Clean technology firm MagneGas has secured a grant of $431,874 from the United States Department of Agriculture (USDA) to help accelerate the commercialization of its sterilization technology.
The Tampa-based company’s plasma arc Venturi sterilization system is said to be capable of treating pathogens and nutrients found in animal biosolid wastes.
According to MagneGas CFO Scott Mahoney, the USDA funding would help the company with an important source of non-dilutive capital for future investment in its sterilization business segment.
Mahoney added: “We have already conducted ample internal and independent validation projects that clearly demonstrate the efficacy of our sterilization technology.
“We now look to invest this capital into developing a clear commercialization model that can quickly convert our prospective clients in the agriculture, waste water treatment, and filtration verticals to revenue generating clients."
The grant given to MagneGas was one of 33 awarded by the USDA in the current year throughout the country.
MagneGas Corporation CEO Ermanno Santilli said: "We are very honored to be one of a select few companies awarded this grant by the USDA to accelerate commercialization of our sterilization technology in the agricultural market.
“We went through significant testing with the USDA in order to validate and prove our technology, and have invested meaningful capital, time, and personnel resources to get to this point.
“We look forward to now advancing a number of meaningful commercialization projects we have been developing in the US, Europe, Latin America and Asia."
On Monday, MagneGas announced a $25m convertible preferred financing from an unnamed institutional investor.
The company’s Venturi sterilization system was developed in 2014 end and was first deployed at a major hog farm in Indiana.