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TSX:PYRFRA:8PY
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PyroGenesis Canada secures an additional $630K in government funding to develop quartz into fumed silica

All told, the company has received about $5.3 million, including the sale of intellectual property of $3.3 million

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The process is designed to enable the reduction of hazardous waste and greenhouse gas emissions when compared to legacy processes 

PyroGenesis Canada Inc has now received $630,000 in additional funding from a second government agency.

All told, the company said it has received about $5.3 million, including the sale of intellectual property (IP) of $3.3 million.

As previously disclosed, PyroGenesis, in partnership with HPQ Silica Polvere Inc (HPQ Polvere), a wholly-owned subsidiary of HPQ Silicon Resources Inc (HPQ), has been tasked to design, develop and manufacture downstream business opportunities by converting quartz to fumed silica, using a novel one-step plasma-based reactor. 

READ: PyroGenesis Canada posts 2Q results showing year-over-year revenue growth of 289%; inks contract for two Air Plasma Torch systems

This process is designed to enable the reduction of hazardous waste and greenhouse gas (GHG) emissions when compared to legacy processes. 

Under the partnership agreement, PyroGenesis also benefits from a 10% royalty on HPQ Polvere’s future sales (with set minimums never to exceed 100% of revenues), and the option to convert this Royalty at any time into a 50% ownership in HPQ Polvere.

Fumed silica is a white microstructure powder with high surface area and low bulk density. Its commercial applications have applicability in many industries including, but not limited to, personal care, pharmaceuticals, agriculture (food & feed), adhesives, sealants, construction, batteries and automotive. 

The demand for fumed silica is growing at 5.5% CAGR, with a global addressable market of US$1.6 million in 2020, which is expected to grow to US$2.3 billion in 2027.

“We are pleased to receive this final tranche of funding from a second government agency which further solidifies and validates the importance of this project to various government agencies,” said PyroGenesis CEO Peter Pascali in a statement.

"This process, if successful, will create an alternative solution that would eliminate the toxic by-products of legacy systems while reducing GHG emissions by approximately 90%. Work has already begun, and we look forward to providing additional updates on our progress.”

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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