MagneGas Corporation, a technology company that counts among its inventions a patented process that converts liquid waste into a hydrogen-based fuel, acquired a new 18,000 square foot industrial building in an industrial area near Tampa, Florida, with plans to move its headquarters to the new location.
According to the firm, its new headquarters is located in closer proximity to existing and potential customers and within easy access to major highways. In addition, the building contains more space to demonstrate the MagneGas technology to potential customers, thereby enhancing the customer experience. The additional space will also allow for Company expansion and will include a larger area for research and development. The building has primarily been purchased through debt financing with a monthly interest payment which is lower than the rent payment at the Company's current facility.
"The entire MagneGas team is extremely excited regarding our new headquarters. Our current facility is far away from customers and does not allow room to properly showcase our technology to the many international visitors we receive. This new headquarters will provide impressive space to demonstrate MagneGas while allowing room for growth and a sufficient area for research and development. At the same time, our monthly cash outlay for the financing payment will be lower than the rent at our current facility," stated Luisa Ingargiola, CFO, MagneGas Corporation.