Why MagneGas (MNGA) Stock Is Up Today

NEW YORK (TheStreet) -- MagneGas (MNGA) was gaining 17.1% to $1.27 Tuesday after announcing it is in the final test phase of its MagneGas fuel with New York City's Fire Department.

The FDNY is in the final stages of testing MagneGas fuel as a replacement for acetylene. The company said fire departments and first responders are "ideal customers" for the gas "due to the speed of the MagneGas cut and concentration of the heat affected zone." By reducing the heat affected zone compared to acetelyne, MagneGas can lessen the impact on human life "in the vicinity of a cut during extractions," according to the company.

The company "has been working with FDNY to design backpacks that can be used with MagneGas during a fire," senior vice president sales & distributor relations Terry Vernille said. "The cylinders are lighter than acetylene, making them easier to carry and the fuel dissipates in the event of a leak."

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MNGA Chart MNGA data by YCharts

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