as well as its 3,800-square-metre and 2,940-square-metre manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997.
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