CORAL SPRINGS, Florida, October 6, 2015 /PRNewswire/ —
In reporting of industrial & chemical gases, acetylene is the third hottest natural chemical flame and till recently is the most common gas used for fueling cutting torches in both general industry and the mining industry. As a popular gas, many end users today continue to seek alternative replacements due to acetylene having a very wide range of flammability. Industrial & Chemical Gases with recent developments of importance are MagneGas Corporation (NASDAQ: MNGA), Air Products & Chemicals, Inc. (NYSE: APD), Praxair, Inc. (NYSE: PX), Olin Corporation (NYSE: OLN) and Golar LNG Limited (NASDAQ: GLNG)
MagneGas Corporation (NASDAQ: MNGA), a leading technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel, announced today that it has received an order to supply MagneGas2® fuel and MagneTote™ first responder backpack kits to a U.S. Army contractor for official use on a U.S. Army base for fire-rescue needs as a replacement to acetylene. The Company estimates that the U.S. Army spends several million dollars per year on acetylene and related products and this initial order could signal an opportunity for the Company to generate additional revenue from this market segment. The U.S. Army fire-rescue contractor will use the fuel on base, as well as in the local community as a replacement to acetylene. As part of its overall strategy to grow fuel sales, MagneGas has identified the U.S. Military, fire departments, first responder units and industrial plants as ideal customers for the use of its gas due to the speed of the MagneGas2® cut, its proven safety features, it’s eco-friendly aspects and smaller heat affected zone. The fuel is produced in the USA, from a renewable energy source, as opposed to acetylene which is made from calcium carbide which is mostly imported from China and other countries. The reduced heat affected zone as compared to acetylene means the potential for less impact on human life in the vicinity of a cut during extractions. In addition, MagneGas2® is lighter than air, so the fuel dissipates in the event of a leak making it safer for use in already dangerous circumstances. These benefits are critical for the first responder and military markets.
Read the full MNGA Press Release at http://www.financialnewsmedia.com/profiles/mnga.html
“We are continuing our strategy to penetrate military opportunities and the Department of Defense overall as they represent a huge upside for the business on a global scale. The Company designed the MagneTote™ backpacks to be used with MagneGas2® during a fire or emergency response situation and these will be used by first responders or those in the military that need quick access to a cutting fuel for emergency situations. We at MagneGas are excited at the opportunity to serve these American heroes and are pleased with our increased partnership with the U.S. Armed Forces,” stated Ermanno Santilli, CEO MagneGas Corporation.
In other industrial gases news and recent developments: Air Products (NYSE: APD) will showcase its range of PolarFit® Cryogenic Solutions for elastomer manufacturing at the International Elastomer Conference (Rubber Expo) in Cleveland, Ohio, from October 12-15. As a recognized leader in cryogenic technology applications, Air Products provides liquid nitrogen-based technologies that can help elastomer manufacturers lower costs and increase productivity in their deflashing, cryogenic grinding, process cooling, and inerting applications. Conference attendees are invited to stop by Air Products booth 146 to speak with one of the company’s industry specialists about their specific process challenges. With decades of experience and technical know-how, Air Products can work with customers to analyze and understand their entire process and recommend industrial gas-based technologies and process improvement solutions that can help optimize gas use, improve product quality, and reduce costs.
Praxair, Inc. (NYSE: PX), a global leader in the production and supply of helium and other industrial gases, announced that it has signed a long-term agreement with Castleton Commodities International (CCI) for the refining and purchase of helium. CCI, a leader in gas processing in the Four Corners region of the U.S., owns and operates a gas processing facility and helium refinery in Utah. Praxair has been actively developing helium-rich natural gas fields in the region, including helium associated with a recently announced purchase agreement with Nacogdoches Oil & Gas. With Praxair’s additional feedstock, CCI will restart its idled refinery, which can produce up to 150 million cubic feet per year of liquid helium
Olin Corporation (NYSE: OLN) announced the successful completion of the previously announced merger of The Dow Chemical Company’s (NYSE: DOW) U.S. Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses with Olin and the election by Olin’s board of directors of two new directors to serve on Olin’s board. The two new directors were designated by Dow in connection with the Reverse Morris Trust transaction.
Golar LNG Limited (NASDAQ: GLNG) announced recently that its Cameroon floating liquefied natural gas project has reached a major milestone with the final approval by all parties of the Gas Convention for the project. This final investment decision commits the project to a targeted start date for commissioning of second quarter, 2017. At a signing ceremony in Yaounde, Cameroon on Wednesday, September 30, Cameroon’s state owned oil and gas company Societe Nationale des Hydrocarbures (“SNH”), Perenco Cameroon (“Perenco”), Golar Hilli Corporation and Golar Cameroon (together “Golar”) executed a fully effective and binding Gas Convention with the Republic of Cameroon which endorses and governs the installation and operation of the GoFLNG vessel in Cameroon waters offshore of Kribi.
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