Taronis Technologies, Inc.
Under the Symbol:
Taronis Applies €3.0 Million Horizon 2020 Grant
Thursday, May 30, 2019 8:00 AM
Funding Would Support Emerging Medical Waste Treatment Application
PHOENIX, AZ / ACCESSWIRE / May 30, 2019 / Taronis Technologies, Inc., ("Taronis" or "the Company") (NASDAQ: TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today announced the submission of a €3.0 million grant application under the European Commission's Horizon 2020 grant funding program. The proposal was titled: "Sterilimed: Removal of Toxic Compounds and Sterilization of Hospital Compounds and Sterilization of Hospital Wastewater and Medical Waste Using Plasma Technology."
The purpose of this grant is to gather the critical efficacy data and demonstrate the commercial viability of an emerging need in the hospital industry across the European Union. In March 2019, the European Commission launched its Strategic Approach to Pharmaceuticals in the Environment. One of the significant end results of this study may be critical changes in the regulation of hospital and medical wastes releases into the environment.
Under its Ireland-based subsidiary, Taronis has partnered with three leading research organizations to complete the grant submission. The organizations are as follows: CEW of the Netherlands, SINTEF from Norway, and HM Hospitales from Spain, who all joined and contributed greatly to the project and the grant application process. Each of these organizations is expected to play a critical role in the project if it is approved and funded. The application process is expected to take approximately six months, and the project would begin in early 2020 if approved.
"The research and data that could be generated by this project could prove to be extremely valuable," commented Scott Mahoney, CEO of Taronis. "To date, we have proven that our patented plasma arc technology has the ability to sterilize a variety of waste streams, effectively killing all living organisms. We have also demonstrated that we could break down complex compounds such as cyanobacteria toxins and pharmaceuticals."
"We believe this emerging hospital waste treatment opportunity could develop into a third meaningful commercial application in a highly scalable end market for our water decontamination technology. We are grateful for the support of CEW, SINTEF, HM Hospitales and Ernst and Young for their contributions to the application process. We are confident that the project would successful if approved and funded," concluded Mr. Mahoney.
The Centre of Expertise Water Technology (CEW) is headquartered in Leeuwarden, and is the leading knowledge and innovation centre in the Netherlands for applied research and product development in the field of water technology. The CEW brings together expertise from education, research, government and industry. Students, professors and other professionals conduct research together with, or on behalf of companies, in advanced 34 laboratories, application centres and at various pilot and demo sites. CEW counts 8 permanent staff and a turnover of EUR 1.9m.
As a public private partnership between knowledge and research institutions, institutions for vocational education (Higher Education), governmental organisations and entrepreneurs, it develops knowledge of talent for the international water sector and shortens the valorisation process for the innovative industry. CEW works together with students and knowledge workers on applied research and product development. In this way, CEW trains future staff for the high-profile water sector. Research topics include saving and reusing water, water and energy, nutrients and agriculture, the water system, industrial water as well as sensor technologies.
SINTEF Energi AS (SINTEF-ER) is part a legal entity within the SINTEF Group, one of the largest independent research organisations in Northern Europe, and is a non-profit research organisation. The institute carries out R&D with the aim of promoting cost-effective and environmentally sound solutions for energy use and the supply of heat and power.
SINTEF-ER has a leading national position as an RTD provider within energy efficiency, energy processes, gas technology, thermo- and fluid dynamics, combustion and thermo-chemical conversion processes. The high-level technical profile developed by the institute, via activities such as assisting the Norwegian Parliament (Storting) to achieve its cross-party Climate Change Policy Consensus, means that its research community is now at the forefront of European energy research.
About HM Hospitales
The HM Hospitales Research Foundation is a non-profit body which was constituted in 2003 with the key goal of leading teaching in biomedical R&D&I within the framework of translational research, directly benefiting the patient and society in general both with regard to treatment of diseases and with regard to healthcare, the aim being to make Personalised Medicine a reality.
From the start, the HM Hospitales Research Foundation promoted, financed and led research projects in which doctors and researchers (basic and clinical) tried to resolve everyday healthcare problems with a direct benefit to patients, promoting medicine based on personalised scientific evidence.
The main sources of funding for the research projects come from private and public competitive grants, own funds, donations and collaborations with private citizens, companies and non-profit associations which promote and help to fund specific socio-healthcare and R&D&I projects.
In 2009, the HM Hospitales Research Foundation, in collaboration with CEU San Pablo University, launched a new formula for the management and promotion of translational R&D, driving the creation of privately-funded chairs. These chairs have been focused on implantology, robotic surgery, therapeutic targets, biomaterials and geriatric care, among other areas.
Finally, the HM Hospitales Research Foundation organises and promotes scientific dissemination and healthcare education activities with a clear focus on the training of healthcare professionals and the health education of the general public.
About Taronis Technologies, Inc.
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end use applications for fuel generation and water decontamination.
The Company's fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through Independent Distributors in the U.S and through its wholly owned distributors doing business as "MagneGas Welding Supply". The Company operates 22 locations across California, Texas, Louisiana, and Florida.
The Company's technology can also be implemented for the decontamination of waste water, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. Lastly, the technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels that trigger toxic algae blooms. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets. For more information on Taronis, please visit the Company's website at http://www.TaronisTech.com.
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.
SOURCE: Taronis Technologies, Inc.