Dual system order contract milestones trigger $1 million payment
MONTREAL, Oct. 26, 2022 (GLOBE NEWSWIRE) — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY), a high-tech (im Hereinafter referred to as the “Company” or “PyroGenesis”), which designs, develops, manufactures and markets advanced plasma processes and sustainable solutions aimed at reducing Greenhouse Gases (GHGs), is pleased to announce that the plasma arc The Company’s Waste Destruction System (“PAWDS”) is in service on the newly launched aircraft carrier USS Gerald R. Ford, which departed Naval Station Norfolk on October 4, 2022 for its first deployment. The ship — the first of four carriers the US Navy has contracted to have the PAWDS system onboard — will spend the next two months as part of a multinational exercise involving eight other countries, including those in both the Mediterranean and the… Atlantic spend Canada and France to prepare the crew for real scenarios.1
“The first deployment of the USS Gerald R. Ford with our PAWDS onboard is truly a milestone for PyroGenesis,” said Mr. P. Peter Pascali, CEO and Chairman of PyroGenesis. “To be even a small part of the most technologically advanced ship ever built is a tremendous validation – for the company, for the science behind the project and for the years of work of our team.”
The next Gerald R. Ford-class aircraft carrier to use the PAWDS system will be USS John F. Kennedy, which has been in design since 2009 and under construction since 2011. The USS John F. Kennedy is scheduled to be delivered to the US Navy in June 2024. Notably, PyroGenesis has already delivered the PAWDS system for this ship.
The payment of approximately CA$1 million (US$729,000) announced today is a result of various inspection and support milestones achieved in relation to the USS Enterprise and USS Doris Miller twin ship contract for which the Company currently under contract. PyroGenesis has been commissioned with a total of four systems, one for each of the four aircraft carriers. Two have been delivered (USS Gerald R. Ford and USS John F. Kennedy) and two are currently on order (USS Enterprise and USS Doris Miller).
PAWDS is a compact all-electric combustible waste disposal system designed for each of the first four Ford-class aircraft carriers to be built – the first new generation of carriers in 40 years. PAWDS eliminates more than 400 pounds per hour of various waste materials, including the plastic that traditional marine waste systems could not destroy. PAWDS reduces all of the ship’s waste — plastic, paper, food and wood — to steam, a key consideration because without a waste disposal system of this caliber, the ship would be forced to scale back operations and return to port to offload trash.2
In addition to the USS Gerald R. Ford and USS John F. Kennedy contracts, the Company was awarded another two-ship construction contract with the US Navy in 2020 for $11.5 million for the ships USS Enterprise and USS Doris miller.3 USS Enterprise began construction in 2017 with a future delivery date of 2028; the USS Doris Miller will follow.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a high technology company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions that reduce greenhouse gases (GHG) and are economically attractive alternatives to traditional “dirty” processes. PyroGenesis has developed proprietary, patented and advanced plasma technologies that are being reviewed and adopted by multiple multi-billion dollar industry leaders in four vast markets: iron ore pelleting, aluminum, waste management and additive manufacturing. With a team of experienced engineers, scientists and technicians who work from their Montreal office and their 3,800 m2 and 2,940 m2 Manufacturing facilities, PyroGenesis maintains its competitive advantage by staying at the forefront of technology development and commercialization. The operations have been ISO 9001:2015 and AS9100D certified since 1997. For more information, see: www.pyrogenesis.com.
This press release contains certain forward-looking statements, including but not limited to statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”. . , “in progress” and other similar expressions that constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements involve risks and uncertainties, including, but not limited to, our expectations regarding market acceptance of our products, our strategy for developing new products and enhancing the capabilities of existing products, our strategy regarding research and development, the effects competitive products and prices, new product development and uncertainties related to the regulatory approval process. Such statements reflect the Company’s current views with respect to future events and are subject to certain risks and uncertainties and other risks detailed in the Company’s ongoing filings with securities regulators from time to time, which can be found at www.sedar.comor at www.sec.gov. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Neither the Toronto Stock Exchange, its regulation service provider (as such term is defined in the policies of the Toronto Stock Exchange) nor the NASDAQ Stock Market, LLC accept responsibility for the adequacy or accuracy of this press release.
For more information please contact:
Rodayna Kafal, Vice President, IR/Communications. and Strategic BD
Phone: (514) 937-0002, Email: [email protected]
RELATED LINK: http://www.pyrogenesis.com
1 The US Navy’s newest and most advanced aircraft carrier makes its debut, by Ellie Kaufman and Oren Liebermann, CNN. October 4, 2022 https://www.cnn.com/2022/10/04/politics/uss-gerald-ford-deploys
2 USS Gerald R. Ford’s (CVN 78) Lesser Known Waste Disposal Technology, Plasma Arc Waste Disposal System, by Lt. Cmdr. Chris Buchanan, March 11, 2021.https://scnewsltr.dodlive.mil/Latest-Issue/Article-Display/Article/2612544/uss-gerald-r-fords-cvn-78-lesser-known-trash-disposal-technology-plasma-arc-was/
3 PyroGenesis Signs $11.5M Contract to Build Two US Navy Shipshttps://ir.pyrogenesis.com/news-releases/news-release-details/pyrogenesis-signs-115mm-contract-us-navys-two-ship-build