PyroGenesis Forges Links With U.S. Navy

PyroGenesis Forges Links With U.S. Navy

By: Tomas Ronolski - News

Thursday, January 10, 2019

It is remarkable news with small-cap companies are able to make alliances with government agencies with lots of muscle.

So it was Thursday, when Montreal-based PyroGenesis Canada Inc (TSX-Venture:PYR), which designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, announced that the U.S. Navy has reached an agreement with the shipbuilder, Huntington Ingalls Industries (HII), to move forward with the purchase of two Ford-class aircraft carriers. This transaction will cover CVN 80 (the Enterprise) and CVN 81 (yet-to-be-named), which are the third and fourth carriers of the Gerald R. Ford-class.

Said CEO Peter Pascali, “This is great news for PyroGenesis as we are the proud supplier of plasma-based waste destruction systems to the U.S. Navy.  We are in the design of the aircraft carrier, and have delivered two systems to date.”

PYR shares gained one cent, or 1.6%, to 62 cents, on 39,000 shares on the news.

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