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PyroGenesis Canada ( (TSE:PYR) ) just unveiled an update.
PyroGenesis has secured a $1.3 million contract to supply a plasma torch system for a European cement industry client, aiming to electrify calcination furnaces. This initiative supports the cement industry’s efforts to reduce emissions and transition towards cleaner production methods. The project involves using CO2-powered plasma torches to replace fossil fuel combustion, a significant source of greenhouse gas emissions in cement production. This contract marks a step towards demonstrating the viability of electric heating in industrial-scale cement production, aligning with global decarbonization goals.
The most recent analyst rating on (TSE:PYR) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on PyroGenesis Canada stock, see the TSE:PYR Stock Forecast page.
Spark’s Take on TSE:PYR Stock
According to Spark, TipRanks’ AI Analyst, TSE:PYR is a Neutral.
The overall stock score is primarily impacted by poor financial performance, characterized by declining revenues, significant losses, and a highly leveraged balance sheet. Technical analysis indicates a bearish trend, and valuation metrics are unattractive due to ongoing losses. While the earnings call highlighted some positive developments, they are insufficient to offset the broader financial challenges.
To see Spark’s full report on TSE:PYR stock, click here.
More about PyroGenesis Canada
PyroGenesis Inc. is a leader in ultra-high temperature processes and engineering innovation, specializing in plasma-based technology solutions for heavy industry and defense. The company provides advanced engineering solutions for energy, propulsion, destruction, process heating, emissions, and materials development challenges. Its clientele includes global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government sectors.
Average Trading Volume: 226,360
Technical Sentiment Signal: Sell
Current Market Cap: C$34.83M
For an in-depth examination of PYR stock, go to TipRanks’ Overview page.