TAMPA, Fla., Jan. 20, 2014 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), the developer of a technology that converts liquid waste into hydrogen-based fuels forms a subsidiary joint venture with a confidential party.
Supplemental Energy Solutions LLC, a 50-50 Joint Venture, was formed between MagneGas Corporation and a confidential partner from the United States on January 16th, 2014 to pursue coal co-combustion solutions in electric power utility companies.
On October 7, 2013, the Company signed a Memorandum of Understanding ("MOU") with a confidential U.S. partner to form a Joint Venture to pursue the use of MagneGas in the reduction of hydrocarbon emissions for the coal power industry in the United States and Canada. The first phase of the agreement includes testing of MagneGas with a major utility research center in the U.S., approved by the Environmental Protection Agency ("EPA").
Preliminary internal testing being performed on a larger combustion unit is being observed by the major utility research center and is progressing positively. The 20% Carbon Dioxide ("CO2") reduction and other emission improvements seen in Sydney, Australia and at the MagneGas headquarters in Florida are being replicated consistently. The Company believes these results may offer power companies and other industries a significant value.
"The positive internal test results and the formation of Supplemental Energy Solutions LLC are important steps in executing the verification, demonstration and ultimate marketing of the MagneGas Co-Combustion technology to coal electric power utility companies," stated Ermanno Santilli CEO of MagneGas Corporation.
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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