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.
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