MNGA- Is this DUke Energy?
TAMPA, Fla., Feb. 17, 2015 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading technology company that counts among its inventions a patented process that converts liquid waste into a hydrogen-based fuel, announced today that one of the five largest electric utilities in the U.S. has approved MagneGas2® fuel to replace acetylene at their power and repair facilities. The Company has elected to keep the name of the utility confidential due to concerns over competitive interference during the product roll-out period which will occur over the next several months.
Safety and productivity are of paramount importance to this utility, one of the largest electric holding companies in the United States. The utility tested MagneGas2® for over one year and found that the cut speed was faster than acetylene and the pre-heat time was shorter, which could lead to higher productivity. In addition, the utility specified the superior safety aspects of MagneGas2® and the significantly lower environmental impact of using a fuel produced from a renewable source.
"Acetylene is known to be one of the most dangerous industrial gases available on the market today and our testing has shown that MagneGas2 is faster, safer and cleaner than acetylene and to our knowledge, is the only renewable cutting fuel available. Apart from sales directly with this large utility a myriad of subcontractors are now authorized to use MagneGas2® whilst at the utility thereby multiplying the opportunity for MagneGas," stated Ermanno Santilli, CEO MagneGas Corporation. "This is expected to become the most significant retail customer for MagneGas. This utility is among the most respected and recognized in the US and we are very pleased to be working with a company as concerned about safety, productivity and the environment as we are."
