MagneGas Corporation, a leading clean technology company in the renewable resources and environmental solutions industries, has reported financial results and provided a business update for the second quarter ended 30th June, 2018.
Ermanno Santilli, CEO of MagneGas, stated, “The strong momentum MagneGas gained from reaching higher revenues in first quarter of 2018 continued on into the second quarter. With each strategic acquisition and subsequent expansion, more customers and potential partners are recognising the way our MagneGas2® is transforming their industries in a positive and environmentally-focused way. Revenue for the second quarter, ended 30th June, 2018 increased 201% to $2.9m, largely driven by our sales expansion brought on by the Trico Welding acquisition in April.”
MagneGas continued to make significant progress as the environmental technology business evolved, especially given the progress it made under the US Department of Agriculture grant-funded project in agricultural sterilisation. Following a demonstration earlier this year, MagneGas was invited by the USDA to present findings at the Soil and Water Conservation Society’s 73rd International Annual Conference on Culture, Climate and Conservation. These results prove that the technology can play a real and impactful role on water conservation, water purification and the elimination of harmful contaminants that impact the safety and quality of fresh water resources around the world.
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