Taronis Technologies Inc (NASDAQ: TRNX) is trading in the green this morning, up nearly 4% early on. The gains come after the company announced that it has formally launched its Amsterdam location. Here’s what’s happening:
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TRNX Stock Gains On Amsterdam News
In a press release issued early this morning, Taronis Technologies announced that it launched its first European MagneGas production site as part of Taronis Fuels.
In the release, TRNX said that the new location is a 4.3 square kilometer location inside of the renewable energy and technology industrial park in Westpoort, Amsterdam. Under the terms of the lease, the company has the option to maintain the location for a minimum of 10 years.
Importantly, the newly-leased location gives the company the capacity to operate up to 7 300 KW Venturi plasma arc gasification units. The site also hosts an engineering and production office.
In the beginning, TRNX said that it will locate one mobile 300 KW Venturi unit on a towable trailer at this location. This should meet the up to 1 ton of sample industrial gas that is permitted to be sold without permits within the European Union annually.
As far as the permitting process goes, Taronis Technologies said that it is expecting to have permits taken care of within the next 6 to 12 months. As the company waits on permits, it the single, towable unit will be able to produce up to 30,000 cylinders of MagneGas, operating on 2 shifts.
In a statement, Scott Mahoney, CEO at TRNX, had the following to offer:
Executing this agreement with the Port of Amsterdam represents another major accomplishment for our team. 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.
Why This News Is So Exciting
At the end of the day, the announcement made by Taronis Technologies this morning was a huge one. Here are three reasons why investors are so excited:
Reason #1: Proximity To Holthausen Groep
First and foremost, the new location in Amsterdam is adjacent to the Holthausen Groep. The Holthausen Groep is one of the largest industrial gas distribution companies in the Netherlands.
Moving forward, TRNX hopes to work with the Hothausen Groep as a key distribution partner. Should this partnership materialize, the potential here would be incredible.
After all, with the Hothausen Groep’s current reach, it could easily distribute MagneGas throughout the Netherlands, creating meaningful revenue for all parties involved. With the close proximity in mind, the potential partnership is an easy move for both TRNX and for the Hothausen Groep.
Click below to continue to the second reason that this news is so exciting!