PyroGenesis Confirms Receipt of $445,200 Milestone Payment for SPARC Land-Based Waste Destruction System

MONTREAL, Aug. 24, 2023 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY), a TSX30 and a Deloitte Canada Clean Technology Fast 50 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), is pleased to announce today that, further to its press release dated February 6, 2023, it has received a milestone payment of $445,200 associated with the engineering phase for its SPARC refrigerant waste destruction system, from the government-mandated organization known as Cool-Safe (the “Client”).

The engineering phase of the SPARC refrigerant waste destruction system has reached a crucial milestone, triggering the subject payment. With the engineering phase nearing completion, PyroGenesis is on track as previously estimated and has already begun the fabrication process. The company expects to complete the fabrication phase by the first quarter of 2024.

“We are very pleased with the progress to date and look forward to the completion of the fabrication phase,” said Mr. Pierre Carabin, CTO of PyroGenesis. “We firmly believe that the SPARC system will be instrumental in driving forwards the client's national initiative for the destruction of hazardous refrigerants in New Zealand, and we remain committed to providing state-of-the-art waste destruction systems that contribute to a cleaner, more sustainable environment.”

As previously announced, PyroGenesis has been contracted to design and build the SPARC refrigerant waste destruction system, and will also supervise and support contractors in the system installation within a new facility being built by the Cool-Safe organization. Cool-Safe, previously known as The Trust for the Destruction of Synthetic Refrigerants, is a product stewardship organization (PSO) established by the New Zealand government in 1993. Cool-Safe’s mandate is to be a significant factor in the government of New Zealand’s stated goal to reduce their greenhouse gas emissions by 2035 by at least 35%. This will be achieved by implementing their own 90% reduction target for hazardous refrigerants.