CORAL SPRINGS, Florida, July 20, 2016 /PRNewswire/ --
According to Global Market Insights, waste to energy market size should top $33Billion by 2023. Strong focus by regional governments to adopt municipal solid waste (MSW) disposable techniques and treatments should drive global waste to energy market growth. Alternative thermal technologies, pyrolysis, gasification and plasma arc gasification, are relatively new process for waste to energy applications and have limited installations globally while rapidly growing in popularity.
MagneGas Corporation (NASDAQ: MNGA) 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 met a benchmark in its agreement (the "Gasifier Agreement") with Green Arc Supply, LLC ("Green Arc") to manufacture and sell a $775,000 100kw Plasma-Arc Gasification system (the "System") to Green Arc.
Read the full MagneGas (MNGA) Press Release at: http://financialnewsmedia.com/profiles/mnga.html
Pursuant to the terms of the Gasifier Agreement, the Company originally received payments totaling $392,500 at the signing of the Gasifier Agreement in November of 2015, and was due to receive $191,250 upon 75% construction completion of the System. The Company met this 75% benchmark in early June 2016, ahead of schedule. The balance of the $775,000 is due and payable upon completion of construction of the System. Per the terms of the Gasifier Agreement, payment will be received after training and factory acceptance. After payment, the Company will ship the unit to Green Arc. Payment and shipment are expected to occur in the third quarter of 2016. Revenue will be recognized at time of shipment.
As stated in the prior press release, under the terms of the Gasifier Agreement, the Company agreed to manufacture and sell to Green Arc, a 100kw Plasma-Arc Gasification System to allow Green Arc to distribute MagneGas2® fuel for the metal cutting market as a replacement to acetylene. Green Arc received exclusive distribution rights for certain regions of Louisiana and Texas with non-exclusive distribution rights in remaining regions of Louisiana and Texas and all of Arkansas, Mississippi and Oklahoma. Green Arc has the right to expand their exclusivity in those states with the purchase of additional systems. Green Arc has informed the Company that they may purchase several additional systems.
In other Basic Materials news and development in the markets: Air Products (NYSE: APD), a world-leading industrial gases company, announced it will build a new plant and associated infrastructure in the Pukou Economic Development Zone (PKEDZ), Nanjing, eastern China, to supply ultra-high purity gases to its customers in the park. The PKEDZ is a state-level high-tech park that will be home to advanced manufacturing sectors including integrated circuit (IC), new materials and bio-medicine. Both located in the Jiangbei New Area, the PKEDZ is only 35 kilometers away from the Nanjing Chemical Industry Park (NCIP), where Air Products has already built a leading position serving several hundred customers in the park and across Nanjing through pipelines and various supply modes.
Gevo, Inc. (NASDAQ: GEVO), announced recently that it has entered into an agreement with Musket Corporation to supply isobutanol for blending with gasoline. Musket is a national fuel distributor under the umbrella of the Love's Family of Companies. Initial target markets are expected to include the marine and off-road markets in Arizona, Nevada, and Utah.
Praxair, Inc. (NYSE: PX) announced recently that it has signed a long-term agreement for the purchase of liquid helium from Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG), a leader in the Polish natural gas market, as well as the only producer of helium in Central Europe. PGNiG owns and operates a helium production facility located in Poland that extracts and refines helium from gas produced by its domestic natural gas fields. The company has been consistently producing helium from this plant for supply to the global market since the late 1970's.
The Dow Chemical Company (NYSE: DOW) recently announced that MEGlobal, a wholly-owned subsidiary of EQUATE Petrochemical Company, has undertaken a competitive evaluation process and has selected Dow METEOR™ Ethylene Oxide/Ethylene Glycol (EO/EG) Process Technology and METEOR™ EO-RETRO Catalyst to construct its monoethylene glycol (MEG) production facility on the U.S. Gulf Coast - its first manufacturing unit in the U.S.
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