Algona, IA, Sept. 27, 2021 (GLOBE NEWSWIRE) -- American Power Group Corporation (OTC Pink: APGI) announced today the commercial launch of their next generation V6000 low-carbon vehicular dual fuel solution which when using low-carbon and negative-carbon renewable natural gas (“RNG”) sources can enable the Class 8 trucking industry to convert existing Class 8 diesel trucks to “green” low-carbon or negative-carbon rated fleets.
APG utilized EcoEngineers, a well-respected Des Moines, Iowa based renewable energy consulting firm specializing in clean energy regulations to conduct an independent third-party review and validation of APG’s calculated carbon intensity (“CI”) score utilizing APG’s V6000 dual fuel solution and multiple renewable natural gas sources. EcoEngineers’ areas of practice include major carbon markets such as the EPA’s Renewable Fuel Standard (“RFS”), California’s Low Carbon Fuel Standard (“LCFS”) and Cap-and-Trade (“MMR”), and Oregon’s Clean Fuel Program (“CFP”). EcoEngineers validated APG’s positions that by utilizing its V6000 dual fuel solution and displacing 50-60% of diesel consumption with RNG from dairy manure, the estimated CI score of the fuel would be between -104 to -145 gC02e/MJ and avoid between 500 to 610 metric tons of CO2 per year per vehicle.
Lyle Jensen, APG’s Business Development Advisor stated, “There are approximately 2 million late-model Class 8 diesel trucks operating in the U.S. Assuming an estimated CO2 reduction of 500 metric tons per truck per year utilizing APG’s V6000 dual fuel solution and dairy RNG, the potential positive impact on the environment would be in the range of 1 billion metric tons of CO2 reduction per year. This is an addressable carbon reduction opportunity that needs to be supported at all federal and state GHG program levels.”
Chuck Coppa, APG’s CEO/CFO stated, “We strongly believe that our new V6000 dual fuel solution utilizing RNG has the potential to be a game-changer from both a carbon and diesel emission reduction perspective, helping companies meet their Environmental, Social and Corporate Governance (“ESG”) objectives today. In addition, we estimate that for the same cost of one new Class 8 dedicated natural gas truck, we can convert approximately twenty-five existing Class 8 diesel trucks. In short, for the same dollars spent, using our V6000 dual fuel solution and a leased natural gas tank a fleet operator can realize an estimated 14X reduction in diesel use and an estimated 14X increase in the consumption of RNG on an annual basis. This is significant.”
Matt Van Steenwyk, APG’s Chairman noted, “This is a huge opportunity to drive the scale up of U.S. and worldwide RNG production from animal waste and other organics by utilizing APG’s cost effective V6000 dual fuel solution. With our technology, we can rapidly and economically create a larger market for agriculture digesters which capture the methane that is emitted from farm animal and dairy operations. We hope that our Senators and Congressional Representatives working on the contemplated infrastructure bill will support the development of the digester and RNG conditioner infrastructure to accelerate the availability and demand for this “drop-in” fuel, transporting it via the existing massive natural gas pipeline system we enjoy in the U.S. and using it for clean, even carbon negative long-haul transportation. We can achieve these aggressive goals inexpensively with APG’s proven dual fuel technology which is available now. With vision and support, we can actually start to reverse the transportation carbon footprint.”
About American Power Group Corporation
American Power Group’s subsidiary, American Power Group Inc. provides cost effective dual fuel engine solutions to help accelerate an alternative fuel low-carbon future. Our patented Turbocharged Natural Gas® Dual Fuel Conversion Technology is a unique non- invasive hardware and software solution that can enable existing high-horsepower vehicular and stationary diesel engines to safely displace a significant percentage of diesel with various forms of clean burning natural gas including low-carbon and negative- carbon renewable natural gas (RNG), captured flare-stack methane gas, conditioned well-head gas, bio-methane gas, compressed natural gas (CNG) and liquid natural gas (LNG). APG’s dual fuel solution provides users with a proven technology to meet their Environmental, Social and Corporate Governance (“ESG”) objectives by lowering criteria pollutants and greenhouse gas emissions. See additional information at: www.americanpowergroupinc.com
Caution Regarding Forward-Looking Statements and Opinions
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, the fact that, our dual fuel conversion business has lost money in a majority of the prior fiscal years and the risk that we may require additional financing to grow our business, the fact that we rely on third parties to manufacture, distribute and install our products, we may encounter difficulties or delays in developing or introducing new products and keeping them on the market, we may encounter lack of product demand and market acceptance for current and future products, we may encounter adverse events or economic conditions, we operate in a competitive market and may experience pricing and other competitive pressures, we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the risk that we may not be able to protect our intellectual property rights, factors affecting the Company's future income and resulting ability to utilize its NOLs, the fact that our stock is thinly traded and our stock price may be volatile, the fact the exercise of stock options and warrants will cause dilution to our shareholders. Readers are cautioned not to place undue reliance on these forward- looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Investor Relations Contact:
Chuck Coppa, CEO/CFO
American Power Group Corporation
781-224-2411
ccoppa@apgdualfuel.com
