PyroGenesis Bags $6M Torch Order From Undisclosed Client

PyroGenesis Canada Inc PYR has received an order to supply four high-powered plasma torches together with ancillary equipment to a client for approximately $6 million. The name of the client, a multi-billion-dollar international producer of iron ore, was not disclosed.
The client plans to reduce greenhouse gases (GHGs) by replacing their fossil fuel burners with PyroGenesis' plasma torches.
Upon the successful implementation of the torches announced today, PyroGenesis's subsequent orders from the client are expected to be for approximately 130 plasma torches.
Given recent sales, and the torches are expected to last 25-30 years, PyroGenesis has revised the estimated net present value (NPV) of each torch sale to be approx. $7 million, based on 20-year life.
Price Action: PYR shares closed higher by 12.62% at $4.55 on Tuesday.