Seatrader Inside News
PyroGenesis seeks London float
20th June 2006
PyroGenesis, a manufacturer of plasma waste treatment systems, said it will seek a listing on the London Stock Exchange’s Alternative Investment Market (AIM) next month.
The Montreal-based company won an exclusive development contract for plasma waste treatment systems with the U.S. Navy in 1999 and its first cruise system has been operating on Carnival Cruise Lines’ Fantasy since 2003.
UK media reports said PyroGenesis will be valued at around £45m on the AIM.
After developing and testing with the U.S. Navy and Carnival, “we now look forward to stepping up our production and marketing activities to highlight the benefits of plasma to help promote it as an accepted mainstream waste treatment solution”, said Peter Pascali, PyroGenesis chief executive.
Funds raised will be used to finance contract performance guarantees, purchase the company’s 6,000-square-meter Montreal site, extend the current product line and expand working capital. PyroGenesis also aims to set up a UK sales office to serve the UK, continental Europe and Asia.
The company is being advised by brokers Williams de Broe in Leeds.
PryoGenesis manufactures two systems that use super-hot plasma to convert solid waste into energy and non-hazardous gases. The Plasma Arc Waste Destruction System (PAWDS) treats combustible waste on ships, while a separate system treats land-based waste streams.
PryoGenesis said its modular PAWDS can be retrofitted on cruise ships without removing them from service and in under three weeks. In October 2003, the company installed a five tons per day system on Carnival’s Fantasy.
Cost of the system ranges from £750,000 to £2m depending on capacity and whether energy recovery is chosen as an option.
© Copyright 2006 Seatrade Communications Limited. Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade Communications Limited.