February 6, 2018 / 12:38 PM / 3 months ago

BRIEF-MagneGas Agrees To Form New European Joint Venture For Acquisition Of Infinite Fuels, GmbH

Feb 6 (Reuters) - Magnegas Corp:

* MAGNEGAS AGREES TO FORM NEW EUROPEAN JOINT VENTURE FOR THE ACQUISITION OF INFINITE FUELS, GMBH, AN EMERGING GERMAN BIOFUELS COMPANY

* MAGNEGAS CORP - ‍JOINT VENTURE EXPECTED TO LAUNCH COMMERCIAL OPERATIONS LATE Q1 2018​

* MAGNEGAS CORP - ‍INITIAL TRANSACTION IS EXPECTED TO BE FUNDED THROUGH A COMBINATION OF CASH ON HAND AND EQUITY IN NEW JOINT VENTURE​

* MAGNEGAS - ‍ ANNOUNCED EXECUTION OF A LETTER OF INTENT TO FORM IRELAND-BASED HOLDING CO FOR ACQUIRING 100% OF INFINITE FUELS, GMBH​

* MAGNEGAS CORP - ‍MAGNEGAS WILL INITIALLY OWN A 40% STAKE IN JOINT VENTURE, WITH POSSIBILITY OF INCREASING COMPANY’S EQUITY STAKE TO 70%​

* MAGNEGAS CORP - ‍ REMAINING EQUITY STAKE IN JOINT VENTURE WILL BE OWNED BY CURRENT PRINCIPALS OF INFINITE FUELS​

* MAGNEGAS CORP - ‍JOINT VENTURE WILL OPERATE IN TWO RENEWABLE ENERGY SEGMENTS​

* MAGNEGAS CORP - ‍JOINT VENTURE ENTITY WILL HAVE OPTION TO PURCHASE UP TO SIX 300 KW GASIFICATION UNITS FROM MAGNEGAS OVER NEXT 5 YEARS​

* MAGNEGAS CORP - ‍ PROJECT IS CURRENTLY PART OF A COMBINED PROJECT FINANCING APPLICATION WITH A EUROPEAN UNION GOVERNMENT BACKED AGENCY​

* MAGNEGAS CORP - ‍TERMS OF FINANCING APPLICATION ARE CURRENTLY CONFIDENTIAL AT FINANCING PARTY’S REQUEST​ Source text for Eikon: Further company coverage:

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