ALON USA ENERGY, INC. CORAL SPRINGS, Florida, May 15, 2015 /PRNewswire/ --
New advancements in the production of hydrogen based fuels look to replace acetylene as it is chemically unstable and can be dangerous. In addition, low-carbon renewable fuels diversifies with new plant revenue streams. Energy companies in focus today are: MagneGas Corporation (NASDAQ: MNGA), Pacific Ethanol, Inc. (NASDAQ: PEIX), Harvest Natural Resources, Inc. (NYSE: HNR), Delek US Holdings, Inc. (NYSE: DK) and Gevo, Inc. (NASDAQ: GEVO).
MagneGas Corporation (NASDAQ: MNGA), a technology company that counts among its inventions a patented process that converts liquid waste into a MagneGas Fuel, announced today that following a specific request from the US Navy, it has successfully completed a demonstration and training using its MagneGas2(R) cutting fuel at a designated US Navy facility. Following an initial demonstration, the US Navy contacted MagneGas and purchased their first order of MagneGas 2. Subsequently MagneGas was invited to perform a two day "hands-on" demonstration, testing and training session that concluded on May 12th.
Read the full MNGA Press Release at http://www.financialnewsmedia.com/profiles/mnga.html
In various customer and independent testing, MagneGas2(R) has repeatedly been lauded for it's ability to cut faster than acetylene as well as for its overall safety advantages due to its lighter than air characteristics, reduced slag and reduced oxygen consumption. This particular US Navy facility is interested in improving productivity and discussions with them have been on-going for several months regarding how to train their team on MagneGas 2(R).
While at the US Navy yard the expert MagneGas team performed "head to head" travel speed demonstrations against acetylene and achieved an amazing 100% faster cutting speeds on 2" plate using a track torch. The use of MagneGas 2 would therefore dramatically increase the productivity of their cutting operation resulting in a verbally committed to purchase additional MagneGas. Additionally the US Navy yard has already invited MagneGas back to train and demonstrate to the demolition function of this particular yard that is a completely new opportunity.
In other energy related news and happenings: Pacific Ethanol, Inc. (NASDAQ: PEIX), the leading producer and marketer of low-carbon renewable fuels in the Western United States, announced earlier this month it has begun commercial production of corn oil utilizing Valicor's proprietary VFRAC(TM) corn oil recovery system at its Madera, California plant. Neil Koehler, the company's president and CEO, stated: "We are pleased to be producing corn oil at our Madera plant, which further diversifies our plant revenue streams and significantly improves operating income. In addition, plans are underway for corn oil production to begin at our Boardman, Oregon plant in the second quarter, at which time all four of Pacific Ethanol's ethanol production facilities will be producing and benefitting from this high-value co-product."
Harvest Natural Resources, Inc. (NYSE: HNR), an independent energy company, engages in the acquisition, exploration, development, production, and disposition of oil and natural gas properties. It primarily holds interests in the Bolivarian Republic of Venezuela; and exploration and exploitation acreage offshore of the Republic of Gabon. HNR closed up 9% at $1.20 on Thursday on heavy volume of over 8.7Million shares traded by the market close.
Delek US Holdings, Inc. (NYSE: DK) announced that it has completed the acquisition of approximately 33.7 million shares, or approximately 48 percent of the outstanding shares, of Alon USA Energy, Inc. (NYSE: ALJ) common stock from Alon Israel Oil Company, Ltd. ("Alon Israel"). Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US stated, "We are pleased to have completed this transaction quickly and would like to thank the management teams of both Alon Israel and Alon USA for their support during this process. In addition, through the backing of our lenders, we were able to finance this transaction in a timely manner. This acquisition is an exciting strategic step for us as it broadens our asset diversity and we look forward to working with Alon USA's Board of Directors and management team in the future."
Gevo, Inc. (NASDAQ: GEVO) declined the most in three days after saying it is seeking to raise $17.2 million. Gevo slid 13 percent to $3.90 at the close in New York, the most since May 11. This week announced its financial results for the three months ended March 31, 2015, and provided an update on recent corporate highlights. Revenues for the first quarter of 2015 were $5.9 million compared to $0.9 million in the same period in 2014. The increase in revenue during 2015 is primarily a result of the production and sale of approximately $5.1 million of ethanol and distiller's grains following the transition of the Luverne plant to the SBS configuration. To read the full report please go to http://finance.yahoo.com/news/gevo-reports-first-quarter-2015-200500418.html
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