PyroGenesis Gets $2.5M Milestone Payment From Tata Steel

PyroGenesis Canada Inc PYR subsidiary, Pyro Green-Gas, has received ~$2.5 million under an existing $9.3 million contract with Tata Steel. The company expects to receive the balance of ~$3 million within the next nine months.
Under the contract, Pyro Green-Gas has the mandate to supply a coke oven gas purification and hydrogen production processes that, if successful, will purify coke oven gas and extract hydrogen of high purity (99.999%) and value.
Additionally, Pyro Green-Gas has also signed a contract with Tata Steel for $0.267 million to provide additional engineering improvements to the dry coke oven gas desulfurization and hydrogen production process already under contract.
Separately, PyroGenesis stated it has recently granted its CFO Andre Mainella stock options to acquire 100,000 common shares with an exercise price of $5.04 per common share exercisable over five years.
Price Action: PYR shares closed lower by 0.99% at $3.99 on Monday.