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.
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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.”
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