Apr 1 2014
MagneGas Corporation, ("MagneGas" or the "Company"), a leading technology company that counts among its inventions a technology that converts liquid waste into a hydrogen-based fuel, today announced it signed an expanded joint venture agreement with technology partner Future Energy Pty Ltd of Australia.
Under the terms of the agreement, both parties will own 50% of a new Company formed for the purpose of developing, licensing and commercializing new intellectual property for co-combustion of MagneGas fuels with hydrocarbon fuels to reduce emissions and increase energy. This agreement includes and extends beyond the existing partnership of coal co-combustion to include other current and future developments such as the combustion of MagneGas with diesel, heavy oil, aviation fuels, and liquid petroleum gas.
"We believe there are several significant new energy applications by combining MagneGas with existing fuels each with the possibility of reducing emissions and improving combustion efficiency thereby extracting more energy. We are pleased to have expanded our relationship with MagneGas to pursue these confidential opportunities," commented David Johnston and Lindsay Pukallus, partners of FutureEnergy.
"Future Energy and MagneGas have identified and are already working on several new energy opportunities which leverage the unique properties of MagneGas fuel and the combustion expertise of FutureEnergy. We at MagneGas are pleased to extend our successful relationship and will reveal these new opportunities as they approach certification stage," stated CEO Ermanno Santilli.
Media interested in learning more and speaking with MagneGas officials either on site or by phone can contact Shelby Malvestuto at 727-934-3448 and [email protected].
About FutureEnergy Pty Ltd
Founded in 2011, the Australian partnership was formed to leverage over 20 years of gas industry and combustion centric experience of the partners. FutureEnergy has been performing practical and well documented combustion trials with MagneGas and several other hydrocarbon fuels independently and at the request of MagneGas and potential customers.
About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is the producer of MagneGas, a natural gas alternative and metal working fuel that can be made from certain industrial, municipal, agricultural and military liquid wastes following the receipt of appropriate governmental permits.
The Company's patented Plasma Arc Flow process gasifies liquid waste, creating a clean burning hydrogen based fuel that is essentially interchangeable with natural gas. MagneGas can be used for metal working, cooking, heating, powering bi-fuel automobiles and more. For more information on MagneGas, please visit the Company's website at www.MagneGas.com.
Source: http://www.magnegas.com/