PyroGenesis updates on Varennes Carbon Recycling project status

PyroGenesis Inc., a technology company based in Montreal, has provided an update on its involvement in the Varennes Carbon Recycling (VCR) project. This project aims to produce biofuels in Quebec. PyroGenesis is working through its subsidiary, Pyro Green-Gas, which has secured contracts worth $2.5 million for engineering and design services. Recently, the company signed an additional contract valued at $1.1 million. On March 11, 2025, Varennes Cellulosic Ethanol LP (VCE), the group managing the VCR project, filed for protection under the Companies' Creditors Arrangement Act (CCAA). This legal move is meant to help VCE deal with financial issues while continuing operations. The CCAA process confirms PyroGenesis as a key supplier to the project. Despite the challenges, VCE has asked PyroGenesis to keep working on the project and assured timely payments for contracted services. PyroGenesis remains optimistic that the CCAA process will lead to a positive outcome for this important initiative. The company specializes in advanced plasma technologies that aim to reduce greenhouse gas emissions and improve sustainability in heavy industries, such as iron ore pelletization, aluminum production, waste management, and additive manufacturing. PyroGenesis's operations follow strict quality standards and have been ISO certified since 1997. Its shares are traded on various stock exchanges, including in Canada, the US, and Germany.