MagneGas Corporation, a waste-to-energy company that coverts liquid waste in a hydrogen (H2) based fuel, has formed MagneGas Europe LLC, as a wholly owned subsidiary, for the purpose of executing its previously announced joint venture with a European-based privately-held partner.
Back in September, the US-based company announced it had received a preliminary purchase order for a $1.9m gasification unit. It also revealed its plans to form a joint venture, in which it will hold a 40% minority stake and will include a commitment from the European partner to purchase multiple gasification units from MagneGas in the near term.
In addition, MagneGas said it is expanding the scope of its planned joint venture to include co-combustion marketing opportunities in Western Europe, Turkey and select Eastern European markets.
Ermanno Santilli, MagneGas’s CEO, said based on the current pace of progress, the company anticipates the joint venture to launch with full funding in the first quarter of 2018.
He added, “Importantly, our joint venture partners have indicated that they wish to expand the scope of our relationship to immediately include our co-combustion technology on a non-exclusive basis.”
“Consequently, there is enormous pressure within the European Union to dramatically curtail emissions over the next three to five years which creates a favourable economic environment for our co-combustion applications. Our technology has the potential to readily address this issue at scale and become a major driver for utilisation of our technology within the energy sector in Europe. This enhanced collaboration has the potential to significantly expand the near-term addressable opportunities for the joint venture in 2018 and beyond.”