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PyroGenesis Canada Inc
Symbol PYR
Shares Issued 170,140,795
Close 2022-01-27 C$ 3.11
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PyroGenesis Canada schedules factory acceptance test

2022-01-27 15:30 ET - News Release

Mr. Peter Pascali reports


Further to PyroGenesis Canada Inc.'s Q3 2021 financial results press release, a factory acceptance test (FAT) for the use of its plasma torches in iron ore pelletization has now been scheduled to be completed with client A. This FAT is scheduled to be conducted between Feb. 2 and Feb. 14, 2022.

As previously disclosed, client A is a multibillion-dollar international producer of iron ore pellets, one of the largest in the industry, whose name will remain confidential for competitive reasons. The client, which has committed to reduce its GHG (greenhouse gas) emissions, has over 10 plants, each possibly requiring up to 50 plasma torches. PyroGenesis has the only patented process in the iron ore pelletization industry designed to replace dirty fossil fuel burners with environmentally friendly plasma torches, thereby greatly reducing emissions.

"We are pleased to announce today that we are now entering the acceptance test phase with client A -- a client with a need for up to 500 torches," said P. Peter Pascali, chief executive officer and chair of PyroGenesis. "Once we have completed the testing, we will not only announce the outcome, but we expect to have sufficient data to provide further visibility on the expected timeline moving forward."

PyroGenesis's plasma torches greatly reduce emissions by replacing dirty fossil fuel burners with clean plasma torches. PyroGenesis estimates that worldwide pellet production of 400 million tonnes consumes between 8,000 to 12,000 megawatts (MW) of energy annually. The company estimates that the potential addressable market is over $10-billion, assuming a one-to-one replacement of fossil fuel burners with an estimated 10,000 one-megawatt plasma torches, based on an assumed cost per plasma torch of approximately $1.5-million.

"Completing the FAT will be a significant milestone in our ultimate goal of providing PyroGenesis's plasma torches to iron ore pelletizers worldwide, in their quest to reduce GHGs," added Mr. Pascali. "We are proud that, despite the challenges facing companies these days (supply chain issues, labour constraints and general COVID-related issues), both teams that are working on this project, our's and our client's, have managed to keep the project on track and meeting all requirements to date. This progress speaks volumes with respect to our expertise in understanding the unique requirements of multibillion-dollar clients and the dedication we have to ensure ultimate success. I look forward to personally participating in the factory acceptance test. I believe this will prove to be a truly momentous occasion for the company and one which could potentially be a tipping point for PyroGenesis as we position ourselves to be the go-to provider of plasma-based GHG solutions."

About PyroGenesis Canada Inc.

PyroGenesis Canada, a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which 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 and 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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