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PyroGenesis enters into discussions with major steel industry player to sell plasma torches for iron ore pelletization

PyroGenesis torches are currently in use by two companies to more sustainably concentrate iron ore into pellets prior to shipment

PyroGenesis Canada Inc. -
Plasma torches, as opposed to conventional technologies, utilize renewable electricity and offer an environmentally attractive alternative to fossil fuel burners

PyroGenesis Canada Inc (CVE:PYR) (OTCQB:PYRNF) told shareholders Thursday that it is in discussions with a major steel company to sell plasma torches that help produce iron ore pellets.

In a statement, the Montreal-based technology company said there was a “high probability” that the client would bypass the modelling phase.

“(We) are extremely pleased with the responses and the speed at which things are moving with this offering," Peter Pascali, CEO of PyroGenesis told shareholders.

READ: PyroGenesis Canada CEO says 2020 has the potential to be “a barn burner” as company has backlog of $30.27M in contracts

“As would be prudent under the circumstances, PyroGenesis has taken steps to ensure that any reasonable requests from our clients can be met in a timely fashion, and to their full satisfaction. Barring any unforeseen events, we believe that it is entirely reasonable that initial torch equipment purchases will be placed in Q3 2020.”

PyroGenesis told investors that it would prefer to incorporate a modelling phase in the sales process, “if at all practical.”

The news of a third potential client comes just after PyroGenesis successfully completed the first phase of a torch modelling contract with another client that demonstrated replacing fossil fuel burners with had no ancillary detrimental effects on the process or furnaces.

The exercise also resulted in significant greenhouse gas reduction as well as “significant” additional benefits, according to the plasma and torch company. Subsequent phases are expected to be completed in the next six weeks.

Another client is currently evaluating the performance of PyroGenesis’s torches in an existing iron ore industrial furnace to try and replace existing fossil fuel burners with plasma torches.

Pelletization is the process in which iron ore is concentrated before shipment, significantly reducing the cost of transportation. Plasma torches, as opposed to conventional technologies, utilize renewable electricity and offer an environmentally attractive alternative to fossil fuel burners.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: PyroGenesis Canada Inc.

Price: 3.81 CAD

Market: TSX
Market Cap: $606.35 m

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