PyroGenesis Canada (TSX-V:PYR, StockForum), a Montreal-based engineering solutions company providing plasma-based waste treatment systems, announced today that the company had made headway into the European market with a $4 million sale of the company's patented plasma waste to energy system.
According to the news release, “In 2010 PyroGenesis delivered its first Plasma Waste to Energy System to the US Air Force which was accepted by the military in 2011. The system is designed to transform all types of waste (without the need for pre-sorting) into useful products (electricity and construction material) without generating any hazardous by-products.”
It went on to explain, “This capability has particular resonance within the European marketplace where the options for conventional land-fill are limited and the cost for destruction of industrial and hazardous waste is extremely high.”
Peter Pascali, president and CEO of PyroGenesis, commented on the importance of the sale, “This indeed is a watershed moment for the Company. This sale not only expands our customer base beyond the traditional US military, but does so in a market place that is in dire need of a reliable, cost effective and sustainable waste management solution.”
Pascali detailed further, “We have been targeting the lucrative European market for years now and believe this European sale is the first of many to come. PyroGenesis is the only plasma company that has successfully demonstrated its technology at a small scale; a technology which is readily scalable for larger waste to energy projects.”
He then summed up, “To say the business potential for PyroGenesis in Europe is in the hundreds of millions of dollars would be an understatement.”
PyroGenesis was in the news recently when the company reported 170% increase in revenue for Q3 2013.
Shares rocketed 71.05% on the news to $0.65 per share.
Currently there are 63,538,649 shares outstanding with a market cap of $41.3 million.