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Why MagneGas Corporation MNGA Is Soaring on Thursday

Keris Alison Lahiff

03/20/14 - 10:36 AM EDT
NEW YORK (TheStreet) -- MagneGas Corporation(MNGA) is soaring on Thursday on the announcement it has been awarded contracts in four demolition projects.
By midmorning, shares had added 17.6% to $1.47.

The hydrogen-based fuel developer said it would provide MagneGas fuel for torch cutting in the four projects, which include the demolition of a Washington, D.C. bridge, automobile manufacturing facilities in Ohio and Michigan and a power plant in New York.

The projects were sourced through existing distributors Blue Water Industrial of Michigan and AWISCO Corp of New York.

"We are very pleased to be the preferred fuel for cutting on these demolition jobs," said EVP of sales Terry Vernille in a statement. "With the help of two major distributors, Blue Water Industrial and AWISCO Corp, we have the capability of providing our fuel for these key projects. As word continues spreading in the demolition industry about our superior cutting fuel we expect an increased demand around the country."