MagneGas Corp. is the producer of MagneGas, a natural gas alternative and metal working fuel. MagneGas is made from liquid wastes such as sewage, sludge, manure, and certain industrial and oil-based liquid wastes. The company’s patented plasma arc flow process gasifies liquid waste, creating a clean burning fuel that is essentially interchangeable with natural gas, but with lower greenhouse gas emissions.
On June 17th, the company announced that its construction of the 200 kilowatt ‘plasma arc flow’ refinery ordered by Beijing-based DDI Industry International is on schedule and nearing completion. MagneGas expects DDI to inspect the unit in person in July, and make its final payment of $950,000 by no later than August 31, 2010. DDI previously made a $950,000 down payment toward the $1.9 million refinery purchase price.
MagneGas president Richard Connelly said, “We are very proud of this latest refinery – with it we have advanced the MagneGas technology and have produced our most efficient unit to date, improving both liquid waste processing and clean fuel production.”
Mr. Connelly continued, “We have also demonstrated to future customers that we can build to custom specifications, and do so on time and within budget. This is a positive milestone in our development, both in terms of product and of process.”
Investors can view photos of the actual Chinese refinery at ir.stockpr.com/magnegas/refinery.
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