Consortium Includes Global Leaders in
Renewable Energy Centers of Excellence
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 submission of a €2.5 million grant
through the European Commission’s Horizon 2020 grant program.
The specific call for emerging renewable energy projects can be
found under the Horizon 2020 research themes described in the work
program for “Secure, Clean and Efficient Energy”, specifically the
call LC-SC3-RES-1-2019-2020: “Developing the next generation of
renewable energy technologies.” The Horizon 2020 program promotes
research and innovation that exhibits excellent science, industrial
leadership and tackles societal challenges.
MagneGas’ fourth-generation gasification unit
significantly improves upon the Company’s current unit in multiple
ways. The next-generation unit’s comprehensive system
reconfiguration increases the length of the plasma arc by up to
10.0x and the surface area for gasification by 5 times or more.
These increases yield significantly increased production efficiency
with production rates estimated to increase by three to five times
the current levels. Potential factors leading to increased overall
efficiency include more than 90% first-pass efficiency, elimination
of 80-85% of processing time to fully gasify feedstock, and a
reduction in labor and power consumption costs by 70-80%.
The members of the grant application consortium
consist of MagneGas via its United Kingdom subsidiary, MagneGas
Limited, as the small to medium enterprise (“SME”), and three
partners. First, the Danish Technology Institute (“DTI”) will
facilitate advanced modeling and simulation, feedstock treatment,
and gas and emissions analysis. DTI is leading for-profit
industrial research organization with 71 laboratories and more than
1,000 research representative in 65 countries. For more
information, please see the following:
https://www.dti.dk
Next, The Welding Institute (“TWI”) will
facilitate the material sciences aspects of the next-generation
gasification unit, analytical-based experimental design of the new
unit, and application testing. TWI is a globally-recognized
leader behind a wide range of government and industry-funded
research initiatives related to welding, joining, fabrication and
many other engineering applications. More
information on TWI can be found at the following link:
https://www.twi-global.com/
Lastly, the Netherlands Standardization
Institute (“NEN”) shall serve as the proposed standardization body
for the project. NEN will be responsible for developing the
applicable energy and environment standards, such as gas analysis,
control and security, solid biofuels, and environmental quality
standards for this project. The Netherlands Standardization
Institute (NEN) is a private, non-profit organization, founded in
1916 by the Netherlands Society for Industry and Trade, in
cooperation with the Royal Institute of Engineers. The NEN
bureau is an integrated organization serving both the Netherlands
Standardization Institute and the Netherlands Electrotechnical
Committee.
https://www.iso.org/member/2027.html
The grant application submission is the first of
two potential steps in securing a grant under this program.
The first phase is an overview of the proposed project, which is
intended to facilitate an initial vetting by the European
Commission’s grant approval process. If the initial proposal
is approved, the consortium would then be required to submit a more
comprehensive proposal for final approval in April 2019. The
grant is proposed for a 24-month project with a €2.5 Million budget
to be fully funded the Horizon 2020 program if approved.
“We thank the entire consortium team for coming
together to make this application possible,” commented Scott
Mahoney, Chief Executive Officer of MagneGas. “Together with
our advisors at Ernst and Young, the entire consortium worked
tirelessly to put together a compelling application. We are
confident that the proposal has significant merit and we are
optimistic for a favorable application process. We also look
forward to gaining valuable feedback during the application review
process.”
Mahoney continued, “This application process has
far-reaching implications for MagneGas, particularly for our
efforts to launch scalable commercial operations in Europe. There
is a demonstrated appetite within the European Commission’s Horizon
2020 program to support emerging renewable energy technologies such
as ours. In attracting world class partners such as TWI, DTI and
NEM, we further validate that our patented gasification process is
being well received by some of the most rigorous technological
organizations in Europe today.”
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, Paris Oxygen, Latex Welding
Supplies, United Welding Supplies, Trico Welding Supply and
Complete Welding of San Diego. The Company operates 13 locations
across California, Texas, Louisiana, and Florida.
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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