New 100KW Unit Will Initially Serve the Arizona, California Markets
PHOENIX, AZ, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc., (“Taronis” or “the Company”) (OTCQB: TRNFD), a global producer of renewable and socially responsible fuel products, today announced that the Company has commenced the construction of a mobile 100 KW Venturi plasma arc gasification unit. The Company intends to primarily utilize components already on hand and should be able to complete the unit construction process within three months with a limited capital investment.
The new unit will be initially deployed in the Phoenix, AZ market to support the Company’s newest MagneGas Welding Supply industrial gas retail location. The Company soft-launched its retail industrial gas product marketing efforts in the fourth quarter of 2020, and has already secured a consistent portfolio of clients in the Phoenix market. The Company’s flagship retail location in Peoria is expected to host a grand opening in early February.
The mobile 100 KW Venturi plasma arc gasification unit will initially be deployed to serve the Arizona and California markets until COVID-19 travel restrictions into the European Union ease. The Company is in the final stages of permitting for a reconfigured pilot MagneGas production hub in Amsterdam. The Company anticipates being able to launch a low-cost pilot facility in the third quarter based on current forecasts for travel restrictions.
As the Company gains additional visibility on the timing of the Amsterdam site launch, the Company will resume construction of a full-scale 300KW gasification unit for deployment into the Arizona market, and a 300KW European Union compatible gasification unit for deployment to a second, more scalable MagneGas production hub, which is expected to be based in the Antwerp-Rotterdam corridor.
“This is a promising next step in the expansion of our MagneGas production capabilities,” commented Scott Mahoney, CEO of Taronis Fuels. “By adding a third US production facility, we believe we can significantly reduce our transportation costs for the fulfillment of MagneGas sales in Arizona and California. In addition, the deployment of this mobile unit enables the Company to limit its capital investment on additional MagneGas cylinders during the COVID-19 lockdown in California. Based on our analysis, we can safely deploy capital into a rebuilt mobile unit in order to scale our western MagneGas sales, which should support further investment in a new 300KW unit for deployment in Arizona by year end.”
“In addition, having a completed 100KW unit should serve our international expansion efforts well once travel restrictions into the Dutch market ease, most likely in the early second half of 2021. Our Dutch marketing team continues to build a promising list of prospective customers, and we are eager to capitalize on the opportunity once we are able to do so,” 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
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
Investor Contacts:
Michael Khorassani
IR@Taronisfuels.com