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.

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