NEW YORK (TheStreet) -- MagneGas (MNGA) rose Tuesday after the company, which converts liquid waste into a hydrogen-based fuel, announced that Sidney Lee Welding had completed MagneGas Distributor training and received its first customer order.
The Georgia-based company recently purchased $10,000 of MagneGas fuel, which equated to approximately one semi-truck of cylinders. The company underwent the training and has begun selling the fuel in the Georgia market. A large local machine shop was the first customer to place an order after it used MagneGas to cut a four-inch plate on its computerized cutting table, according to a MagneGas statement.
"We are very pleased to be working with Sidney Lee Welding in Georgia," said Terry Vernille, Executive Vice President of Industrial Gas Sales for MagneGas in a statement. "Their first customer, which is a very large local machine shop, is exactly the kind of organization which we are targeting for the MagneGas metal cutting gas."
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The stock was up 14.16% to $1.37 at 2:44 p.m.