Shares of MagneGas’ (NASDAQ: MNGA) are up more than 26% mid-day after the company said it has transitioned to a new renewable feedstock that results in roughly a 60% increase in fuel output per minute while yielding approximately a 49% reduction in fuel production cost. MagneGas has a patent pending for the usage of this new feedstock in its gasification systems, which it expects will be granted. “We believe that this is significant for our company because it makes the sale of our gasification equipment more attractive to potential buyers both domestically and abroad and allows for increased market penetration of MagneGas2®. In addition, the lower fuel cost has the potential to impact our gross margins by reducing our direct cost. I believe this is one of the most significant events that the company has had this year and that we can expect further increases in production rates and cost reductions in the coming months,” CEO Ermanno Santilli stated in the news release.
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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, please visit the company’s website at www.MagneGas.com.
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