PyroGenesis Canada Inc. announced that the Company has signed an initial contract with a major European multinational chemical, oil, and gas conglomerate with 2021 revenues exceeding USD 25 billion (the Client) to assess the applicability of PyroGenesis' fully electric plasma torches for use in its Client's chemical production process . The Client's name shall remain anonymous for competitive and confidential reasons. The Agreement outlines the initial steps for providing plasma specific information in support of the Client's energy-transition goals.

The first step requires a computational fluid dynamics (CFD) study to gather initial data to evaluate the use of plasma in the Client's chemical production boilers. Once the CFD study is completed, and depending on the results, the Client has indicated that it would then proceed to a live experimental validation study within their facilities, using PyroGenesis' plasma torches, as per a separate to-be-negotiated agreement.