Alternative fuel supplier MagneGas reaches agreement for largest-ever contract

MagneGas Corp., a Pinellas Park-based alternative fuel company, has secured the biggest contract in its history, one that it says will open the door to a European expansion.

The company said an unidentified biomass technology company based in Germany has signed a binding letter of intent to pay $2.65 million for its gasification and sterilization systems as well as MagneGas2 fuel and cylinders.

The publicly traded MagneGas owns a patented process that converts liquid wastes into hydrogen-based fuels which can be used as a replacement to natural gas or for metal cutting.

MagneGas said it is has agreed to keep the name of the German company and other details confidential until a definitive agreement is reached.