NEW YORK (TheStreet) -- MagneGas (MNGA) is spiking on Wednesday after filing a new patent for binding its proprietary alternative gas to hydrocarbon fuels. The patent will protect new methods for binding MagneGas to coal, oils, gasoline and diesel.

In a statement, the company said it believes binding MagneGas to hydrocarbon fuels will "improve fuel combustion efficiency resulting in reduced emissions."

By midmorning, shares had gained 10.3% to $1.71.

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