LANCASTER, OH--(Marketwired - Feb 2, 2016) - Q2Power Technologies (
MagneGas is a leading technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel. Q2Power's system will generate grid-ready electricity from certain carbon and oil byproducts that result from MagneGas' commercial process. The initial system is expected to produce significant savings for MagneGas each year in production costs of its industrial gas products by off-setting electric utility expenses and reducing costs associated with waste storage and disposal. The first phase of this agreement with MagneGas is valued at approximately $160,000 for Q2Power including equipment and engineering services.
"Q2Power has a unique technology that we expect will provide MagneGas with increased margins on our core products, while supporting greater flexibility in our choice of feedstock and promoting our mission of environmental sustainability," stated Ermanno Santilli, CEO of MagneGas. "We have spent considerable time with Q2Power's leadership and engineering team and have great confidence in their ability deliver a quality system that meets our requirements."
After installation the parties will collaborate to optimize the Q2Power system with MagneGas' technology and business processes to allow added savings and waste volume reduction, as well as equipment cost reductions for follow-on Q2Power system sales and installations with MagneGas and its partners.
"We are pleased to work with MagneGas on our first commercial product deployment, which marks a major milestone in our company's growth," stated Christopher Nelson, CEO of Q2Power. "MagneGas is currently accelerating growth as it deploys more of its proprietary production systems to meet expanding demand for its gas products. If Q2Power can help our customers reduce operational and production costs by providing power and disposal solutions, we have accomplished our goal."
About Q2Power Technologies:
Q2Power's technology provides a new, cost-effective solution to dispose of waste by converting it to electricity and useful heat. Because of its containerized, modular design, the Q2Power system can be deployed with minimal time and expense at thousands of small-scale facilities that must dispose of waste such as used fuels, methane and biogas, at increasingly greater costs. Q2Power installed its first system this summer at an Ohio wastewater treatment plant and is on track to deploy commercial units to meet customer demand early in 2016.
For more information about Q2Power, please visit: www.q2p.com
About MagneGas Corporation:
MagneGas® Corporation (MNGA) owns a patented process that converts various liquid wastes into hydrogen based fuels. These fuels can be used as a replacement to natural gas or for metal cutting. The Company's testing has shown the fuels are faster, cleaner and more productive than other alternatives on the market. They are also cost effective and safe to use with little changeover costs. The Company currently sells MagneGas® into the metal working market as a replacement to acetylene. The Company also sells equipment for the sterilization of bio-contaminated liquid waste for various industrial and agricultural markets. In addition, the Company is developing a variety of ancillary uses for MagneGas® fuels utilizing its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications. For more information on MagneGas®, please visit the Company's website at http://www.MagneGas.com.
Legal Notice Regarding Forward-Looking Statements: This news release contains "Forward-looking Statements". These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to our ability to fully commercialize our technology, risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new products and markets, the time and expense involved in such development activities, the ability to secure additional financing, the level of demand and market acceptance of our products, and changes in our business strategies.