Dallas, Texas 05/12/2014 (FINANCIALSTRENDS) –MagneGas Corporation (NASDAQ:MNGA) is Florida based, an alternative energy company which offers hydrogen based alternative fuel in the U.S. as well as internationally. The company also sells and licenses its proprietary technology “Plasma Arc” for processing the liquid waste into a hydrogen fuel. The company recently announced an expansion of its capability to sell MagneGas into California through Placer Power LLC. As per the terms agreed upon, Placer Power will sell MagneGas into Californian market, primarily in the fabrication and metal cutting markets. Based on performance requirements and sales volume, this agreement also allows for opportunities to expand into other markets.
Executive Comment:
Executive Vice President – Sales at MagneGas Corporation (NASDAQ:MNGA), Terry Vernille expressed, “We at MagneGas are very excited to have a partner on the West Coast which has been an area of particular interest for us. California in particular with its enhanced environmental regulations and higher cost of industrial gases is ideally suited for MagneGas® fuel.”
President of Placer Power LLC, Chris Du Pont mentioned that advantages of MagneGas are expected to result in rapid adoption rate in California while mentioning that personally he was very impressed with the technology given its advantages of compact design, safety, lower emissions and cutting speed.
About Placer Power:
California based Placer Power LLC is formed to be a re-seller of MagneGas Corporation (NASDAQ:MNGA)’s MagneGas as well as related hard goods. The company aims to be a product resource for distributors as well as information and training resource for welding and metal cutting companies.
Stock Update:
MagneGas Corporation’s stock closed at $1.34, gaining 10.74% from its previous close. The stock traded with considerably lower volume of 1.29 million shares against 30 day average volume of 1.87 million shares. The stock has gained over 200% year to date. Its 52 week range is of $0.40 and $2.45.
