PyroGenesis Canada Inc. announced that the Company has received the final signed contract to provide the Company's SPARCTM refrigerant waste destruction system to an advanced materials company. The system is the first of two systems that the Client has indicated they may require. This first system is contracted at approximately $6MM, not including ongoing after-sales support of an indeterminate amount.

This contract includes a first payment of approx. $2.2MM. The first payment has been received.

PyroGenesis' patented SPARC™ system is based on the technology platform originally developed by the Company for both the U.S. Navy and U.S. Air Force. It uses inexpensive steam as the plasma-forming gas to generate a hydrolysis reaction which destroys refrigerants, leading directly to significantly reduced operating costs when compared to processing more expensive gases, with cleaner operations and with no incineration. Powered by electricity, the SPARCTM system substantially reduces an operator's carbon footprint while concurrently eliminating ozone-depleting substances.

The SPARC™ system is extremely versatile as it can also destroys other chemicals such as CFCs, HCFCs, HFCs, Halons, and PFCs. PyroGenesis has been contracted to design and build the SPARCTM refrigerant waste destruction system. PyroGenesis will also supervise and support contractors in the system installation within a new facility being built by the Client.

The project has an approximate production-to-delivery timeline of 18 months.