PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX:PYR) (NASDAQ:PYR) (FRA: 8PY), a TSX30® and a Deloitte Technology Fast 50™ high-tech company (hereinafter referred to as the “Company” or “PyroGenesis”), that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG), is pleased to announce today that, further to the press release dated September 13, 2022, the Company has received the final signed contract to provide the Company’s SPARCTM refrigerant waste destruction system to an advanced materials company (the “Client”). The system is the first of two systems that the Client has indicated they may require. This first system is contracted at approximately $6MM, not including ongoing after-sales support of an indeterminate amount. This contract includes a first payment of approx. $2.2MM. The first payment has been received.
PyroGenesis’ patented SPARC™ system is based on the technology platform originally developed by the Company for both the U.S. Navy and U.S. Air Force. It uses inexpensive steam as the plasma-forming gas to generate a hydrolysis reaction which destroys refrigerants, leading directly to significantly reduced operating costs when compared to processing more expensive gases, with cleaner operations and with no incineration. Powered by electricity, the SPARCTM system substantially reduces an operator’s carbon footprint while concurrently eliminating ozone-depleting substances. The SPARC™ system is extremely versatile as it can also destroys other chemicals such as CFCs, HCFCs, HFCs, Halons, and PFCs.
PyroGenesis has been contracted to design and build the SPARCTM refrigerant waste destruction system. PyroGenesis will also supervise and support contractors in the system installation within a new facility being built by the Client. The project has an approximate production-to-delivery timeline of 18 months.
“PyroGenesis continues to be recognized for its fossil-free waste destruction systems, in jurisdictions where tightened hazardous waste disposal regulations combined with cost-offsetting carbon credits are resulting in a need for a safer destruction of various hydrocarbons, including refrigerant chlorofluorocarbons,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “This contract is for a land-based SPARCTM system which comes on the heels of the recent announcement of the first deployment for the USS Gerald R. Ford aircraft carrier – the world’s most technologically advanced ship – which set sail with PyroGenesis’ ship-board PAWDS waste destruction system installed.1,2 The PAWDS system is, interestingly, the technology platform used for SPARC™.”
