MagneGas® Corporation, a leading clean technology company in the renewable resources and environmental solutions industries, has announced that it has expanded its product offering to include the commercial sale of carbon dioxide (CO2) in Florida.
The company will initially add CO2 to its industrial gas line of products in the Sarasota and Fort Myers areas of Florida, with plans to expand into other retail locations in the state in the coming months. The company has identified CO2 as a complimentary product offering to its current industrial gas segment and retail infrastructure.
The company believes that the sale of CO2 will lead to other revenue opportunities in Florida through sales to new customers. MagneGas plans to initially sell CO2 in the restaurant, travel and leisure markets where there is expansive use of CO2 for beverages, including soda and CO2 enhanced alcoholic beverages.
“We believe we have near term opportunities to accelerate our revenue growth rate organically in Florida”
Scott Mahoney, Chief Financial Officer, MagneGas
Scott Mahoney, Chief Financial Officer, MagneGas, stated, “We believe we have near-term opportunities to accelerate our revenue growth rate organically in Florida. When combined with our strong sales of MagneGas2, industrial gas and welding supplies, we see the CO2 market as a logical next step in our growth plans.”
“The Florida market in particular has significant sales of CO2 due to the large restaurant, travel and leisure industry which uses CO2 for carbonated beverages. We look forward to the impact this will have on our revenue in the coming months,” Mahoney added.
gasworld Senior Business Analyst, James Barr, noted, “In 2015, in the South West region, the CO2 market was worth approximately $800m, supplied by a total installed capacity of over 13,000 tonnes per day (tpd). The vast majority of revenues were generated through sales to the food and beverage industry.”
MagneGas Corporation 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.