GE Vernova's (GEV) power conversion and storage business signed a memorandum of understanding with PyroGenesis to initiate discussions toward a multi-year collaboration, PyroGenesis said Tuesday.
The collaboration concerns the development and testing of technologies to replace fossil fuel combustion with all-electric tools in high-temperature industrial processes.
The technologies focus on aluminum, cement, and steel production, the company said.
Financial terms were not disclosed.
Under the terms of the deal, PyroGenesis will provide electric-powered plasma torch systems while GE Vernova would develop the necessary electrical infrastructure, the company said.
The collaboration includes designs of technologies for an iron ore pellet facility and an aluminum smelter casthouse, the company said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.