MagneGas and European Partners Jointly Closes $7.0 Million Grant
October 09 2018 - 8:00AM
Project Will Begin Immediate Payment on
$1.0 Million Consulting Agreement Due to MagneGas
MagneGas Applied Technology Solutions, Inc.
("MagneGas" or the "Company") (NASDAQ: MNGA), a
leading clean technology company in the renewable resources and
environmental solutions industries, announced today the successful
closing of a €6.0 million ($7.0 million USD) European Commission
grant together with its partner Infinite Fuels, GmbH, an emerging
biofuels company based in northern Germany. The grant was awarded
by the European Commission’s Executive Agency for Small and
Medium-sized Enterprises (EASME), as part of their LIFE programme,
a funding instrument that recognizes and supports environmental and
climate preservation. The grant application was initially
made by Infinite Fuels through an Eco-Innovation funding initiative
within the Energy, Environment, and Resources Department of EASME
as part of the LIFE Programme. MagneGas first announced it
would be the recipient the LIFE grant in March 2018. Additional
information regarding the LIFE Programme can be accessed through
the link below:
https://ec.europa.eu/easme/en/life-programme
In addition to the roles played by MagneGas and
Infinite Fuels, the Hamburg University of Applied Sciences (HAW
Hamburg), a prestigious institute that focuses on innovative and
applied research for sustainable solutions often in close
cooperation with industry, is the research and academic partner
named on the grant. HAW Hamburg, one of the leading engineering and
applied science institutions in Germany today, is a strategic
partner in Hamburg’s renewable energy cluster with teaching
and research in wind energy, smart grid technology, solar power and
biomass fuels. More information on HAW Hamburg can be found
through the link below:
https://www.haw-hamburg.de/english.html
“Completion of this grant, not only through
receiving the funding in hand but also the associate impact of the
grant’s credibility and support of our mission, is a major
milestone for us as we introduce and build commercial opportunities
for MagneGas in Europe,” commented Ermanno Santilli, Chief
Executive Officer of MagneGas. “First, this demonstrates the
viability of gaining access to large European government-backed
grants and funding for alternative energy projects and clean
technology solutions similar to our technology.”
Santilli continued, “The grant writing process
was extremely well managed by our advisors at Ernst & Young,
and is encouraging as we seek out similar non-dilutive grant
opportunities for our sterilization technology in Europe.
Lastly, this project is expected to provide a steady source
of scalable revenues to MagneGas as we expand our relationship with
Infinite Fuels in Germany.”
“This grant is a promising example of how we are
working to unlock cost-effective methods of developing our
technology,” commented Scott Mahoney, Chief Financial Officer of
MagneGas. “Financially, we see the $1,000,000 consulting fee to be
earned by MagneGas to provide technical, research and operational
expertise from our existing research and development team as a
powerful way to offset startup costs related to our European market
expansion. Completing this process was optimally-timed as we
are quickly completing two additional grants for our
waste-to-energy and sterilization applications this year.”
About MagneGas Applied Technology
Solutions, Inc.
MagneGas Applied Technology Solutions, Inc.
(MNGA) owns a patented process that converts various renewables and
liquid wastes into MagneGas® fuels. These fuels can be used as an
alternative to natural gas or for metal cutting. The Company's
testing has shown that its metal cutting fuel “MagneGas2®” is
faster, cleaner and more productive than other alternatives on the
market. It is also cost effective and safe to use with little
changeover costs. The Company currently sells MagneGas2® into
the metal working market as a replacement to acetylene.
The Company also sells equipment for the
sterilization of bio-contaminated liquid waste for various
industrial and agricultural markets. In addition, the Company is
developing a variety of ancillary uses for MagneGas® fuels
utilizing its high flame temperature for co-combustion of
hydrocarbon fuels and other advanced applications. For more
information on MagneGas, please visit the Company's website at
http://www.MagneGas.com.
The Company distributes MagneGas2® through
Independent Distributors in the U.S and through its wholly owned
distributors, ESSI, Green Arc Supply, Trico Welding Supply and
Complete Welding of San Diego. ESSI has 3 locations in Florida,
Green Arc 2 locations in Texas and one location in Louisiana, Trico
has two locations in northern California, and Complete Welding has
one location in southern California. For more information on
ESSI, please visit the company’s website at
http://www.weldingsupplytampa.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking
statements as defined within Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These statements relate to future events,
including our ability to raise capital, or to our future financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to our operations, results
of operations, growth strategy and liquidity. We assume no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
For a discussion of these risks and
uncertainties, please see our filings with the Securities and
Exchange Commission. Our public filings with the SEC are available
from commercial document retrieval services and at the website
maintained by the SEC at http://www.sec.gov.
Investor Contacts:Tirth PatelEdison AdvisorsT:
646-653-7035tpatel@edisongroup.com
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