High-Tech Micro Cap Rallies After Securing Boeing Supplier Status
Investors pay close attention when a bellwether company with a market cap exceeding $150 billion approves a micro-cap firm as an official supplier. That's exactly what happened today—and the micro-cap stock is surging in response to the news.
Shares of PyroGenesis Inc. (TSX: PYR) (OTCQX: PYRGF) are on the move as the high-tech company specializing in the development and commercialization of all-electric plasma processes and sustainable industrial solutions, announced this morning that it has officially been approved as a supplier to Boeing (NYSE: BA). The company's Ti64 coarse metal powder, with a particle size range of 53–150µm, has been qualified for use and added to Boeing's approved list of metal powders for additive manufacturing applications. This milestone supports PyroGenesis' mission to enable cleaner, more efficient production processes across heavy industry.
'PyroGenesis is proud to achieve official supplier status with Boeing. The high standard of Ti64 metal powder produced at PyroGenesis Additive for Boeing is the result of years of groundbreaking design and engineering work that went into developing our NexGen™ plasma atomization process,' said P. Peter Pascali, President and CEO of PyroGenesis.
PyroGenesis is the inventor of the plasma atomization process and in fact coined the term 'plasma atomization' in its original patent. The Company's NexGen™ system is a patented upgrade to what is considered the gold standard process for the development of metal powder for additive manufacturing, also referred to as metal 3D printing.
Shares of PYR are currently up 16.48% at $0.53 while U.S. listed shares (PYRGF) are up 14.8% at $0.387 in early-afternoon trading.
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