Magnegas Sells Gasification System for $2.7 Mln, Shares Rally To Gain 6%


MagneGas Corp ( MNGA ) shares bounced back from earlier losses, and is now up 6.2% to $1.20 after the company announced that Clear Sky Energy has agreed to buy one of its gasification systems for $2.7 million.

Magnegas has developed a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative. The company will also receive 5% in royalties from the sale, while CSE will be the exclusive distributor for Magnegas products in Mexico.

The company's shares, which have been in and out of negative territory throughout the session, jumped on the news, gaining $0.03 to $1.16. The 52-week range is $1.02 - $8.40.

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This article appears in: Investing , Commodities

Referenced Stocks: MNGA

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