PyroGenesis Signs 2-Stage Contract for a Land-Based Plasma Waste-to-Energy System

MONTREAL, July 29, 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, further to its news release dated July 2, 2024, it has signed a 2-stage contract to complete a land-based Plasma Waste-to-Energy System for a European entity. The first stage consists of a conceptual and preliminary design phase for approximately $2 million (€1.3 million) which commences in Q3 2024 and is scheduled to last no more than one year. The purpose of the design phase is to confirm, and more precisely determine, the order of magnitude cost estimate of the system’s construction, which shall range between $120-160 million (€80-105 million) depending on the system’s capacity and the selected by-product. In addition, during this phase, the Company will further establish the initial framework for the project through feasibility assessments, scope definition, and risk identification. Should this first stage prove successful, then the parties are committed, subject to (a) final financing allocation and (b) terms and conditions of the second stage agreement (which is dependent on the results of the design phase), to move forward with the project. The design of the Plasma Waste-to-Energy System is based on the Company’s Plasma Resource Recovery System (PRRS), a waste-to-energy technology that eliminates toxic compounds while transforming waste into reusable products such as syngas and chemicals such as methanol. The client is a European consortium that shall remain anonymous for competitive and confidentiality reasons.

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