MagneGas Corporation (NASDAQ:MNGA) shares gained more than 6% on Friday after the company said it has signed a distribution deal with Berger Welding Supply of Indiana which also will provide MagneGas2 fuel to a major local company.
Under the terms of the agreement, Berger will be the MagneGas’ preferred distributor for MagneGas2 for metal-cutting in their territory and to a local major customer.
MagneGas is a leading technology company that counts among its inventions a patented process that converts renewable and waste liquids into MagneGas2 metal-cutting fuels.
"Berger is a locally owned and operated welding and farm supply company that strives to bring to market cutting edge, innovative products. When we tested MagneGas2, we quickly saw that this product has the potential to revolutionize the welding industry,” said Ben Berger, Vice President, Berger Welding Supply.
“It was an easy decision for us to become the preferred distributor of MagneGas2 in our area. We are truly excited at some of the major customers that have taken an interest in this product and are looking forward to great success with MagneGas," he added.
MagneGas shares were up 6.3% at $0.81 on Friday.