MagneGas, the clean technology company, has sold an additional gasification unit for $1.58m.
The gasification unit will be placed in either the Nordics region for retail gas distribution or in a large steel mill in continental Europe to produce MagneGas 2® for exclusive use on-site. This order is an acceleration of the previously announced European consulting agreement.
As a result of the newly formed consulting agreement with MagneGas, the European marketing partner has been able to accelerate certain business development opportunities in Europe beyond the immediate German market.
Ermanno Santilli, CEO of MagneGas, stated, “This is an encouraging development for the company and is part of the pipeline of unit placements we expect to deploy in the coming months and years in Europe.” He continued, “Both opportunities are excellent and play into the strength of our propriety technology. Our partners and their blue-chip consultant’s due diligence demonstrated a strong demand for MagneGas2 to replace acetylene due to its safer overall characteristics, its renewability and its improved performance.”
MagneGas CFO Scott Mahoney said, “We were impressed by the quality of the opportunity pipeline that our distributor in Europe has developed in a relatively short period of time and this latest opportunity demonstrates continued success in penetrating a customer base which is ready for a replacement product to legacy acetylene.” He continued, “According to due diligence and discussions with our consulting partners, there is strong and immediate end market demand for our MagneGas2 core product in Europe. These innovative potential customers are attracted by the renewability of MagneGas2 and the desire to introduce a completely new operational opportunity to reduce their environmental impact while obtaining a more efficient and safer product.”