Following testing at PyroGenesis’ facility in Montreal, the company received payments totaling about C$936,000.
The torch was then shipped to Sweden and is expected to arrive Wednesday. A PyroGenesis team will conduct site acceptance testing at RISE’s facility, the company said, and oversee its installation.
RISE, which signed a contract with PyroGenesis back in January, intends to use the torch system in iron ore pelletization, a process in which iron ore is heated and concentrated into pellets before shipping.
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Using a plasma torch offers a carbon emission-free alternative to other methods of pelletization that consume fossil fuels.
“The success of this testing paves the way for a significant business opportunity for PyroGefnesis in developing zero carbon emission technologies,” CEO Peter Pascali said in a statement. “This torch is being used to address a particular segment of the Swedish government’s commitment to zero carbon emissions; specifically, that within the iron ore pelletization industry. The goal is to replace the traditional diesel burners used in iron ore pelletization with plasma torches.”
Pascali is proud to help Sweden progress toward zero carbon emissions.
“This contract is aimed at developing fossil-free energy-mining-iron-steel value chains and thereby provides a basis for governance and industrial strategies for transformative change across all of Sweden,” Pascali said. “We are proud to be playing a significant, and leadership, role in Sweden’s zero carbon emission policy.”
Shares of PyroGenesis climbed 8.3% higher Wednesday to C$0.52 on the TSXV and 4.3% higher to US$0.39 on OTC Markets.
—Updated to include stock movement—
Contact Andrew Kessel at [email protected]
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