MagneGas Applied Technology Solutions, Inc. and its European partner Infinite Fuels, GmbH, have been awarded a €6m ($7m) European Commission grant.

The grant was awarded by the European Commission’s Executive Agency for Small and Medium-sized Enterprises (EASME), as part of their LIFE programme, a funding instrument that recognizes and supports environmental and climate preservation.

The grant application was initially made by Infinite Fuels, a Germany-based biofuels company, through an Eco-Innovation funding initiative within the Energy, Environment, and Resources Department of EASME as part of the LIFE Programme.

Florida-based MagneGas, a clean technology company in the renewable resources and environmental solutions industries, first announced it would be the recipient the LIFE grant in March 2018.

“This grant is a promising example of how we are working to unlock cost-effective methods of developing our technology,” said Scott Mahoney, Chief Financial Officer of MagneGas.

“Financially, we see the $1m consulting fee to be earned by MagneGas to provide technical, research and operational expertise from our existing research and development team as a powerful way to offset startup costs related to our European market expansion.

“Completing this process was optimally-timed as we are quickly completing two additional grants for our waste-to-energy and sterilization applications this year.

“The grant writing process was extremely well managed by our advisors at Ernst & Young, and is encouraging as we seek out similar non-dilutive grant opportunities for our sterilization technology in Europe.

“Lastly, this project is expected to provide a steady source of scalable revenues to MagneGas as we expand our relationship with Infinite Fuels in Germany.”

MagneGas owns a patented process that converts various renewables and liquid wastes into MagneGas® fuels. These fuels can be used as an alternative to natural gas or for metal cutting.

“This grant is a promising example of how we are working to unlock cost-effective methods of developing our technology,” said Scott Mahoney, Chief Financial Officer of MagneGas.

“Financially, we see the $1m consulting fee to be earned by MagneGas to provide technical, research and operational expertise from our existing research and development team as a powerful way to offset startup costs related to our European market expansion.

“Completing this process was optimally-timed as we are quickly completing two additional grants for our waste-to-energy and sterilization applications this year.”

The Hamburg University of Applied Sciences (HAW Hamburg) is the research and academic partner named on the grant. It is a strategic partner in Hamburg’s renewable energy cluster with teaching and research in wind energy, smart grid technology, solar power and biomass fuels.