In a statement, the company said it had completed and accepted a modeling contract with an unnamed client, deemed “Client A” by PyroGenesis, and confirmed receipt of a draft equipment purchase contract from the same customer.
The modeling contract “successfully demonstrated the benefits of replacing fossil fuel burners with PyroGenesis’ proprietary plasma torches,” the Montreal-based company told shareholders.
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More specifically, the contract highlighted that replacing fossil fuel burners with plasma torches was a simple replacement, plug and play process, and that the firm’s proprietary plasma torches significantly reduce greenhouse gas emissions which, as a result, could play a significant role in Client A’s greenhouse gas reduction strategy.
“The fact that we have received this contract, on the heels of a successful modelling contract, from a significant player in the industry, clearly demonstrates the impact that PyroGenesis’ proprietary plasma torches are having in iron ore pelletization greenhouse gas reduction strategies,” said Peter Pascali, CEO of PyroGenesis.
Pascali noted that PyroGenesis has the patent with respect to using plasma torches in iron ore pelletization, but cautioned that there is “no guarantee” that the contract will be signed.
“We have no definite visibility on how long this will take but we are clearly in the final stages,” Pascali added. “We are all very excited at the significant role PyroGenesis’ proprietary plasma torches could play in reducing greenhouse gases, economically, all to the benefit of our planet.”
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