Key Milestone for Ban of Acetylene in Turkey
PHOENIX, AZ, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc., (“Taronis” or “the Company”), a global producer of renewable and socially responsible fuel products, today announced the successful completion of a multi-day series of meetings with senior government officials from the Turkish Ministry of Energy and Natural Resources and the Ministry of Trade.
The purpose of these meetings was to provide an in-depth account of the production capabilities of the Venturi flow plasma arc gasification technology, and to demonstrate the superiority of MagneGas as a renewable and safer alternative to acetylene. Executives from Taronis also provided a detailed update on the status of the manufacturing of the five 300 KW Venturi plasma arc gasification units for delivery under an initial $18.75 million purchase order scheduled for delivery in the second quarter of 2020.
The Turkish delegation was led by Mr. Ergün Akalan, the General Directorate of Energy Affairs and Head of Department of Energy Investments within the Ministry of Energy and Natural Resources in Ankara. Mr. Akalan has been commissioned by the Grand National Assembly of Turkey to prepare an independent assessment of the product quality of MagneGas as well as the environmental impact of MagneGas.
Mr. Akalan’s report will also detail his assessment of Taronis’ expanded gasification unit manufacturing capabilities. The Turkish government is in the process of evaluating the full and permanent ban of acetylene. In order to accomplish this, the Turkish government will require Taronis to deliver one hundred 300 KW Venturi plasma arc gasification units to Turkey by the end of 2021.
Lastly, Mr. Akalan inspected the mobile gasification unit being prepared for immediate deployment to Ankara at the end of February. Taronis previously sold this unit for $5 million under a 50 unit, 13 country marketing contract with the family that successfully enabled the current joint venture project in Ankara. This unit is expected to be part of a formal ribbon cutting ceremony and operational launch of the joint venture operations in late March 2020.
During the meetings, representatives of Taronis Technologies (NASDAQ: TRNX), also presented the mobile sterilization unit recently used to complete a successful USDA funded agricultural waste project. Taronis executives intend to jointly market this technology for deployment in Turkey for water conservation efforts once the MagneGas joint venture is fully operational.
“We are honored to have had the opportunity to host our esteemed guests from the government of Turkey last week,” commented Scott Mahoney, CEO of Taronis. “We have made steady progress with our joint venture partners, clearing compliance for the importation of the pending shipments to Akara and the technical inspections by Mr. Akalan. We are pleased to clear so many of these critical milestones in an efficient but thorough manner together.”
“We look forward to the upcoming launch of the Ankara joint venture facilities with the full support of the Turkish government,” concluded Mr. Mahoney.
About Taronis Fuels, Inc.
Taronis Fuels, Inc. is a global producer of renewable and socially responsible fuel products. Our goal is to deliver environmentally sustainable, technology driven alternatives to traditional fossil fuel and carbon-based economy products. We believe our products offer a vastly cleaner solution to legacy acetylene and propane alternatives.
Taronis is also dedicated to providing fundamentally safer solutions to meet the industrial, commercial and residential needs of tomorrow’s global economy. Our products have been rigorously tested and independently validated by global gas authorities as vastly safer than acetylene, the most dangerous industrial gas in use today.
Lastly, we strive to deliver products that offer significant function superiority at a reduced cost to the end consumer. Through these efforts, we support 9 of the 17 United Nations Sustainable Development Goals. For more information, please visit our website at www.taronisfuels.com/
FORWARD-LOOKING STATEMENTS
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Investor Contacts
Michael Khorassani
IR@TaronisTech.com