PyroGenesis Canada Inc. (PYR) experienced an increase of 7.69% in the aftermarket. However, the last trading session closed at $2.47 with an increase of 3.35%.
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Launch of a New ZCE Hydrogen Production Process – What’s up?
On 8th December 2021, PYR announced the creation of a new zero-carbon emission hydrogen production system that is projected to compete with existing technologies in terms of producing environmentally acceptable hydrogen. Moreover, the PYR novel hydrogen production process is now undergoing testing and is projected to convert methane to hydrogen, resulting in ZCE hydrogen.
Furthermore, water electrolysis, the traditional ZCE method, is exceedingly costly, energy-intensive, and needs rare earth minerals. Global warming is exacerbated by the buildup of GHGs in the atmosphere. Lastly, 191 nations have agreed to limit GHG emissions under the Paris Agreement, and several areas, notably the European Union, have pledged to be carbon neutral by 2050.
Firstly, Steam Methane Reforming is the traditional process for producing hydrogen, and it creates greenhouse gases as a result. Water electrolysis is another method for producing hydrogen. It is a ZCE technology that has been around for a long time. Secondly, the hydrogen produced in this method is commonly referred to as Green Hydrogen, however, it is widely acknowledged to be rather expensive.
In addition, PYR’s new technique is promised to be less expensive than any existing hydrogen process while still producing ZCE hydrogen. Thirdly, Turquoise Hydrogen is the name given to the hydrogen produced by this technique. This new technology is not expected to compete with the Company’s iron ore palletization product, which replaces fossil fuel burners with plasma torches, but rather to complement current plasma torch services by giving a hydrogen option somewhere else in the production process.
PYR is a high-tech firm that specializes in the design, development, manufacturing, and marketing of innovative plasma processes and sustainable solutions that minimize greenhouse gas emissions while also being cost-effective alternatives to traditional processes. Moreover, PyroGenesis has developed exclusive, patented, and innovative plasma technology that is being evaluated and implemented by multibillion-dollar industry leaders. Lastly, PYR keeps its competitive edge by staying on the cutting edge of technological commercialization.