Featured Company News – MagneGas Declares Sale of Additional Gasification Unit Worth $1.58 Million for the European Market

LONDON, UK / ACCESSWIRE / October 19, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for MagneGas Corp. (NASDAQ: MNGA), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MNGA. MagneGas, which is a leading clean technology Company in the renewable resources and environmental solutions industries, reported on October 17, 2017, the sale of an additional gasification unit for $1.58 million. Presently, the Company is considering two viable options for this gasification unit. It will either be placed in the Nordics region for retail gas distribution or in a large steel mill in continental Europe to produce MagneGas2®. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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European Consulting Agreement Opens New Opportunities in Europe

On October 11, 2017, MagneGas shared that it has been engaged by its European partner to provide consulting services focused on identifying and validating additional applications of the MagneGas technology in Europe.

The initial value of the contract has been fixed at $500,000 although there is an option to increase the scope to $1 million. Moreover, the agreement offers MagneGas access to testing facilities, which are already approved for a range of waste streams, to assess the economic value and technical feasibility of new gasification and sterilization solutions in Europe.

This above-mentioned gasification unit order is mostly an extension of this European consulting agreement. This is believed to one of the many such transactions that are going to take place in the future. Due to the recently formed consulting agreement with MagneGas, the European marketing partner has been able to enhance its business development opportunities in Europe beyond the immediate German market.

MagneGas, a Replacement for Legacy Acetylene

MagneGas owns a patented process, which transforms Renewables and liquid wastes into MagneGas fuels. These fuels are then used as an alternative to natural gas or for metal cutting. The metal cutting fuel, MagneGas2® has proved to be faster, cleaner as well as more productive than other alternatives in the market. Besides, it is also more cost-effective and safe to use, as it is associated with lesser change over costs. Presently, MagneGas sells MagneGas2® in the metalworking market as a replacement to acetylene. In fact, the Company is also developing a range of ancillary uses for MagneGas fuels leveraging its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications.

As of now, MagneGas distributes MagneGas2® through independent Distributors in the US and through its wholly owned distributor, Equipment Sales and Services Inc. (ESSI). ESSI has four locations in Florida that distribute MagneGas2®, industrial gases as well as welding supplies.

Increasing Demand for MagneGas in Europe

Scott Mahoney, CFO at MagneGas, expressed that he is thrilled with the opportunities that the European distributor has developed in a relatively short period of time. He mentioned that this recent opportunity validates MagneGas’ continued success in penetrating a customer base, which is prepared for replacing the legacy product acetylene. He stated that the European consulting partners’ due diligence and discussions demonstrate that there is strong as well as immediate end-market demand for the core product MagneGas2® in Europe.

This increasing willingness to adopt MagnesGas2® is driven by renewability of MagneGas2® as well as potential customers’ desire to initiate a new operational opportunity to reduce environmental impact along with getting a more efficient and safer product.

Ermanno Santilli, CEO of MagneGas, also holds similar views about this development. He stated that this project is just a part of the pipeline of unit placements that the Company expects to deploy in Europe in the coming time. The new unit would either be placed in the Nordics region to produce MagneGas2® from Butanol or it will be placed in continental Europe at a large steel mill to generate MagneGas2® for exclusive use on-site. Santilli anticipates that eventually, both these locations would become near-term hubs for gas production beyond the primary German operations. Both of these are excellent opportunities that leverage the strength of MNGA’s propriety technology.

He also shared that there has been a robust demand for MagneGas2® to replace acetylene because of their European partners and their blue-chip consultants’ due diligence. Customers prefer it due to its safer overall characteristics, its renewability as well as its improved performance.

Last Close Stock Review

On Wednesday, October 18, 2017, MagneGas’ stock closed the trading session at $0.43, dropping 2.11% from its previous closing price of $0.44. A total volume of 703.48 thousand shares were exchanged during the session, which was above the 3-month average volume of 682.78 thousand shares. The stock currently has a market cap of $5.45 million.

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