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MagneGas closes sale of $1.9 MM gasification unit

TAMPA, Florida — MagneGas Corporation, a clean technology company in the renewable resources and environmental solutions industries, announced the closing of a $1.9 MM gasification unit sale to introduce and produce MagneGas2 to European Markets.

This sale completes the process as previously disclosed in a letter of intent announced on Sept. 26.

"As part of our recent meetings in Europe, we met with various corporate advisors and government parties involved in the financing of our partner," said MagneGas CFO, Scott Mahoney. "With this ground work in place, we are quite optimistic that the follow on option agreement for an additional five units will be executed and a 50% nonrefundable deposit will be exercised in Q1 2018."

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The US East Coast will send out its first LNG exports in early 2018 as Dominion Energy’s Cove Point LNG export facility in Lusby, Maryland becomes operational.

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