CORAL SPRINGS, FL, July 27, 2016 /CNW/ - The R&D and latest advancements of alternative hydrogen fuels has lead to the growth of more efficient industrial gases for metal cutting, welding and many other industrial & commercial applications & uses of hydrogen and other liquid waste materials. Top companies in the utility, transportation, military and auto manufacturing industries continue to seek alternative, environmentally safe options for replacements to antiquated chemical welding and cutting fuels such as acetylene.
MagneGas Corporation (NASDAQ: MNGA) News: After Successful Demonstration, Top Fortune 100 Global Auto Manufacturer Switches to MagneGas2® at Award Winning Factory. MagneGas, a leading technology company that counts among its inventions a patented process that converts renewable and liquid waste into MagneGas2® fuel, announced today that a global auto manufacturing company based in the mid-western United States has chosen to switch to MagneGas2® as its sole fuel of choice for metal working in one of its top award winning factories.
Manufacturer: The company chose MagneGas2® to be its exclusive fuel at one of its mid-western factories and to discontinue using acetylene after several successful demonstrations of the use of the fuel for metal cutting. A local MagneGas distributor has received purchase orders from the auto company for MagneGas2® which will be used for cutting, brazing, and other operations. The company has also indicated an interest in using MagneGas2® at other manufacturing facilities in the future.
Read the full MagneGas (MNGA) Press Release at: http://financialnewsmedia.com/profiles/mnga.html
"This automobile manufacturing company is a leader in adopting renewable and waste reducing technologies. We believe MagneGas2® will save them money by reducing down time on the assembly line while demonstrating their continued environmental leadership with our fuel which is the only renewable metal working fuel available today. Independent testing shows that MagneGas2® is a faster, hotter replacement to existing cutting fuels. Apart from MagneGas2®' main attributes of increased speed and efficiency, MagneGas2® is made from renewable resources right here in the USA. We have been in various stages of testing with this auto company for over one year and this event is the culmination of significant effort. We believe these initial purchase orders will open the door to other larger opportunities with this customer. This relationship is just one of several marquee customers that have selected recently MagneGas2®," stated Ermanno Santilli, CEO of MagneGas.
In other chemicals events and developments: DuPont (DD) and The Dow Chemical Company (NYSE: DOW) announced that, at their respective special meetings of stockholders held recently, stockholders of both companies have voted to approve all stockholder proposals necessary to complete the merger of equals transaction - a key milestone in the process to merge the two companies and subsequently pursue the intended spins of three highly focused, independent companies. The companies expect the merger transaction to close in the second half of 2016, subject to customary closing conditions, including receipt of regulatory approvals.
In other Auto Manufacturer News in the Markets: Tesla Motors, Inc. (NASDAQ : TSLA) produced 18,345 vehicles in Q2, an increase of 20% from Q1, and exited the quarter consistently producing just under 2,000 vehicles per week. Due to the steep production ramp, almost half of the quarter's production occurred in the final four weeks. With continued productivity improvements, Tesla expects output to reach 2,200 vehicles per week in Q3 and 2,400 vehicles per week in Q4. Current order rate trends and backlog support production at those levels. In total, Tesla expects to produce and deliver about 50,000 vehicles during the second half of 2016, approximately equal to all of 2015.
General Motors Co. (NYSE: GM) last week announced strong second-quarter net income to common stockholders of $2.9 billion, up 157 percent compared to $1.1 billion in the second quarter of 2015. Earnings per share (EPS) diluted was a strong $1.81, compared to $0.67 in the second quarter a year ago. EPS diluted-adjusted was a record at $1.86, up 44 percent compared to $1.29 in the second quarter of 2015. The company reported records for earnings before interest and tax (EBIT) adjusted of $3.9 billion and EBIT-adjusted margin of 9.3 percent. These compare to EBIT-adjusted of $2.9 billion and EBIT-adjusted margin of 7.5 percent in the second quarter of 2015, which included the impact of $0.3 billion restructuring costs.
Ford Motor Co. (NYSE: F) is expanding its SYNC 3 connectivity platform - allowing compatibility of Apple CarPlay and Android Auto - throughout its entire 2017 U.S. vehicle lineup of cars, SUVs, light trucks and electrified vehicles. Ford, using its platform-centric approach - creating a technology for its lineup versus going vehicle by vehicle - has been able to swiftly roll out SYNC 3 plus Apple CarPlay and Android Auto. And future, over-the-air updates via Wi-Fi will help ensure it keeps up with the latest technology.
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