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TAMPA -- MagneGas Corp. (symbol: MNGA) raised $3.1 million in funds by selling shares of its stock in a private placement. Offering expenses have not been deducted from that total, the company says in a release.
MagneGas uses its patented Plasma Arc Flow technology to generate a hydrogen-based fuel from liquid waste. The fuel, which it calles MagneGas, can be used as an alternative to natural gas for heating, cooking and metal working, the company says.
"The proceeds from this transaction will help us to continue to fund our growth strategy by increasing our production capacity and satisfying increasing commercial demand,” explains company President Scott Wainwright in a release.
Northland Capital Markets was the exclusive placement agent for the offering.
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