PyroGenesis Announces Receipt of Two Separate Milestone Payments Totaling $970,000

MONTREAL, April 25, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to announce today that it has received two separate project milestone payments totaling $970,000.

Further to its press releases dated September 12, 2023 and November 20, 2023, PyroGenesis has received the next milestone payment of approximately $550,000 (US$406,000) for the sale of a plasma torch system to a U.S. corporation, which is developing a system geared to destroy perfluoroalkyl and polyfluoroalkyl substances (“PFAS”). The client’s name shall remain anonymous for competitive and confidentiality reasons.

PFAS are a set of more than 15,000 man-made chemicals that have been widely used in consumer products in various industries, such as aerospace, automotive, and construction, amongst others, for many decades. Research suggests exposure to some PFAS might result in harmful health outcomes, including cancer, increased cholesterol levels, and immune system effects.

Separately, the Company confirms continued progress of, and recent receipt of a project milestone payment in the amount of approximately $420,000 (US$313,000) for the previously announced project dated August, 1 2023, with a U.S. aeronautics and defense entity for the development of a high-powered 4.5MW plasma torch system. This client, who shall remain anonymous for confidentiality reasons, regularly serves as a prime contractor for the U.S. government as well as for public and private customers in the aeronautics and related industries.

The Company’s development of plasma torches for use in the safe destruction of hazardous chemicals such as PFAS, and for novel ultra-high temperature applications, are part of the Company’s three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. Plasma torches as a waste destruction application are an important part of the Company’s Waste Remediation tier, encompassing the safe destruction of hazardous materials, and the recovery and valorization of underlying substances such as chemicals and minerals, while plasma torches for novel high and ultra-high temperature applications are part of the Company’s Energy Transition & Emissions Reduction tier, where fuel switching to the Company’s electric-powered plasma torches helps heavy industry reduce fossil fuel use and greenhouse gas emissions.