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PyroGenesis gets C$3.6M order to develop non-military waste-management system

The order is for a land-based system, although the client itself is unnamed

PyroGenesis equipment
The company’s system turns waste into a gaseous fuel and an inorganic glassy slag (pictured) that can be used in construction or jewelry making

PyroGenesis Canada Inc (CVE:PYR) (OTCQB:PYRNF), the plasma technology company, announced Thursday that it received a C$3.6 million purchase order for a waste-treatment system.

The order is for a non-military, land-based system, although the client itself was unnamed. The system is expected to be delivered in the second quarter of 2020.

The share price held at C$0.55 in Toronto and increased 1.5% to US$0.42 on OTC Markets.

READ: PyroGenesis closes final tranche of C$3.5 million financing after increased investor interest

The Montreal company’s system turns waste into a gaseous fuel called syngas that can be used to generate heat or electricity. The inorganic portion of the waste is transformed into a slag material that can be used in construction or jewelry making.

“This sale is significant as it is the first non-military waste treatment System sold by PyroGenesis and signifies an important first step into this new market,” CEO Peter Pascali said. “We fully expect that this will be the first of many systems ordered by the client who will benefit, upon reaching a certain milestone, from a limited territorial exclusivity.”

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: PyroGenesis Canada Inc

Price: 0.59 CAD

TSX-V:PYR
Market: TSX-V
Market Cap: $82.38 m
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