PyroGenesis Canada (PYR) Announces Receipt of $2.5MM Milestone Payment from Tata Steel

PyroGenesis Canada Inc. (http://pyrogenesis.com) (NASDAQ: PYR) (TSX: PYR) (FRA: 8PY), a high-tech Company (hereinafter referred to as the “Company” or “PyroGenesis”), that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases, today is pleased to announce that its subsidiary, Pyro Green-Gas (formerly known as Air Science Technologies Inc.), has received a milestone payment of approximately $2.5MM under an existing $9.3MM contract with Tata Steel (the “Client”), one of the world’s top diversified steel producers with commercial operations worldwide. The balance under this contract, of approximately $3MM, is expected to be fully received within the next nine months.

Under this contract, Pyro Green-Gas has the mandate to supply a coke oven gas purification and hydrogen production processes that, if successful, will purify coke oven gas and extract a hydrogen of extremely high purity (99.999%) and value, with significant environmental benefits.

In addition to the payment received today, Pyro Green-Gas has signed an additional contract for $267,000 (the “Contract”) with Tata Steel. Under this Contract, Pyro Green-Gas will provide supplementary engineering improvements to the dry coke oven gas desulfurization and hydrogen production process already under contract. Pyro Green-Gas will supply filters that will further purify the remaining gas, removing condensed hydrocarbons, naphthalene and dust from the coke oven gas infrastructure. This will allow the purified gas to be used as a fuel for galvanizing and annealing furnaces in steel processing.

“It is clear that this acquisition is proving to be an exceptional addition to our offerings,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “We are also very happy to be announcing today our expanding relationship with another multi-billion-dollar entity.”

Separately, the Company announces that it has recently granted Mr. Andre Mainella, CFO of PyroGenesis, stock options to acquire 100,000 common shares of the Company (the “Common Share”) with an exercise price of $5.04 per common share, and which are exercisable over a period of five (5) years. The options are granted in accordance with the Company’s stock option plan and remain subject to regulatory and Exchange approval.

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