As Largest Single Sale in MagneGas History, MagneGas Signs Definitive Agreements for $2.65 mm of Equipment to German Company
MagneGas announced that it has entered into its largest equipment sale to date with the signing of definitive agreements to manufacture and deliver certain equipment and supplies to a German-based company. Under the terms of this Agreement, for which MagneGas will receive $2.65 million, MagneGas will supply MagnesGas2® fuel and cylinders and manufacture and deliver (1) A 300KW stationary Gasification system; (2) A 100KW mobile Sterilization system; (3) 250 cylinders full of MagneGas2®; and (4) 50 MagneGas regulators.
A deposit of $25,000 has been received, with progress payments totaling $2.625 million to be paid over the course of the manufacturing and delivery of the various systems. The first payment of $1.35 million is due in 90 days with progress payments due thereafter, with set construction and delivery milestones. The German company has stated that it may be interested in negotiating to purchase several additional systems for multiple markets.
The German company expects to initially utilize the Gasification system to produce MagneGas2® fuel to sell into the German market with the potential for other markets coming online in the future. The Sterilization system is expected be used for demonstrations and small service contracts with the goal of entering the agriculture and municipal wastewater treatment markets in Germany.
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