Luisa Ingargiola, CFO of MagneGas Corp (MNGA:NASDAQ), shares this technology company’s plans to replace acetylene and provide fertilizer for farmers.
Magnegas Corporation is a technology company that takes liquid and renewable liquids and converts it into a hydrogen based fuel that are used in the metal cutting industry to replace acetylene. Acetylene has been around for about 80 years. It’s toxic, it emits soot when it burns and it’s starting to be regulated that is can be used indoors. Magnegas on the other hand, provides a solution because we emit, essentially water vapour when we burn because we’re hydrogen based, we’re cleaner than acetylene, we cut faster than acetylene, in addition to that we’re made from a renewable source. We’re made right here in the USA vs acetylene that’s typically made from calcium carbide that’s imported from China.
In the agricultural market on of the biggest problems that they have is the disposal of manure. Often times they’re actually spreading E.coli and other bacteria into the fields and into their land. They therefore, can’t use that land sometimes for up to a year. Therefore what we’re developing the technology to do is to essentially take manure, sterilize it, produce a natural gas by-product that the farmer can use in boilers or other heating systems and then provide back to the farmer a fertilizer.
We are currently generating revenue from one market and that is the metal cutting market. We currently sell cylinders into industrial gas market as a replacement to acetylene. We have almost a dozen distributors throughout the United States, and we also have some very high level marquee customers, such as utilities, fire departments, that are either testing or using our gas right now.