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.
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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
