PyroGenesis Signs $2.4 Million Contract with Norsk Hydro ASA
Norsk Hydro ASA Moves to Decarbonize Aluminum Casthouses by Testing PyroGenesis' Plasma Technology with Global Potential
MONTREAL, Feb. 24, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. ('PyroGenesis') (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company that designs, develops, manufactures and commercializes all-electric plasma processes and sustainable solutions to support heavy industry in their energy transition, emission reduction, commodity security, and waste remediation efforts, announces that it has signed a €1.63 million (CA$2.4 million) contract with aluminium and renewable energy company Norsk Hydro ASA ('Hydro') as part of its stated plan to test plasma technology as one of the ways to replace fossil fuel with renewable alternatives in its aluminum casthouses.
In January 2024, Hydro, as part of its stated goal to achieve net-zero emissions across the entire aluminum value chain by 2050, publicly announced their intention to test plasma technology in their test center in Sunndal Norway.Image 1: Sunndal primary aluminium plant (Photo: Anders Vindegg/Hydro)
'We are exploring the application of renewable energy sources in production steps that traditionally rely on fossil fuels. Plasma technology offers a way to electrify casthouse operations using the same renewable energy that powers our primary smelters. If we succeed with the pilot project at Sunndal, it will not only impact our operations but also has the potential to bring change to the aluminium industry and other hard-to-abate sectors worldwide,' says Per Eilert Vierli, Senior Vice President of Hydro Aluminium Metal.
Hydro intends to melt the first aluminum in the R&D casthouse at Sunndal by next year. Hydro's Sunndal plant is the largest and most modern primary aluminum plant in Europe.i The facility, which also houses remelting, casthouse, and research and development activities, produces over 400,000 tonnes of primary aluminum, 500,000 tonnes of casthouse products, and 80,000 tonnes of anodes annually.Image 2: Drone photo of Sunndalsøra Norway, featuring Hydro's aluminium plant, the largest and most modern primary aluminium plant in Europe. (Photo: Hydro)
After announcing its goals in early 2024, Hydro initiated a competitive process to select a plasma technology partner. After an exhaustive process, PyroGenesis was selected by Hydro to undertake this major initiative. The potential for this contract was previously mentioned in the outlook section of PyroGenesis' Q3 2024 earnings news release, which listed a tendered bid underway for a global aluminum company, whose name was kept confidential at the time.
'Hydro is not just one of the largest aluminum companies in the world, but it is also one of the few companies that others in the industry look to for guidance and inspiration. We are proud to be partnering with a leader who is committed to decarbonizing and achieving net zero CO2 emissions in the entire aluminum value chain,' noted P. Peter Pascali, President and CEO of PyroGenesis. 'Our torch capabilities are the reason PyroGenesis is increasingly becoming the go-to plasma solution company for the biggest and most influential names in heavy industry as they seek solutions to meet their global energy transition and decarbonization strategies. As noted in our recent press release dated February 10, 2024, recent results have confirmed that a solid business case can be made to transition to all-electric PyroGenesis plasma torches from an energy savings perspective alone, and any positive environmental impact (such as CO2 reduction) would be just icing on the cake. In addition, with the reduced energy requirement as a result of using PyroGenesis torches, companies can now contemplate building smaller furnaces (for the same capacity), reducing costs further for the same project. Last but not least, the reduced aluminum melting time means companies can raise production levels, generating higher and faster output. Increasing production rates by up to 30% from the same production footprint implies processing more output which in turn directly impacts revenues and profitability. As I said, the advantages from using PyroGenesis' plasma torches create a solid business case apart from the concurrent positive environmental impact of doing so. It is for these reasons that we say that 'PyroGenesis is working to make sustainability sustainable.''
The contract with Hydro is for the engineering, design, manufacturing, and delivery of a PyroGenesis plasma torch system and related peripheral components that will be used to replace existing natural gas-powered furnace burners in an aluminum casthouse furnace. The project will be one of the first in the world to use plasma to melt aluminum on an industrial scale, and will measure energy consumption, melting rate, aluminum quality, and production output among other data.
