PyroGenesis makes $1.3M sale through confidential client
by CM Staff
The company's CEO explained that the company's goal has been to help companies replace all manner of fossil fuel burners with PyroGenesis' plasma torch.
MONTREAL — PyroGenesis Canada Inc. has received a payment of approximately $1.3 million from a buyer they are calling “client B” for confidential purposes.
The company confirms that the previously announced 1,2 trials of its patented plasma torch system for use in iron ore pelletization furnaces, with both client A and client B, are ongoing with no change in strategy by either PyroGenesis or the clients.
PyroGenesis chair and CEO Peter Pascali said that the trials have required years of research and development, computer modelling, business case development, and factory acceptance testing, all of which represent multi-million dollar infrastructure expenditures from their clients.
“These projects are all continuing as expected notwithstanding the impact covid has had on our client’s ability to source the supplies required to ready their site for the introduction of our torches,” he said in a statement.
Pascali also explained that the company’s goal has been to help companies replace all manner of fossil fuel burners with PyroGenesis’ plasma torch.
The company has witnessed other businesses in the iron ore pelletization industry switch from heavy fuel oil to natural gas to reduce their CO2 emissions; however, they do not feel threatened by this trend. Instead, the company has taken the position that natural gas use by iron ore pelletizers represents the same opportunity for PyroGenesis’ plasma torches as it does with those companies using heavier fuel oil or bunker fuel.
“We can state unequivocally that neither of our existing iron ore clients has expressed any desire to change their strategy/plan with PyroGenesis based on any fossil fuel currently, or slated to be, put into use,” said Pascali in a statement.
