TAMPA, Fla., Jan. 8, 2014 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), the developer of a technology that converts liquid waste into hydrogen-based fuels, announces that its Italian Distributor, "Nuova MagneGas Italia" has signed a contract with the Italian National Alternative Energy Laboratory to perform various tests on MagneGas fuels.
ENEA (http://old.enea.it/com/ingl/) the Italian National Agency for New Technologies, Energy and Sustainable Economic Development, recently signed a contract with Nuova MagneGas Italia to perform testing of the gasification of various feedstocks and certification of internal combustion engine operation. These tests will initiate in February of 2014 and are expected to take 180 days to complete. Any MagneGas equipment sales in Europe will be sourced from MagneGas Corp in the United States.
"ENEA is seen as one of the leading alternative energy and economic development agencies in Europe with over 500 engineers dedicated to energy and other fields. This development contract will accelerate the validation and acceptance of MagneGas™ fuel at a national and European level," commented Giovanni Cocchiaro, CEO of MagneGas Italy, Nuova MagneGas Italia.
"ENEA's United States equivalent would be the National Renewable Energy Laboratory of the Department of Energy so this is a significant development for the validation of the MagneGas technology in Europe and worldwide. Therefore, the entire MagneGas family is very pleased to have entered into a development contract with ENEA which will be able to validate several applications for Italy and Europe as a whole. Any equipment sales from Europe will be sourced from the United States, which would have a direct impact on MagneGas," stated Ermanno Santilli CEO of MagneGas Corp.
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is the producer of MagneGas, a natural gas alternative and metal working fuel that can be made from certain industrial, municipal, agricultural and military liquid wastes following the receipt of appropriate governmental permits.
The Company's patented Plasma Arc Flow process gasifies liquid waste, creating a clean burning hydrogen based fuel that is essentially interchangeable with natural gas. MagneGas can be used for metal working, cooking, heating, powering bi fuel automobiles and more. For more information on MagneGas, please visit the Company's website at www.MagneGas.com.
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 new ethylene glycol to produce fuel until proper permits to process used liquid waste have been obtained.
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