MagneGas (MNGA) Surges on Heavy Volume (Correction)

Update (3 p.m.): This story has been corrected to remove erroneous information in reference to approval from the United States Fish and Wildlife Service, which was in an earlier version of the article. TheStreet regrets the error.

NEW YORK (TheStreet) -- MagneGas  (MNGA), a company that converts liquid waste into hydrogen-based fuel, soared more than 40% to a one-day high of $1.56 as of 2 p.m. on Monday.

More than 16 million shares of the stock had traded hands by 2 p.m., more than 24 times its average of 657,166.

MagneGas also announced on Friday that it would exhibit and its CEO, Ermanno Santilli, would moderate a panel entitled "Making it Work: How Digester Designs Evolve to Meet Unique Operating Conditions" at the 7th Annual International Biomass Conference & Expo, the largest event of its kind in North America. More than 1,500 attendees are expected at the three-day conference from March 24th to the 26th at the Orange County Convention Center in Orlando.

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