Pyro Green-Gas Signs Contracts Totaling $1.3 Million with Global Steel Company to Desulphurize Coke Oven Gas

Addresses another emission reduction need within steelmaking

MONTREAL, May 23, 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), is pleased to announce that its subsidiary, Pyro Green-Gas Inc., has signed contracts totaling $1.3 million with a global steel company based in India, for the development and supply of technology to desulphurize and clean the gas that is released during the creation of metallurgical coke from coal. This announcement follows the Company’s projection in the Outlook section of its Q1 2024 financial results that these transactions were expected to be finalized in the near term. The client, with 2023 revenues exceeding US$20 billion, is one of the largest steelmakers in India and is now the second billion-dollar client that Pyro Green-Gas is doing business with in India. The client’s name is being withheld for competitive reasons.

Coke is a key fuel used within a blast furnace during primary steelmaking. Under the terms of these contracts, Pyro Green-Gas will provide engineering and mechanical solutions that will aid in the removal of hydrogen sulfide from coke oven gas during the coking process. The cleaned gas would then be converted into high value reusable hydrogen.

The steelmaking industry releases more than 3 billion metric tons of carbon dioxide annually and is responsible for between 7-10% of global GHG emissions, making steel the industrial material with the biggest climate impact.ⁱ

“This announcement highlights our organization’s continued commitment to providing sustainable solutions for heavy industry, this time via our wholly-owned subsidiary’s coke oven gas cleaning and purification solution,” noted P. Peter Pascali, President and CEO of PyroGenesis. “These contracts underscore once again, our strategic focus on addressing the emission reduction needs of large-scale industrial sectors. Given the size and breadth of the industry’s emission reduction requirements, steelmaking is a primary focus/target area for such advancements. By leveraging factory-ready technologies, our goal is to become a world leader in facilitating heavy-industry’s transition towards more environmentally friendly practices while at the same time recognizing their unique operational requirements.”