NEW YORK (TheStreet) -- MagneGas Corporation (MNGA) is gaining on Monday morning after the hydrogen fuel producer announced it had signed an expanded joint venture agreement with Future Energy of Australia.
Before the bell, shares had added 14.8% to $1.55. Year to date, the stock is up 206.8% after announcing it had been awarded contracts for four major demolition projects.
In a statement, MagneGas and Future Energy of Australia said they would each own a 50% stake in a new company formed to develop and commercialize the "co-combustion of MagneGas fuels with hydrocarbon fuels to reduce emissions and increase energy."
The companies said the new agreement will extend beyond an existing partnership of coal co-combustion to include working with MagneGas and diesel, heavy oil, aviation fuels, and liquid petroleum gas.
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