Why MagneGas Corporation (MNGA) Is Soaring on Thursday

NEW YORK (TheStreet) -- MagneGas Corporation (MNGA) is soaring on Thursday on the announcement it has been awarded contracts in four demolition projects.

By midmorning, shares had added 17.6% to $1.47.

The hydrogen-based fuel developer said it would provide MagneGas fuel for torch cutting in the four projects, which include the demolition of a Washington, D.C. bridge, automobile manufacturing facilities in Ohio and Michigan and a power plant in New York.

The projects were sourced through existing distributors Blue Water Industrial of Michigan and AWISCO Corp of New York.

"We are very pleased to be the preferred fuel for cutting on these demolition jobs," said EVP of sales Terry Vernille in a statement. "With the help of two major distributors, Blue Water Industrial and AWISCO Corp, we have the capability of providing our fuel for these key projects. As word continues spreading in the demolition industry about our superior cutting fuel we expect an increased demand around the country."

Must Read: Warren Buffett's 10 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

MNGA Chart MNGA data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Dow Falls Sharply as Apple's Slump Offsets Gains in General Electric

Dow Falls Sharply as Apple's Slump Offsets Gains in General Electric

3 Hot Reads From TheStreet's Top Premium Columnists

3 Hot Reads From TheStreet's Top Premium Columnists

Video: How to Select Mutual Funds in Your 401(k)

Video: How to Select Mutual Funds in Your 401(k)

Nucor Is Waiting to See if Steel Tariffs Will Be Implemented, Jim Cramer Says

Nucor Is Waiting to See if Steel Tariffs Will Be Implemented, Jim Cramer Says

Tesla Faces Investigation After Subcontractor Is Injured on the Job

Tesla Faces Investigation After Subcontractor Is Injured on the Job