Company Executes 10-Year Lease with Port of Amsterdam
PHOENIX, AZ / ACCESSWIRE / September 26, 2019 / Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ:TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today announced the launch of its first European MagneGas production site as part of Taronis Fuels, as wholly-owned subsidiary of the Company. The location is a 4.3 square kilometer location within a renewable energy and technology industrial park in Westpoort, Amsterdam. The executed lease provides Taronis the option to lease the location for an initial 10 years. The lease was formally executed and announced at the Global Sustainable Shipping and Ports 2019 Forum in Copenhagen, Denmark.
The newly leased location has the capacity to operate up to seven 300 KW Venturi plasma arc gasification units with an engineering and production office on site. The location is adjacent to the Holthausen Groep, one the largest independent industrial gas distribution companies in the Netherlands. The Company has proposed utilizing this distributor as a key partner for the transport and delivery of MagneGas throughout the Netherlands.
The Company intends to initially locate one mobile 300 KW Venturi unit on a towable trailer at this location. Up to one ton of sample industrial gas is permitted to be sold without permits within the European Union annually. The Company intends to utilize the flexibility of permitting a mobile unit in conjunction with these sample gas thresholds to launch operations and commence marketing of the MagneGas product within the addressable market while completing the permitting process for a scalable production facility.
The Company anticipates the full permitting process should take 6-12 months. During that time, the mobile 300 KW Venturi unit could produce up to 30,000 cylinders of MagneGas operating on 2 shifts. Acetylene cylinders retail for up to €100 per cylinder in that part of Europe, which implies that the mobile unit could generate scalable revenues while serving local demand for the product during the permitting and construction phase of operations.
“Executing this agreement with the Port of Amsterdam represents another major accomplishment for our team,” commented Scott Mahoney, CEO of Taronis. “We have spent the past 18 months conducting extensive market research as well as interviews with key prospective clients for MagneGas. We have worked diligently to provide the Port of Amsterdam all of the independent research on the safety of our technology regarding the production process, the environmental footprint of our operations, and the safe transportation and end use of our product.”
“Gaining the trust and confidence of the Port of Amsterdam to invite us to become a tenant in their rapidly growing renewable energy technology park in Westpoort is a major validation that our technology and our Company will be well received in the Netherlands. We see this as a critical next step in our expansion into the European Union. That market consumes an estimated $1 billion in acetylene annually, and we would welcome the opportunity to supplant that product with MagneGas entirely over time,” concluded Mr. Mahoney.
About Taronis Technologies, Inc.
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end use applications for fuel generation and water decontamination.
The Company’s fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through independent distributors in the US and through its wholly owned distributors doing business as “MagneGas Welding Supply”. The Company operates 22 locations across California, Texas, Louisiana, and Florida.
The Company’s technology can also be implemented for the decontamination of waste water, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. Lastly, the technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels that trigger toxic algae blooms. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets. For more information on Taronis, please visit the Company’s website at http://www.TaronisTech.com.
Taronis also owns a controlling interest in Water Pilot, LLC. The WATER PILOT® System immediately reduces water consumption and provides you with live remote consumption monitoring for long term leak protection and water asset management. An integral, client based alarm and notification system that reports to any mobile device. Water Pilot may be appropriate for a wide range of businesses or properties with a water meter. For more information, please visit our website at www.gowaterpilot.com/
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
SOURCE: Taronis Technologies, Inc.
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