Hydro expects this project, if successful, to pave the way for decarbonization of casthouse operations on a larger scale, stating that the global potential for reducing emissions from aluminum casthouses and recyclers is in the neighborhood of 11 million tonnes of CO2.ii
Hydro is a Norway-based aluminum and renewable energy company founded in 1905, that is often considered one of the most respected and influential leaders in heavy industry, with 32,000 employees across operations in 42 countries. Since entering the aluminium business in the 1960s, Hydro has become one of the largest aluminum producers in the world. The company posted 2024 revenues of US$18.3 billion.
PyroGenesis' development of plasma torches for use in high temperature industrial processes is part of its three-vertical solution ecosystem that aligns with economic drivers that are key to global heavy industry. Plasma torches for use in aluminum casthouse furnaces are part of PyroGenesis' Energy Transition and Emission Reduction vertical, where fuel switching to PyroGenesis' electric-powered plasma torches helps heavy industry reduce energy costs, fossil fuel use, and emissions. The other verticals are Waste Remediation and Commodity Security and Optimization.
About PyroGenesis Inc.
PyroGenesis, a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional 'dirty' processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 m2 and 2,940 m2 manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. PyroGenesis' shares are publicly traded on the TSX in Canada (TSX: PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock Exchange in Germany (FRA: 8PY).
Cautionary and Forward-Looking Statements
This press release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'targets', 'expects' or 'does not expect', 'is expected', 'an opportunity exists', 'is positioned', 'estimates', 'intends', 'assumes', 'anticipates' or 'does not anticipate' or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'will be taken', 'occur' or 'be achieved'. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under 'Risk Factors' in PyroGenesis' latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis' profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws.
Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.
For further information please contact:Rodayna Kafal, Vice President, IR/Comms. and Strategic BDE-mail: ir@pyrogenesis.com http://www.pyrogenesis.com
___________________________i https://www.hydro.com/en/global/about-hydro/hydro-worldwide/europe/norway/sunndal/
ii https://www.hydro.com/en/global/media/news/2024/hydro-moves-to-decarbonize-casthouses-by-testing-plasma-technology-with-global-potential/Photos accompanying this announcement is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/25915607-27b0-406e-a168-c8bc7b385a19
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On-site direct-to-blister smelter to start up in third quarter Kamoa-Kakula's senior management has confirmed that the start-up of the on-site direct-to-blister copper smelter will commence in early September 2025, with first anode expected in October. The smelter can operate at a minimum operating capacity of 50%, or approximately 250,000 tonnes of copper on an annualized basis. As at May 31, 2025, unsold concentrate stockpiles consisted of 33,000 tonnes of copper. In preparation for the first feed of concentrate, approximately four to six weeks after start-up commences, it is expected that total unsold concentrate stockpiles will be approximately 35,000 tonnes of copper in concentrate. In addition, Kamoa-Kakula's senior management anticipates the commissioning of the 178-megawatt Turbine #5 at the Inga II hydroelectric dam in October 2025, further boosting domestically generated hydroelectricity supplied to the Kamoa-Kakula Copper Complex. Ivanhoe Mines to host a conference call for investors on June 12, 2025 The company will hold an investor conference call to discuss the operational update at Kamoa-Kakula before the market opens on June 12, 2025, at 8:00 a.m. Eastern time / 5:00 a.m. Pacific time. The conference call will conclude with a question-and-answer (Q&A) session. Media are invited to attend on a listen-only basis. To view the webcast, use the link: Audience Phone Number: (+1) 647 951 0841 (Toll, for international callers)(+1) 888 985 7261 (Toll-Free North America) An audio webcast recording of the conference call, together with supporting presentation slides, will be available on Ivanhoe Mines' website at Disclosure of Technical Information Disclosures of a scientific or technical nature in this news release, other than the preliminary geotechnical findings and the technical information in Figure 1, have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Ivanhoe Mines' Executive Vice President, Projects. Mr. Amos has verified the technical data disclosed in this news release. Disclosures of a scientific or technical nature regarding the preliminary geotechnical findings in this news release have been reviewed and approved by Koos Bosman, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Bosman is considered independent of the company for purposes of NI 43-101 as he is Managing Director of Open House. Mr. Bosman has verified the technical data regarding the preliminary geotechnical findings disclosed in this news release. Disclosures of a scientific or technical nature in Figure 1 of this news release have been reviewed and approved by Joshua Chitambala, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Chitambala is not considered independent under NI 43-101 as he is the Resource Manager for Ivanhoe Mines. Mr. Chitambala has verified the other technical data regarding the surface stockpiles disclosed in this news release. About Ivanhoe Mines Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the ramp-up of the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the phased development of the tier-one Platreef platinum-palladium-nickel-rhodium-gold-copper Mine in South Africa. Ivanhoe Mines is exploring for copper in its highly prospective, 54-100% owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula Copper Complex, including the high-grade discoveries in the Makoko District. Ivanhoe is also exploring for new sedimentary copper discoveries in new horizons including Angola, Kazakhstan, and Zambia. Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on X. Information contact Investors Vancouver: Matthew Keevil +1.604.558.1034 London: Tommy Horton +44 7866 913 207 MediaTanya Todd +1.604.331.9834 Forward-Looking Statements Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company, its projects, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Such statements include, without limitation: (i) statements that development from existing underground infrastructure toward a new mining area in the eastern side of the Kakula is expected to commence imminently, and that this development will be isolated from the dewatering activities; (ii) statements that dewatering of the eastern side of the Kakula Mine is expected to commence by the end of August 2025 and be complete during the fourth quarter; (iii) statements that the processing rate of the concentrators will ramp up throughout the remainder of 2025, as mining on the western side of the Kakula Mine increases, supplemented by feed from ore stockpiles; (iv) statements that, with necessary copper concentrate expected to be available, the on-site copper smelter is expected to start up in the third quarter, with first anode expected in October; (v) statements that Kamoa-Kakula's mining crews aim to ramp up mining from the western side of the Kakula Mine to approximately 300,000 tonnes per month (3.6 million tonnes per year on an annualized basis) during the second half of 2025, subject to underground conditions; (vi) statements that for the remainder of 2025, Kakula's underground mining crews will focus on the following three activities: ramping up mining on the western side of the Kakula Mine, developing a new mining area on the eastern side of the Kakula Mine and ramping up production from the Kamoa mining area; (vii) statements that the new box cut at Kansoko will enable increased production from Kansoko, providing an additional source of ore for the Phase 1 and Phase 2 concentrators; (viii) statements that development of a new mining area on eastern side of the Kakula Mine will commence imminently; (ix) statements that development of the new mining area is expected to be conducted in a mix of ore and waste and be completed in the second quarter of 2026; (x) statements that following the completion of dewatering activities on the eastern side of Kakula, a physical geotechnical inspection of the mine's existing workings will be conducted, concluding the full assessment by the geotechnical experts; (xi) statements regarding additional pumps being ordered as part of the long-term pumping infrastructure plan and such pumps being deployed in pairs; (xii) statements that delivery, installation, and commissioning of the surface dewatering infrastructure is expected by mid-September; (xiii) statements regarding the impact of the preliminary assessment on the mine plan at Kakula, Kamoa and Kansoko; (xiii) production guidance for Kamoa Kakula for 2025; (xiv) statements that ore from the western side of Kakula is expected to deliver a head grade ranging between 3.0% and 4.0% copper; (xv) statements that the smelter's minimum operating capacity is 50%, or approximately 250,000 tonnes of copper on an annualized basis; (xvi) statements that Kamoa-Kakula's senior management anticipates the commissioning of the 178-megawatt Turbine #5 at the Inga II hydroelectric dam in September, further boosting domestically generated hydroelectricity to the Kamoa-Kakula Copper Complex; and (xv) statements regarding the locations where the "Stage Two" dewatering surface pumping infrastructure will be installed to dewater the eastern side of the Kakula Mine and that water will be discharged into existing surface water channels. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: (i) uncertainty around the rate of water ingress into underground workings; (ii) the ability, and speed with which, additional equipment can be secured; (iii) the continuation of seismic activity; (iv) the state of underground infrastructure; (v) uncertainty around when future underground access can be secured; (vi) the fact that future mine stability cannot be guaranteed; (vii) the fact that future mining methods, may differ the impact on Kakula operations; and (viii) the ultimate conclusion of the assessment of the cause of the seismic activity at Kakula and the impact of same on the mining plan at the Kamoa Kakula Copper Complex. Additional factors also include those discussed above and under the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2025, and its current annual information form, and elsewhere in this news release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; changes in the rate of water ingress into underground workings; the continuation of seismic activity; the state of underground infrastructure; delays in securing underground access; changes to the mining methods required in the future; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2025, and its current annual information form. 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