Montreal based plasma gasification waste to energy technology developer, PyroGenesis Canada (TSXV: PYR) has signed an agreement with a Canadian end-of-life refrigerator and freezer recycler to provide additional equipment and services (including onsite optimization) for its patented Steam Plasma Arc (SPARC) Destruction System for Ozone Depleting Substances (ODS).
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As part of this agreement, PyroGenesis said that its unnamed Client will commercialise the SPARC technology on an exclusive basis within Canada.
This agreement was said to be worth around $1.5 million and include several options for follow-on service contracts, all of which are expected to be executed within 2014.
The technology developer explained that its SPARC system allows clients to safely destroy ozone-depleting substances (ODS), and can achieve 10x greater destruction efficiency as compared to current requirements.
According to the company, the conservative estimates show that there are at least 25,000 tonnes per year of ODS that require destruction - representing over $100 million of business potential to PyroGenesis.
"Our client intends to incorporate PyroGenesis' SPARC technology into its existing appliance recycling business,” explained Gillian Holcroft, executive vice president, of strategic alliances at PyroGenesis.
“As part of this Agreement, PyroGenesis will also be the exclusive supplier of after-sales service and support,” she added.
The bottom line
P. Peter Pascali, president and CEO of PyroGenesis claimed that combined with the company’s continued success with traditional market sectors, its penetration into key markets such as Oil and Gas and Mining and Metallurgy, is yielding significant results.
"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,” he said.
A news report explaining the technology can be viewed below.
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