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TAMPA — MagneGas Corp. is finalizing a deal with one of the largest electric utilities in the country to replace acetylene at its power and repair facilities, giving the Tampa technology company a Wall Street boost on Wednesday.
MagneGas wouldn't reveal the name of the utility, worried about “competitive interference.” However, it's likely the deal to use the product MagneGas2 instead of acetylene was with Duke Energy Corp., of Charlotte, N.C.; Dominion Resources Inc., of Richmond, Va.; NextEra Energy of Juno Beach; The Southern Co., of Atlanta; or Exelon Corp. of Chicago; based on 2014 market value, as measured by Forbes.
The unnamed utility tested MagneGas2 for more than a year, the company says in a release, and found that the cut speed was faster and the pre-heat time was shorter when compared to acetylene.
“This is expected to become the most significant retail customer for MagneGas,” company CEO Ermanno Santilli says in a release.
Shares for MagneGas, which trade on the Nasdaq under the symbol MNGA, closed Wednesday at 97 cents per share, up nearly 7% from the day before. More than 2.1 million shares changed hands, more than five times its normal volume.
The company reported a loss to the U.S. Securities and Exchange Commission last November of $1.9 million, or 6 cents per share, in the quarter ended Sept. 30, based on revenue of $146,400.
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