TAMPA, FL--(Marketwired - October 11, 2017) - MagneGas Corporation ("MagneGas" or the "Company") (MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, announced today that the Company 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 is approximately $500,000, with an option to increase the scope of the contract to $1 million. The agreement also provides MagneGas access to testing facilities, which are already approved for a range of waste streams, to determine the economic value and technical feasibility of new gasification and sterilization solutions in Europe.
"We have been working closely with our European partners and have identified numerous opportunities for our proprietary gasification and sterilization technologies across Europe," commented MagneGas CEO Ermanno Santilli. "We will be providing our European partner with technical and engineering support, as well as helping them with marketing and business development. We will play a major role as they present our technology to prospective government, commercial and financial partners. The European market is particularly receptive to both the environmental and economic advantages of our technology. Importantly, our partners have existing facilities we can utilize for testing both solid and liquid waste streams."
"This contract offers a mutually beneficial arrangement for our two organizations that will help accelerate commercialization across Europe," commented MagneGas CFO Scott Mahoney. "There is significant pent up demand in Europe, due to the regulatory environment and other factors, which represents an immediate and sizable market opportunity for MagneGas."
About MagneGas Corporation
MagneGas® Corporation (MNGA) owns a patented process that converts various renewables and liquid wastes into MagneGas fuels. These fuels can be used as an alternative to natural gas or for metal cutting. The Company's testing has shown that its metal cutting fuel "MagneGas2®" is faster, cleaner and more productive than other alternatives on the market. It is also cost effective and safe to use with little changeover costs. The Company currently sells MagneGas2® into the metal working market as a replacement to acetylene.
The Company also sells equipment for the sterilization of bio-contaminated liquid waste for various industrial and agricultural markets. In addition, the Company is developing a variety of ancillary uses for MagneGas® fuels utilizing its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications. For more information on MagneGas®, please visit the Company's website at http://www.MagneGas.com.