PyroGenesis Gets $2.5M Milestone Payment From Tata Steel

  • PyroGenesis Canada Inc PYR subsidiary, Pyro Green-Gashas received ~$2.5 million under an existing $9.3 million contract with Tata Steel. The company expects to receive the balance of ~$3 million within the next nine months.
  • Under the contract, Pyro Green-Gas has the mandate to supply a coke oven gas purification and hydrogen production processes that, if successful, will purify coke oven gas and extract hydrogen of high purity (99.999%) and value.
  • Additionally, Pyro Green-Gas has also signed a contract with Tata Steel for $0.267 million to provide additional engineering improvements to the dry coke oven gas desulfurization and hydrogen production process already under contract. 
  • Separately, PyroGenesis stated it has recently granted its CFO Andre Mainella stock options to acquire 100,000 common shares with an exercise price of $5.04 per common share exercisable over five years.
  • Price Action: PYR shares closed lower by 0.99% at $3.99 on Monday.

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