from the Canada Newswire:
PyroGenesis Canada Inc. today announced that it has signed an agreement with Canada’s leading end-of-life refrigerator and freezer recycler (“Client”) to provide them with additional equipment and services (including onsite optimization) for PyroGenesis’ patented SPARC technology. As part of this agreement, the Client will commercialize the SPARC technology on an exclusive basis within Canada. This agreement, totalling up to $1.5M, includes several options for follow-on service contracts, all of which are expected to be executed within 2014.
PyroGenesis’ environmentally friendly and cost-effective Steam Plasma Arc (SPARC) Destruction System allows clients to safely destroy ozone-depleting substances (ODS) which can generate as much as 10,000 times more Green House Gases when compared to CO2 emissions. “The successful introduction of this technology within Canada is the first step to expanding the commercialization of PyroGenesis’ patented SPARC technology on an international scale”, said Gillian Holcroft, Executive Vice President, Strategic Alliances for PyroGenesis.
As previously reported, PyroGenesis’ SPARC technology achieved an unprecedented 10x greater destruction efficiency as compared to current requirements. Conservative estimates show that there are at least 25,000 tons per year of ODS that require destruction. This represents over $100 million of business potential to PyroGenesis with no apparent competition at these destruction efficiencies.
“Our Client intends to incorporate PyroGenesis’ SPARC technology into its existing appliance recycling business. As part of this Agreement, PyroGenesis will also be the exclusive supplier of after-sales service and support. The operation of PyroGenesis’ patented SPARC technology at the Client’s new industrial facility will demonstrate to the world the environmental and economic benefits of safe and effective ODS destruction”, said Gillian Holcroft, Executive Vice President, Strategic Alliances for PyroGenesis.
“With this agreement in place, and with only one week into the New Year, PyroGenesis’ 2014 backlog already exceeds its 2013 revenues by more than 50% while maintaining our recently improved gross margins, as reflected in our most recent Q3 financial results and MD&A”, said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. “Our continued success with traditional market sectors, combined with our penetration into key markets such as Oil & Gas and Mining & Metallurgy, is yielding significant results, and we expect this trend to continue into the foreseeable future.”
7 Jan 2014