MagneGas Signs $500K Agreement with Euro Partners Increasing Option to $1 Mil

12:06 10/11/2017

Tampa-based renewable resources and clean technology company MNGA  announced a consulting agreement with their European partner. The terms of the contract is for [MASDAQ:MNGA] to pay its partner $500K for consulting services and focus on identifying additional applications of MagneGas technology overseas in Europe.

The terms also include the right for MagneGas to use testing facilities to determine the economic value of new gasification and sterilization solutions in Europe.

MagneGas CFO believes this contract offers “a mutually beneficial arrangement for the two organizations” to help accelerate commercialization across Europe. There is a sizeable market opportunity in Europe due to the regulatory environment and other conditions that provide great opportunities for MNGA .

Ermanno Santilli, CEO of MagneGas said, “We have been working closely with our European partners and have identified numerous opportunities for our proprietary gasification and sterilization technologies across Europe.”

Santilli added by saying his company will provide their partner with technical and engineering support, as well as marketing and business development.

The European partner’s position is to present MNGA  technology to their government, commercial and financial partners. They believe the European market will help tremendously because of the environmental and economic advantages they have over other countries.

“Importantly, our partners have existing facilities we can utilize for testing both solid and liquid waste streams,” Santilli said.

MNGA  share prices went down about 1% after the release of the news but expects to make a bounce once the agreement is finalized.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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