PyroGenesis receives milestone payment
June 9, 2015 By PyroGenesis Canada
June 9, 2015 – PyroGenesis Canada Inc. has announced that it has received a milestone payment of $385K which was due upon shipment of the first of ten powder production systems for 3D printing due under a $12.5MM contract signed last year.
As reported last July, the Company signed a contract with a major international manufacturer (the “Customer”) for ten plasma-based, powder production systems for 3D printing. Under the contract, PyroGenesis is to supply ten of its unique metal powder production platforms to an Asian Customer for a total contract value of $12.5 MM. The Customer’s name is withheld for competitive reasons.
“Under this contract, 9 of the 10 systems are to be built once the first system is fully installed and commissioned in Asia. With the first system being shipped, and installation and commissioning scheduled for this summer, we plan to start manufacturing the last nine systems in the fall of 2015,” said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis Canada Inc.
Separately, PyroGenesis announced earlier today that it filed a Provisional Patent for an improved 3D Powder Production Process with higher production rates and a better distribution of powders, both highly sought after characteristics in additive manufacturing applications.
“As you can see, we at PyroGenesis are constantly improving and developing our products and processes thereby ensuring we maintain our leadership position in cutting edge industries,” said Pierre Carabin, Director of Engineering.
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