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Highlights

  • PyroGenesis secures additional $1.1 million contract for VCR project amidst CCAA proceedings
  • VCE enters CCAA protection while recognizing PyroGenesis as a key supplier for the project
  • PyroGenesis continues to monitor developments, hopeful for a positive resolution in the restructuring process

PyroGenesis Inc. (TSX:PYR) (OTCQX: PYRGF) (FRA: 8PY1), a high-tech company specializing in all-electric plasma processes and sustainable solutions, has provided an update regarding its involvement in the Varennes Carbon Recycling (VCR) project. The VCR project is a significant biofuel production initiative in Quebec, where PyroGenesis, through its subsidiary Pyro Green-Gas, plays a crucial role.

Pyro Green-Gas secured contracts totaling $2.5 million for engineering, design, and fabrication of a Thermal Swing Adsorption (TSA) system for gas recovery at the VCR plant. This was followed by an additional $1.1 million contract in February 2025, further solidifying PyroGenesis' role in the project.

On March 11, 2025, Varennes Cellulosic Ethanol LP (VCE), the entity overseeing the VCR project, filed for protection under the Companies' Creditors Arrangement Act (CCAA). This legal process allows VCE to continue its operations while addressing liquidity challenges and seeking financial restructuring under court supervision.

VCE’s CCAA proceedings officially recognize PyroGenesis as a key supplier to the project. In recent communications, VCE confirmed that PyroGenesis would continue its work on the VCR initiative, with timely payments for contracted goods and services.

PyroGenesis is closely monitoring the situation and remains optimistic that, through the CCAA process, VCE will find a solution to ensure the successful continuation of the VCR project.