NEW YORK (TheStreet) -- Shares of MagneGas (MNGA) were gaining 10.1% to 93 cents on heavy trading volume Friday after the company announced that a major U.S. cement company approved MagneGas fuel to place acetylene in plants.
The unnamed cement company placed its first order of the fuel for a location in Florida. The cement company has locations in the Southeastern U.S., the Caribbean, and South America with over 300 ready mix plants and 2,000 mixers.
MagneGas said the cement company recently tested the MagneGas fuel for use in plant repairs before placing the order. The company expects the fuel to roll out to additional locations in the coming weeks.
About 10.7 million shares of MagneGas were traded by 2:32 p.m. Friday, well above the company's average trading volume of about 436,000 shares a day.