leadf
logo-loader
viewPyroGenesis Canada Inc.

PyroGenesis Canada wins additional $1.1M contract with US tunneling company

The additional $1.1 million contract signed with the US-based tunneling client easily vaults the total value of all contracts with this particular client to over $3.6 million

PyroGenesis Canada Inc -- inks additional $1.1M contract with US tunneling company
PyroGenesis said that the high-powered plasma torch will be used to replace traditional tunneling methods

PyroGenesis Canada Inc (CVE:PYR) (OTCQB:PYRNF) (FRA:8PY) revealed on Wednesday that it has signed an additional $1.1 million contract with a US tunneling company.  

The Montreal-based high-tech company said that further to announcements made earlier on April 1 and 21, it has signed an additional contract with a US-based tunneling client for around $1.1 million, which easily vaults the total value of all contracts with this particular client to more than $3.6 million. 

“The company has received $1.3 million to date under these contracts,” PyroGenesis Canada said in a statement, while keeping its client’s name confidential for competitive reasons.

READ: PyroGenesis Canada receives Solar Impulse Efficient Solution label for APT-HP plasma torch

Based on the contracts, PyroGenesis will be designing, manufacturing, testing and supplying the client with a plasma torch (TT1 Torch) tailored specifically for tunneling. The TT1 Torch is expected to be delivered in the second half of 2021, at which time it will then be tested.

According to the company, the US client has committed to buying the torches exclusively from PyroGenesis, and PyroGenesis declared it is “committed” to exclusively supplying the client with plasma torches and auxiliary equipment for tunneling applications.

PyroGenesis’ high-powered plasma torch will be used to replace traditional tunneling methods. An important benefit in using plasma-based tools versus traditional methods is its potential to drill through all geologies with greater flexibility in size diameter, while at the same time being more economical, efficient and environmentally friendly.

“This is the second announcement PyroGenesis has made in as many months, which highlight advances in our plasma torch offerings,” PyroGenesis CEO Peter Pascali said in a statement.

“As you can see, not only are our torch offerings steadily moving forward, but are doing so in totally independent applications. This bodes well for the future and once again, underscores both the interest in, and versatility of, our torch offerings, which at the same time are being recognized as effective environmental solutions.”

PyroGenesis provides high-tech plasma products for a growing number of major industries. The Canadian company designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

Quick facts: PyroGenesis Canada Inc.

Price: 8.02 CAD

TSX:PYR
Market: TSX
Market Cap: $1.28 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of PyroGenesis Canada Inc. named herein, including the promotion by the Company of PyroGenesis Canada Inc. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

PyroGenesis Canada gives revenue guidance that more than doubles full year...

PyroGenesis Canada Inc (TSX:PYR) (OTCQB:PYRNF) (FRA:8PY) CEO Peter Pascali tells Proactive the high-tech plasma focused group expects to see an uplift in revenue and earnings per share in its fourth quarter to December 31 and for full-year 2020. Pascali says the group said it expects revenue...

on 19/1/21

2 min read