Pyrogenesis Canada (PYR.T), Canadian company focused on the design, development, manufacture, and commercialization of advanced plasma processes, confirmed today that its Gen3 PUREVAP™ Quartz Reduction Reactor (QRR) pilot plant has completed the month-long power-up process and is initiating its ground-breaking one-step transformation of quartz into high purity silicon, for the testing phase.
The Gen3 PUREVAP™ QRR pilot plant includes multiple systems that must operate under harsh conditions, under extremely high temperatures and under vacuum.
Test phase for the plant consists of a series of optimization and repeatability tests, with the ultimate goal of transforming quartz into high purity silicon.
Peter Pascali, CEO and chair of Pyrogenesis, commented on the milestone, “Completing the power-up and initiating operational testing of the pilot plant represents a major milestone in our relationship with HPQ and demonstrates our commitment to advancing the PUREVAP(TM) project while also underscoring our ability and dedication to bring real-world concepts from the lab to commercialization. Recent market events have drawn attention to the fact that silicon (Si), is one of the key strategic energy metals needed to achieve the goal of decarbonizing the economy by 2050. We could not be more proud to be a part of, and play an important role in, the development of GHG reduction technology. We firmly believe that the PUREVAP(TM) process will prove to be a game changer, and an enabling technology.”
The PUREVAP™ process is an innovative process that will enable the one-step conversion of quartz (SiO2) into high-purity silicon (Si) at reduced costs, energy input and carbon footprint that will propagate its considerable renewable energy potential.
The contract with HPQ, gives Pyrogenesis a royalty payment representing 10% of the Client’s sales, with set minimums.
In recent news, Pyrogenesis confirmed an additional $682,000 CAD payment under $25 million-plus DROSRITE™ contract.
The company currently trades at $1.49 per share for a market cap of $255.28 million.