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PyroGenesis Canada wins $11.5M US Navy contract to provide waste destruction technology on two aircraft carriers

The 18-month project involves the next Gerald R. Ford-class of US aircraft carriers -- the USS Enterprise and the USS Doris Miller

USS Enterprise
The Navy contract includes a first payment of about $4.8 million

PyroGenesis Canada Inc (CVE:PYR) (OTCQB:PYRNF), which designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, has won an $11.5 million contract with the US Navy. 

Under the contract, the company said it will provide its waste destruction technology for two systems -- one for each ship in the US Navy’s two-ship build.

In a statement, PyroGenesis said the contract includes a first payment of about $4.8 million. The project should be completed within 18 months, installed on the next Gerald R. Ford-class of US aircraft carriers -- the USS Enterprise (CVN-80) and the USS Doris Miller (CVN-81).

READ: PyroGenesis Canada says its plasma torches 'significantly reduce' greenhouse gases when used instead of fossil fuels

With this additional contract in hand, the company said its resulting backlog is expected to be about $40 million.

“It is indeed an honor to supply our high-tech products to such a prestigious client as the US Navy,” said PyroGenesis CEO Peter Pascali.

“It speaks to our credibility as an innovator with a proven capability of delivering proprietary plasma processes to high value niche markets. Furthermore, it is also a testimony to the fact that PyroGenesis continues to develop commercial cutting-edge applications.”

The Montreal-based company provides engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. 

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

 

Quick facts: PyroGenesis Canada Inc.

Price: 3.57 CAD

TSX-V:PYR
Market: TSX-V
Market Cap: $550.02 m
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PyroGenesis Canada increases backlog to $40M with new $11.5M US Navy...

PyroGenesis Canada Inc (CVE:PYR) (OTCQB:PYRNF) CEO Peter Pascali tells Proactive the group has won a $11.5 million contract with the US Navy, increasing its contract backlog to $40M. Pascali says the company said it will provide its waste destruction technology for two systems -- one for each...

on 8/9/20

2 min read