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Finance

PyroGenesis Canada Receives Third Payment From HPQ Resources Totalling $3.3M To Date

PyroGenesis Canada Inc. (PYR.V / PYRGF ) has received the third progress payment under its previously announced $8.3-million contract with HPQ Silicon Resources Inc. to provide a 200-metric-tonne-per-year Purevap pilot system to produce silicon metal directly from quartz. To date, PyroGenesis has received payments in excess of $3.3-million, or more than 40 per cent of the value of the contract.
PureVap™ Technology
PureVap™ Technology
PR-Inside.com: 2017-03-06 17:14:02
As previously announced on Aug. 2, 2016, the contract is for the design, fabrication, assembly, commissioning and testing of the system. The company is currently in the design, fabrication and assembly phase, of which approximately $2.0-million remains to be paid subject to certain milestones, with payments of $520,000 due during the commissioning phase, and an additional $2.3-million to be paid following various milestones during the testing phase.


To date, PyroGenesis has demonstrated that the system can:

Transform low-purity quartz (97.5 per cent) to high-purity silicon, thereby defying standard methods

(1) Successfully produce 4N (99.99 per cent) silicon from low-purity quartz

(2) Remove aluminum, boron, calcium and phosphorous with consistently high efficiencies, between 67 and 97 per cent. Of particular note, boron, which negatively impacts the electrical properties of photovoltaic solar systems, is one of the most difficult impurities to remove from silicon

(3) Quantity produced per batch during testing phase increased from less than 0.1 gram to 8.8 grams, nearly a hundredfold increase

(4) Reached a production of 4N-plus purity silicon metal (99.99 plus per cent Si) using 98.14 per cent silicon dioxide by adding a solid purifying agent into the feedstock (5).

Management continues to believe that the Purevap technology will have a significant impact on the solar industry. The company notes that there seems to be significant commercial applications for the system, at lower purity levels as well (for example above 99.9 per cent).

"We are very satisfied with the project to date," said P. Peter Pascali, president and chief executive officer of PyroGenesis. "This latest payment confirms HPQ's full commitment to this project. The project, once in full production, will generate a recurring revenue stream to PyroGenesis in the form of a 10-per-cent royalty on all future silicon metal sales made by HPQ, using the Purevap technology."

About PyroGenesis Canada Inc.

PyroGenesis Canada is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. The company provides engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defence, metallurgical, mining, advanced materials (including 3-D printing), oil and gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of the company's Montreal office and its 3,800-square-metre manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The company's core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes and engineering services to the global marketplace.

www.pyrogenesis.com

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David Joseph Kwiatkowski
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