PyroGenesis Inc. (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY) a tech-advancement company delving into designs, development, manufacturing and commercialisation of advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, has declared the receipt of a US$1.28 million (CA$1.85 million) fund which is part of a substantial amount receivable under PyroGenesis’ existing CA$25+ million Drosrite™ contract with Radian Oil and Gas Services Company.
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“The payment announced today is made in accordance with a payment schedule that has been revised over time to better align with options to the pressures with the end-clients operating cash flows created by, amongst other things, increased business opportunities. Our patience has established a level of trust between our client, their new partner, and ourselves, which speaks volumes as we expand our offerings in the region, a region that is well funded and has an eye to the future,” said P. Peter Pascali, President and CEO of PyroGenesis.
As previously announced, PyroGenesis contracted with PyroGenesis International LLC (then Drosrite International LLC), which Radian Oil and Gas Services Company in turn contracted for an order of seven (7) Drosrite™ aluminium dross recovery systems.
As previously announced, PyroGenesis entered into a contract with PyroGenesis International LLC (formerly Drosrite International LLC), which Radian Oil and Gas Services Company subsequently contracted for an order of seven (7) Drosrite™ aluminium dross recovery systems.
The first three systems were manufactured and delivered by the Company and are now in entire commercial operation at the Ma’aden aluminium plant in Ras Al-Khair, Saudi Arabia. The Ras Al-Khair facility is recognised as the largest and most efficient vertically integrated aluminium complex in the world and houses one of the world’s largest smelters. The remaining four Drosrite™ systems under this contract have already been manufactured and are in the process of being delivered to the client’s operations in Saudi Arabia.
PyroGenesis’ development of Drosrite aluminium dross recovery systems forms part of its three-tiered solution ecosystem, designed to align with the economic drivers critical to global heavy industry. Dross recovery falls under its Commodity Security and Optimisation tier, where the recovery of viable metals and the optimisation of production processes enhance raw material utilisation and improve the availability of critical minerals. The other tiers include Energy Transition and Emission Reduction along with Waste Remediation.
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