This week, one of the world's largest waste to energy companies, with a market value of over US$ billion and 51 operating facilities, will begin testing of MagneGas(NYSE:R) after a demonstration in Florida, said MagneGas (NASDAQ:MNGA).
The NYSE traded company, whose name shall remain confidential until the completion of formal testing at its headquarters within the next 30 days, is considering replacing acetylene with MagneGas for repair and demolition work.
"Securing major industry accounts such as this as early market adopters should provide the confidence for smaller companies to see the benefits of using MagneGas versus the alternatives. This is a decisive step forward in growth for MagneGas and we are excited at the opportunity to showcase our fuel," stated MagneGas's CEO, Ermanno Santilli.
MagneGas has received considerable attention over the past few days.
Last week, a major southeastern US cement company with over 300 ready mix plants and 2,000 mixers placed its firstMagneGas fuel order to replace acetylene after verifying its performance for use in plant repairs.
While very common, acetylene is chemically unstable and can be dangerous because it is heavier than air, which means that if it escapes into the atmosphere, it does not dissipate rapidly, settling and accumulating near ground level.
MagneGas2 has been independently tested to be a stable compressed gas and has lighter than air characteristics making it safer than acetylene.
MagneGas, which has a proprietary technology that converts liquid waste into hydrogen-based fuel, said it believes the fire-rescue market is an ideal end-user of its special fuel as a replacement to acetylene because it is much cleaner and faster.
Shares of MagneGas was trading 35 percent higher on Friday, closing at US$0.95