PyroGenesis Announces New After-Sales Contract for Plasma-Based Systems on US Navy Aircraft Carriers with $1,000,000 Purchase Order
October 10 2024 - 7:00AM
PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQX:
PYRGF) (FRA: 8PY), a high-tech company (“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 the receipt of a purchase order of
approximately US$741,000 (approx. CA$1,015,000) for after-sales
component production, from the US Navy’s shipbuilder, Newport News
Shipbuilding. The components are scheduled to be produced and
delivered to the client by March 2025.
The components produced by PyroGenesis under
this agreement will be used on the USS Gerald R. Ford class
aircraft carriers, the largest and most technologically advanced
warships in the world.1 PyroGenesis’ proprietary shipboard waste
destruction systems known as “PAWDS” (Plasma Arc Waste Destruction
Systems) are specified into the design for all upcoming Ford-class
carriers, the first of which set sail on its initial deployment in
October 2022. The next carrier to utilize the PAWDS system will be
the USS John F. Kennedy, scheduled to deploy in 2025.2 Of note,
PyroGenesis has already delivered the PAWDS system for this
ship.
“The agreement announced today reaffirms our
expanding impact in the overall defense industry, while also
highlighting the recurring revenue stream resulting from system
sales, which we have alluded to in the past. We consider
after-sales production and support a growing, and increasingly
important, business line. We anticipate that such revenue streams
will form a greater proportion of our overall revenues as more and
larger plasma-based systems come online,” said P. Peter Pascali,
President and CEO of PyroGenesis.
In addition to the contracts for the USS Gerald
R. Ford and USS John F. Kennedy, a further two-ship build contract
with the US Navy was awarded to PyroGenesis in 2020 (revenues:
$11.5 million) for the USS Enterprise and USS Doris Miller. The USS
Enterprise began construction in 2022 with a launch scheduled for
2029; the USS Doris Miller will follow in 2032.3
PyroGenesis’ involvement in developing the PAWDS
system is part of its three-tiered solution
ecosystem that aligns with economic drivers that are key to
global heavy industry. PAWDS is part of its Waste
Remediation tier that focuses on the safe destruction of
hazardous materials, and the recovery and valorization of
underlying substances such as chemicals and minerals.
About PyroGenesis Canada
Inc.
PyroGenesis, a high-tech company, is a proud
leader in the design, development, manufacture and
commercialization of advanced plasma processes and sustainable
solutions which reduce greenhouse gases (GHG) and are economically
attractive alternatives to conventional “dirty” processes.
PyroGenesis has created proprietary, patented and advanced plasma
technologies that are being vetted and adopted by multiple
multibillion dollar industry leaders in four massive markets: iron
ore pelletization, aluminum, waste management, and additive
manufacturing. With a team of experienced engineers, scientists and
technicians working out of its Montreal office, and its 3,800 m2
and 2,940 m2 manufacturing facilities, PyroGenesis maintains its
competitive advantage by remaining at the forefront of technology
development and commercialization. The operations are ISO 9001:2015
and AS9100D certified, having been ISO certified since 1997.
PyroGenesis’ shares are publicly traded on the TSX in Canada (TSX:
PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock
Exchange in Germany (FRA: 8PY). For more information, please visit:
www.pyrogenesis.com.
Forward-looking statements are necessarily based
on a number of opinions, assumptions and estimates that, while
considered reasonable by PyroGenesis as of the date of this
release, are subject to inherent uncertainties, risks and changes
in circumstances that may differ materially from those contemplated
by the forward-looking statements. Important factors that could
cause actual results to differ, possibly materially, from those
indicated by the forward-looking statements include, but are not
limited to, the risk factors identified under “Risk Factors” in
PyroGenesis’ latest annual information form, and in other periodic
filings that it has made and may make in the future with the
securities commissions or similar regulatory authorities, all of
which are available under PyroGenesis’ profile on SEDAR+ at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect PyroGenesis.
However, such risk factors should be considered carefully. There
can be no assurance that such estimates and assumptions will prove
to be correct. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
release. PyroGenesis undertakes no obligation to publicly update or
revise any forward-looking statement, except as required by
applicable securities laws.
Neither the Toronto Stock Exchange, its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) nor the OTCQX Best Market
accepts responsibility for the adequacy or accuracy of this press
release.
For further information please contact:Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDE-mail:
ir@pyrogenesis.com
RELATED LINK: http://www.pyrogenesis.com/
1
https://www.cnet.com/pictures/meet-the-navys-new-13-billion-aircraft-carrier/
2
https://news.usni.org/2023/03/23/ford-aircraft-carrier-john-f-kennedy-to-deliver-a-year-late
3
https://news.usni.org/2024/07/18/report-to-congress-on-gerald-r-ford-aircraft-carrier-program-3
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