PyroGenesis Canada Expands Market with Award of 3rd Contract in Oil & Gas Sector - Video News Alert Summary on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 24, 2014) - PyroGenesis Canada (TSXV: PYR), an environmental solutions company, has been awarded a contract from an unnamed Global Oil & Gas Company, whose name was withheld for competitive reasons.
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This contract will determine the cost benefit of integrating PyroGenesis' plasma based technology within the client's existing industrial operation. This is the third contract awarded to PyroGenesis in the past nine months within the Oil & Gas sector, all of which have been geared towards finding novel plasma based solutions to problems that have been challenging this industry.
PyroGenesis designs, develops and manufactures plasma waste-to-energy systems and plasma torch products. The company's proprietary plasma technologies utilize the intense energy of plasma to gasify and vitrify virtually any type of waste without producing hazardous by-products.
The patented gasification and vitrification technology is different from incineration because it produces a clean synthetic gas, which can be used for power generation, from waste. The technology can also turn waste into a glassy rock that can be utilized as construction material.
P. Peter Pascali, President and CEO stated, "The incorporation of novel plasma based technologies into the Oil & Gas Sector is a long time in the making, and PyroGenesis is proud to be a leader in introducing the advantages of plasma into this multibillion dollar industry. PyroGenesis is confident that a positive economic outcome from this contract, which will be completed in the next few months, will ultimately result in a full scale industrial plasma installation worth several million dollars."
Gillian Holcroft, Executive Vice President added, "PyroGenesis has found that the Oil & Gas sector is highly receptive to cutting edge technologies, and are willing to invest in technologies, such as PyroGenesis' patented plasma based solutions, which can have a significant impact on their current and future profitability. PyroGenesis' strategic decision to target the Oil & Gas sector is rapidly gaining traction and it seems that this industrial sector will quickly become a significant contributor to PyroGenesis' bottom line."
Last November, the company announced that it had secured a $5.5 million reorder for a plasma waste destruction system to be installed on a second Ford-class carrier, which is to be delivered, and recognized into income, over the next 2 years.
Other recent successes include the acceptance of PyroGenesis' Plasma Waste to Energy System by the US Air Force, the sale of PyroGenesis' Plasma Waste to Energy System in Europe, the introduction of a Steam Plasma System for the destruction of ozone depleting substances within the appliance recycling sector and the demonstration of advanced material production in the Mining & Metallurgical industry using plasma.
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Barry Morgan, CFO