MagneGas Corporation, the clean technology company in the renewable resources and environmental solutions industries, has experienced record industrial gas and welding supplies sales of $1.0m for the fourth quarter of 2017.
Preliminary industrial gas and welding supplies for the full year 2017 were also a record for the company at $3.7m, which represents a 32.3% increase in year-over-year sales.
With the recent strong revenue growth, management also announced a significant expansion plan in the first quarter of 2018. First, the company has expanded its sales efforts into Pasco County to the north of existing sales operations. Second, the company has expanded sales efforts into the Orlando market, which is one of the largest industrial gas markets in Florida.
Ermanno Santilli, CEO of MagneGas, commented, “We are very pleased with the rapid growth we achieved in our industrial gas and welding supply business in 2017 which is once again significantly higher than the industry average.” He continued, ”We experienced excellent market penetration in our new locations in Sarasota and Lakeland in 2017. We added many new clients, and we continue to benefit from strong referral business for our MagneGas2® product. With our strong success, we have been generating increasing opportunities to sell into Pasco County, as well as the Orlando market. With the recent additions to our sales team, we have expanded our geographic reach, more than doubling the addressable market within our covered sales territories, in January of 2018 alone. With this expansion, we have established an aggressive sales growth plan for Florida, which we want to replicate as we execute on acquisition opportunities in California and Texas in Q1 2018.”
“The sales results from ESSI were a meaningful win for MagneGas in 2017,” commented Scott Mahoney, CFO of MagneGas. “We made a clear decision early in 2017 to emphasise commercial growth of our existing products, namely MagneGas2. We have a game-changing technology in an otherwise commoditised industry, and we have the opportunity to be a much larger player in the global metal cutting fuel space. By rapidly expanding in Florida, we are demonstrating that hundreds of customers have adopted MagneGas2, and we want to capitalise on this momentum across Florida, and into new markets as well. Our recent acquisition in San Diego is the first step in our expansion into California, which represents the six largest economy in the world. We believe we have a compelling opportunity to drive revenue growth in 2018, leveraging our proven model for success through both acquisitions and strong organic growth.”