TAMPA, Fla. -- MagneGas Corporation ('MagneGas' or the 'Company') (NASDAQ: MNGA), a technology company that counts among its inventions a patented process that converts liquid waste into a hydrogen-based fuel, is pleased to announce that they have been granted membership into the United Nations Global Compact (UNGC), a strategic policy initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principals in the areas of human rights, labor, environment and anti-corruption. The initiative seeks to combine the best properties of the UN, with the private sector's solution-finding strengths, and the expertise and capacities of a range of key stakeholders.
The United Nations Global Compact has shaped an initiative that provides collaborative solutions to the most fundamental challenges facing both business and society. The UNGC seeks to catalyze business action in support of UN goals and issues, with emphasis on collaboration and collective action. Companies from over 145 countries are represented, and the Company believes admission into the UNGC will facilitate expansion into some key areas of the globe which are seeking sustainable solutions to their environmental issues.
Some of the benefits of engagement include the following:
- Advancing sustainability solutions in partnership with a range of stakeholders, including UN agencies, governments, civil society, labor, and other non-business interests.
- Linking business units and subsidiaries across the value chain with the Global Compact's Local Networks around the world — many of these in developing and emerging markets.
- Accessing the United Nations' extensive knowledge of and experience with sustainability and development issues.
'The foundation of MagneGas has always been deeply influenced by the creation of sustainable solutions, with an emphasis on addressing the global issues related to fuel,' noted Ermanno Santilli, CEO of MagneGas. 'By joining the United Nations Global Compact, we will be able to work closely with other like-minded organizations and address the upcoming challenges pertaining to business, society, and sustainability. We believe that cleaner technologies and practices are needed to protect the environment and ensure a healthy future for generations to come. As an example, the comparative impact of methane on climate change is over twenty times greater than carbon dioxide over a 100-year period, making it a substantially potent greenhouse gas. MagneGas is working towards taking animal manure and municipal waste water, which naturally produces methane, and transform that waste into clean burning fuel.'
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is a technology Company that counts among its inventions, a patented process that converts liquid waste into hydrogen based fuels. The Company currently sells MagneGas® into the metal working market as a replacement to acetylene. It is also selling equipment for the sterilization of bio-contaminated liquid waste for various industrial and agricultural markets. In addition, the Company is developing a variety of ancillary uses for MagneGas® fuels utilizing its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications. For more information on MagneGas®, please visit the Company's website at www.MagneGas.com.