MagneGas Corporation (MNGA) Retreats From Monday's Rally

NEW YORK (TheStreet) -- After climbing over Monday's session, MagneGas Corporation (MNGA) is giving back some of its gains.

By midmorning Tuesday, shares had taken off 8.5% to $1.48. Trading volume was comparatively low at 1.85 million compared to its three-month daily average of 4.5 million.

The company remains 238.7% higher since the beginning of the year as the company rallied on news it had been awarded a series of contracts for demolition projects.

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The hydrogen fuel producer closed 20% higher on Monday after announcing it had signed an expanded joint venture agreement with Future Energy of Australia.

The partnership will see the companies each owning a 50% stake in a newly-formed corporation with the aim of developing and commercializing the "co-combustion of MagneGas fuels with hydrocarbon fuels to reduce emission and increase energy," according to a statement.

The new agreement will include working with MagneGas and diesel, heavy oil, aviation fuels, and liquid petroleum gas.

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