PALM BEACH, Florida, January 5, 2017 /PRNewswire/ --
As the global demand for alternative and renewable fuels rises due to increasing traditional resource costs & an increasingly environmentally conscious economy, leaders within the alternative gas industry aim to capitalize through sales and market expansion. The industry is poised to receive a significant boost both from the private and public sectors as the demand for renewable gases and more efficient energies increases. The alternative/major chemical companies in focus today with current and recent developments include: MagneGas Corporation (NASDAQ: MNGA), The Chemours Company (NYSE: CC), Air Products and Chemicals, Inc. (NYSE: APD), Gevo, Inc. (NASDAQ: GEVO), Platform Specialty Products Corporation (NYSE: PAH)
MagneGas Corporation (NASDAQ: MNGA) Signs Definitive Agreements for $2.65 Million Equipment Sale to German Company Representing the Largest Single Sale in Company History - MagneGas, a leading technology Company that counts among its inventions a patented process that converts renewable and waste liquids into MagneGas2® fuel, announced today that it has entered into its largest equipment sale to date with the signature of definitive agreements ("Agreements") to manufacture and deliver certain equipment and supplies to a company based in Germany. MagneGas will receive $2.65 million for its proprietary Gasification and Sterilization systems and will supply MagnesGas2® fuel and cylinders. Read this and more news for MNGA at: http://marketnewsupdates.com/news/mnga.html
Under the terms of the Agreements, MagneGas will manufacture and deliver: 1) A 300KW stationary Gasification system; 2) A 100KW mobile Sterilization system; 3) 250 cylinders full of MagneGas2®; and 4) 50 MagneGas regulators. A deposit of $25,000 has been received, with progress payments totaling $2.625 million to be paid over the course of the manufacturing and delivery of the various systems. The first payment of $1.35 million is due in 90 days with progress payments due thereafter with set construction and delivery milestones. In addition, the German company has indicated an interest in negotiating to purchase several additional systems for multiple markets.
The German company has indicated they will initially utilize the Gasification system to produce MagneGas2® fuel to sell into the German market with the potential of other markets coming online soon after. The Sterilization system is expected be used for demonstrations and small service contracts with the goal of entering the agriculture and municipal wastewater treatment markets in Germany.
Ermanno Santilli, CEO of MagneGas Corporation stated: "We are thrilled that our original LOI progressed so quickly to definitive agreements. We believe MagneGas2® fits very well into the European markets that have been moving towards clean and renewable fuel alternatives. This is the largest sale in the history of MagneGas and our first sale in Europe. We are looking forward to 2017 and believe this is a great start."
In other Major Chemical companies developments:
The Chemours Company (NYSE: CC) closed up on Wednesday at $22.21 trading over 34.7 Million shares by the market close. The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America.
Air Products and Chemicals, Inc. (NYSE: APD) closed up on Wednesday $144.65 trading over 2 Million Shares by the market close. Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, electronics and performance materials, equipment, and services worldwide.
Gevo, Inc. (NASDAQ: GEVO) closed up over 13% on Wednesday trading over 9.8 Million shares by the market close. GEVO announced last week that it will effect a 1-for-20 reverse stock split previously approved by the Company's stockholders at a special meeting held on December 14, 2016. The 1-for-20 reverse stock split will be effective as of the close of business on January 5, 2017 and the Company's common stock will begin trading on a split-adjusted basis on Friday, January 6, 2017.
Platform Specialty Products Corporation (NYSE: PAH) closed up on Wednesday at $10.16 trading over 4 Million shares by the market close. Platform Specialty Products produces and sells specialty chemical products in the Americas, the Asia-Pacific, and Europe. It operates through two segments, Performance Solutions and Agricultural Solutions.
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