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PyroGenesis Provides Update on Varennes Carbon Recycling Project
MONTREAL, March 21, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (http...
About this update from Pyrogenesis Inc.
[{"type":"text","content":"PyroGenesis Provides Update on Varennes Carbon Recycling Project\n\n\n\n MONTREAL, March 21, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a high-tech company that designs, develops, manufactures and commercializes all-electric plasma processes and sustainable solutions to support heavy industry in their energy transition, emission reduction, commodity security, and waste remediation efforts, provides an update on its involvement in the Varennes Carbon Recycling (“VCR”) project following recent developments regarding Varennes Cellulosic Ethanol LP (“VCE”).\n \n\n PyroGenesis, through its subsidiary Pyro Green-Gas, plays an important role in the VCR project, which aims to become a key biofuel production initiative in Quebec. Pyro Green-Gas’ secured contracts totaling $2.5 million for the engineering, design, and fabrication of a Thermal Swing Adsorption (TSA) system for gas recovery at the VCR plant (\n \n\n see June 2024 press release\n \n\n ) before signing an additional $1.1 million contract in February 2025 (\n \n\n see February 2025 press release\n \n\n ).\n \n\n On March 11, 2025, VCE, the entity managing the VCR project, filed for protection under the\n \n Companies’ Creditors Arrangement Act\n \n (“CCAA”) as part of its strategy to address liquidity challenges. This legal process allows VCE to continue operations while seeking financial restructuring solutions under court supervision.\n \n\n The CCAA proceedings explicitly recognize PyroGenesis as a key supplier to the project. As outlined in recent communications from VCE, PyroGenesis has been asked to continue its work on the project and would receive timely payments for contracted goods and services moving forward.\n \n\n PyroGenesis will continue to monitor developments closely and is hopeful that, through the CCAA process, VCE will reach a resolution that ensures the successful continuation of this important initiative.\n \n\n PyroGenesis provides a number of technology solutions across a\n \n\n three-vertical solution ecosystem\n \n\n that aligns with economic drivers that are key to global heavy industry. The three verticals are\n \n Commodity Security & Optimization\n \n ,\n \n Energy Transition and Emission Reductio...