TAMPA, Florida, December 21, 2015 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), an award winning technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel, this week announced that through the identification of a specific engineered fuel, it has once again achieved significant reductions of coal flue gas with a dramatic increase in heat without a corresponding increase in carbon footprint. The Company has also filed provisional patents related to proprietary characteristics this new of MagneGas® fuel, as part of its on-going development of a co-combustion technology to substantially reduce coal emissions and improve coal burning efficiency.
MagneGas is currently working with its partner, FuturEnergy Australia and a confidential partner in Michigan, to advance the technology and obtain independent verification of significant coal emission reductions using its proprietary fuel and co-combustion technology. The Company identified this week previously unknown fuel characteristics required to achieve superior co-combustion results, in response, provisional patents covering those characteristics have been filed. In addition, internal testing continues to demonstrate a significant reduction in greenhouse gas emissions with a dramatic increase in fuel stack temperatures. The Company is working towards obtaining independent validation of these results from a leading coal technology research center that is associated with one of the nation's largest utilities. The Company anticipates this validation will be received in early 2016.
The renewable energy landscape has become much more favorable for this project with the Paris Climate Agreement reached at the 21st Conference of the Parties (COP21). This historic agreement was signed by 186 countries and is the beginning of a world wide and legally binding effort to reduce emission by embracing, funding and monitoring renewable technology's impact on carbon emissions:
What was agreed upon:
- To keep global temperatures "well below" 2.0C (3.6F) and "endeavour to limit" them even more.
- To review each country's contribution to cutting emissions every five years.
- For wealthy countries to help developing nations by providing "climate finance" to accelerate adoption of renewable energy technologies.
- To peak greenhouse gas emissions and achieve a balance between sources and sinks of greenhouse gases in the second half of this century
What does that mean for business:
- More demanding legislation and standards for carbon reduction.
- Development of new market systems to measure and monitor national goals for reducing carbon emissions, mechanisms that may also apply to large businesses operating in those countries.
- More funding for carbon reducing technologies will be applicable especially in the developing countries.
- Transparency and external verification of corporate carbon reductions.
Most experts agree that for the foreseeable future, coal, which produces upwards of 46 percent of the world's electrical power at approximately 7,000 coal fired power plants, will remain a strategically important resource for both power and jobs around the world, especially in developing and emerging economies. However, the industry has been plagued by the fact that burning coal is inefficient, produces harmful emissions and powerful greenhouse gases. While legacy technologies deal with emissions from coal fired power plants using complex and extremely costly pollution control systems, MagneGas' new Joint Venture co-combustion technology transforms the coal flue gas or smoke (that is primarily responsible for the emissions), into a fuel by igniting it using MagneGas2® at what the Company believes, will be a fraction of the cost of current technologies such as scrubbers.
Selected results from latest round of internal testing with new proprietary Co-Combustion Gas:
- Sulfur Dioxide (SOX) 20% reduction
- Nitrogen Dioxin (NOX) 30% reduction
- Carbon Monoxide was reduced 99%
- Co-Combustion temperatures were increased over 200% with no corresponding increase in CO2
"MagneGas is pleased to announce that our co-combustion verification is stronger than ever with new results, new applications and new intellectual property. As I shared during our last quarterly conference call the co-combustion team, made up of experts from MagneGas, FuturEnergy and a confidential partner, identified the optimal gas composition necessary for co-combustion. In addition we have identified another coal co-combustion application which may be economically viable both of which are very significant events in their own right. Using this new fuel, we were able to again see dramatic reductions in many pollutants each with strong value in the energy market and were able to more than double flue gas temperatures through the combustion of coal flue gas with no increase in CO2 emission. We have put our independent power company lab on notice for final verification testing," stated Ermanno Santilli, CEO, MagneGas Corporation. "I believe the COP21 agreement is the start of a more robust market for renewable technologies such as our co-combustion solution and we look forward to continued advancements throughout 2016."
The Paris Climate Conference is officially known as the 21st Conference of the Parties (or "COP") to the United Nations Framework Convention on Climate Change (UNFCCC), the United Nations body which is responsible for climate and based in Bonn, Germany. The Conference will also serve as the 11th Meeting of the Parties to the Kyoto Protocol.
The COP meets each year to take decisions that further the implementation of the Convention and to combat climate change. COP21 will take place at the same time as CMP11, the 11th meeting of the Parties to the Kyoto Protocol, which oversees the implementation of the Kyoto Protocol and the decisions made to increase its effectiveness.
About MagneGas Corporation
MagneGas® Corporation (MNGA). The Company owns a patented process that converts various liquid wastes into hydrogen based fuels. These fuels can be used as a replacement to natural gas or for metal cutting. The Company's testing has shown the fuels are faster, cleaner and more productive than other alternatives on the market. They are also cost effective and safe to use with little changeover costs. The Company currently sells MagneGas® into the metal working market as a replacement to acetylene.
The MagneGas fuel production systems can be set-up locally using various types of feedstock. The Company believes this flexibility can give them an advantage in the Government/Military marketplace as fuels can be manufactured on site from raw materials found locally worldwide and eliminates the time and expense of shipping to the specific military theater. The Company is planning to establish joint ventures with third parties to construct these supply facilities worldwide.
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
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This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The Company is currently using virgin vegetable oil to produce fuel while it configures its systems to properly process waste within local regulatory requirements.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
SOURCE MagneGas Corporation