PyroGenesis Secures Additional Contract from Global Oil & Gas Company
MONTREAL, Jan. 21, 2014 /PRNewswire/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products, announced today that it has been awarded a contract from a Global Oil & Gas Company ("Client"), whose name has been withheld for competitive reasons. This contract will determine the cost benefit of integrating PyroGenesis' plasma based technology within the Client's existing industrial operation. This is the third contract awarded to PyroGenesis in the past nine months within the Oil & Gas sector; all of which have been geared towards finding novel plasma based solutions to problems that have been challenging this industry.
PyroGenesis is a leader in introducing novel plasma solutions into high value niche markets. Recent successes include an order and re-order from the US Navy for a PyroGenesis Plasma Waste Destruction System, the acceptance of PyroGenesis' Plasma Waste to Energy System by the US Air Force, the sale of PyroGenesis' Plasma Waste to Energy System in Europe, the introduction of a Steam Plasma System for the destruction of ozone depleting substances within the appliance recycling sector and the demonstration of advanced material production in the Mining & Metallurgical industry using plasma.
"The incorporation of novel plasma based technologies into the Oil & Gas Sector is a long time in the making, and PyroGenesis is proud to be a leader in introducing the advantages of plasma into this multibillion dollar industry", said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "PyroGenesis is confident that a positive economic outcome from this contract, which will be completed in the next few months, will ultimately result in a full scale industrial plasma installation worth several million dollars."
"PyroGenesis has found that the Oil & Gas sector is highly receptive to cutting edge technologies, and are willing to invest in technologies, such as PyroGenesis' patented plasma based solutions, which can have a significant impact on their current and future profitability", said Gillian Holcroft, Executive Vice President- Strategic Alliance for PyroGenesis , "PyroGenesis' strategic decision to target the Oil & Gas sector is rapidly gaining traction and it seems that this industrial sector will quickly become a significant contributor to PyroGenesis' bottom line."
About PyroGenesis Canada Inc.
PyroGenesis Canada is an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products. PyroGenesis' proprietary plasma technologies utilize the intense energy of plasma to gasify and vitrify virtually any type of waste without producing hazardous by-products. PyroGenesis' patented gasification and vitrification technology is different from incineration because it produces a clean synthetic gas from waste, which can be used for power generation. PyroGenesis' technology can also turn waste into a glassy rock that can be utilized as construction material. PyroGenesis has marquee defense industry and civilian customers that are using its technology in marine and land-based applications. For more information, please visit www.pyrogenesis.com
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SOURCE PyroGenesis Canada Inc.