MONTREAL, March 11, 2025 (GLOBE NEWSWIRE) — PyroGenesis Inc. (“PyroGenesis”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a leading technology company specializing in the design, development, and commercialization of advanced electric plasma solutions, has signed a memorandum of understanding (“MOU”) with GE Vernova’s Power Conversion & Storage business. This agreement, announced alongside GE Vernova’s latest press release, paves the way for a long-term strategic partnership focused on integrating PyroGenesis’ plasma torch technology into multi-megawatt industrial processes. The collaboration aims to replace fossil fuel combustion in high-temperature applications, particularly in industries such as aluminum, steel, cement, and quicklime production.

“This MOU marks a pivotal milestone in our mission to electrify emissions-intensive industries,” stated Ed Torres, Power Conversion & Storage Business Leader at GE Vernova. “Through this partnership, we are not only pushing forward our strategic vision but also reinforcing our commitment to sustainability. This initiative aligns with global carbon reduction goals and highlights our dedication to pioneering innovative solutions for a cleaner, more sustainable future.”

PyroGenesis’ President and CEO, P. Peter Pascali, emphasized the significance of this collaboration: “This partnership reflects the increasing demand for industrial electrification solutions that require multi-megawatt plasma torches exceeding 10 MW. Our recent client trials demonstrated that transitioning to PyroGenesis’ all-electric plasma torches offers substantial energy savings, with CO₂ reductions being a key environmental benefit. Additionally, using our plasma torches enables companies to consider smaller, more cost-effective furnace designs while achieving up to 30% higher production rates from the same operational footprint. These efficiency gains translate directly into improved revenue and profitability.”

Pascali further noted that PyroGenesis’ recent $27 million contract, announced on October 21, 2024, for the development of a 20MW plasma torch system exemplifies the industry’s shift toward electrification. “As companies increasingly recognize the benefits of adopting this technology, sophisticated electric power systems and controls—such as those provided by GE Vernova—will become essential.”

Under the agreement, PyroGenesis will supply the plasma torch systems while GE Vernova will provide the necessary electrical infrastructure.

Phase 1 of the collaboration involves a feasibility study on implementing and retrofitting PyroGenesis plasma torches with GE Vernova’s electrical infrastructure in a major iron ore pellet facility.

Phase 2 will focus on a similar study for a primary aluminum smelter casthouse.

PyroGenesis’ plasma torch technology plays a crucial role in its three-tier solution ecosystem, designed to address key economic drivers in heavy industry. The Energy Transition and Emission Reduction vertical focuses on replacing fossil fuel-based heating with electric plasma torches, significantly lowering energy costs and emissions. The other two verticals—Waste Remediation and Commodity Security & Optimization—further support industrial sustainability initiatives.

This collaboration between PyroGenesis and GE Vernova underscores the transformative potential of electrification in heavy industry, driving innovation and fostering a more sustainable global economy.

About PyroGenesis Inc.

PyroGenesis is a cutting-edge technology company that excels in designing, developing, manufacturing, and commercializing advanced plasma-based solutions. These innovations not only provide sustainable alternatives to conventional industrial processes but also significantly reduce greenhouse gas (GHG) emissions. The company has pioneered proprietary, patented plasma technologies, which are being evaluated and implemented by leading multinational corporations across four major sectors: iron ore pelletization, aluminum production, waste management, and additive manufacturing.

Operating from its headquarters in Montreal, PyroGenesis is supported by a team of skilled engineers, scientists, and technicians. The company maintains its technological edge through continuous innovation at its two production facilities, spanning 3,800 m² and 2,940 m², respectively. PyroGenesis’ commitment to excellence is reflected in its ISO 9001:2015 and AS9100D certifications, upheld since 1997.

PyroGenesis is publicly listed on multiple stock exchanges: the TSX in Canada (TSX: PYR), the OTCQX in the United States (OTCQX: PYRGF), and the Frankfurt Stock Exchange in Germany (FRA: 8PY).

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a globally recognized energy enterprise, dedicated to powering the future through its Power, Wind, and Electrification divisions, supported by strategic accelerator businesses. With over 130 years of expertise in addressing global energy challenges, GE Vernova is uniquely positioned to drive the energy transition, focusing on both electrification and decarbonization.

Committed to delivering essential electricity that enhances safety, security, and overall quality of life, GE Vernova operates in approximately 100 countries with a workforce of around 75,000 professionals. Headquartered in Cambridge, Massachusetts, U.S., the company operates under the mission “The Energy to Change the World,” striving to provide energy solutions that are affordable, reliable, sustainable, and secure.

The Power Conversion & Storage division of GE Vernova integrates advanced energy storage and conversion technologies, catering to the growing electrification demands of industries and utilities. By prioritizing power stability, energy storage, and industrial electrification, this division enables businesses to address complex energy challenges while advancing toward a decarbonized future.

Cautionary and Forward-Looking Statements

This press release contains “forward-looking statements,” which include projections, expectations, and assumptions about future events and performance. Terms such as “plans,” “targets,” “expects,” “anticipates,” “intends,” “believes,” and similar expressions often indicate forward-looking information. These statements reflect management’s current expectations and are subject to inherent uncertainties, risks, and evolving circumstances that may lead to actual outcomes differing significantly from those anticipated.

The assumptions underlying these statements are considered reasonable by PyroGenesis as of the release date. However, various risk factors, including those outlined under “Risk Factors” in PyroGenesis’ most recent annual report and other regulatory filings, could impact actual results. While the company strives for accuracy, no assurance can be given that these expectations will materialize. Therefore, reliance on forward-looking statements should be limited to their respective issuance dates.

PyroGenesis assumes no obligation to update or revise forward-looking statements unless required by law. Additionally, the Toronto Stock Exchange, its Regulation Services Provider, and the OTCQX Best Market do not take responsibility for the adequacy or accuracy of this release.

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