MagneGas (OTCBB: MNGA) is a producer of an alternative metal working fuel as well as a natural gas alternative both derived from liquid waste. This fuel is made by a patented process called Plasma ArcFlow. The company is in various stages of negotiating with several companies that may purchase its Plasma ArcFlow technology to manufacture alternative fuel.
This year it signed an agreement with DDI Industry International, based in Beijing, to construct a 200kw Plasma Arc Flow(TM) refinery. DDI has already made a down payment of $950,000 towards the construction of the plant. MagneGas says it is confident that the plant will be due for completion on time and expects DDI to inspect the plant in July, making its final payment by 31 August 2010.
This year it signed an agreement with DDI Industry International, based in Beijing, to construct a 200kw Plasma Arc Flow(TM) refinery. DDI has already made a down payment of $950,000 towards the construction of the plant. MagneGas says it is confident that the plant will be due for completion on time and expects DDI to inspect the plant in July, making its final payment by 31 August 2010.
Plasma ArcFlow is the patented technology which the company uses to make its key product, called MagneGas, an alternative fuel. MagneGas is made from liquid waste such as manure, sewage, sludge and other oil based waste. MagneGas can be used for metal cutting, heating or cooking or to power dual fuel autos.
Based in Florida the company was founded in 2005. Yet to turn a profit, MagneGas had revenues of $259K for the last financial year, losing $784K. The company’s shares, traded over the counter, have moved down by 60.53 per cent over the past year.
Based in Florida the company was founded in 2005. Yet to turn a profit, MagneGas had revenues of $259K for the last financial year, losing $784K. The company’s shares, traded over the counter, have moved down by 60.53 per cent over the past year.
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