TAMPA — MagneGas Corp., which developed a technology that converts liquid waste into fuel used for metal cutting and welding, showed fresh growth in October as it added eight new fuel customer locations in Florida and Michigan.
The incremental revenue generated from the new locations is estimated to be between $150,000 and $200,000 in fiscal 2013, the company says in a statement. “We are pleased with the continuous expansion in our customer base,” notes Scott Wainwright, MagneGas president, in the statement. The company's fuel cuts metal faster and more safely than competing products, he says, and is “an environmentally friendly alternative” to competitors.
The MagneGas IR App is available free through Apple's App Store.
The fuel that Tampa-based MagneGas (NASDAQ: MNGA) makes can be culled from some industrial, municipal, agricultural and military liquid wastes, in a process that requires government permits. The company patented a method that gasifies liquid waste to create a hydrogen-based fuel that it says is interchangeable with natural gas, and can be used for cooking, heating, and powering automobiles.