MagneGas Corporation (NASDAQ:MNGA)
MagneGas Corporation (NASDAQ:MNGA) gained 0.11% after announcing the completion of a design process, to prototype a revolutionary gasification system with multi-fuel capability. The new system will reportedly put the company ahead of other gasification technologies.
4th Generation Gasification System
The new system is designed to enable the gasification of any liquid or powderized material at higher rates of efficiency than other systems in the market. MagneGas Corporation (NASDAQ:MNGA) is projecting up to 75% reduction in power consumption with the new system which should lead to an increased production rate of over 500% at 300Kw of power.
MagneGas Corporation (NASDAQ:MNGA)’s 4th generation gasification system will reduce total production cost by at least 50%, making MagneGas2 more cost effective than acetylene. Its pricing should also give it a competitive edge in the market, allowing it to gain a significant amount of market share in the global cutting fuel market.
“This new technology is four years in the making, and our engineering team has worked diligently to design a multi-feedstock system. This new system should significantly reduce the cost of MagneGas2® production. It also has the potential to open lucrative markets in the gasification of solids and solid wastes such as coal and plastics,” said CEO Ermanno Santilli.
According to the Chief Executive Officer, the expected reduction in production costs should allow the company to penetrate the acetylene market at scale. The executive also expects the new system to unlock massive global market for cutting fuels.
The unveiling of the new gasification system comes at a time when MagneGas Corporation (NASDAQ:MNGA) has been consulted by its European Partner to provide consulting services focused on identifying applications of MagneGas technology in Europe. The initial value of the contract is $500,000 but could increase to $1 million.
Social Stock Exchange Ratification
In addition, MagneGas Corporation (NASDAQ:MNGA) has been approved as a member of the Social Stock Exchange. The ratification will provide the company with access to Europe’s only regulated exchange, dedicate to businesses and investors seeking to achieve positive social and environmental impact.
“The Social Stock Exchange is a very exclusive platform that grants us access to additional European investors that are focused on impact funding and alternative green technologies. This is a perfect fit for us as we continue to accelerate our business opportunities in Europe,” said CFO Scott Mahoney.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.