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ALGONA, IA / ACCESSWIRE / May 23, 2023 / American Power Group Corporation ("APG") (OTC PINK:APGI) today announced the completion of the purchase of all patents, technology and related intellectual property associated with its dual fuel technology.
Pursuant to the terms of the May 2018 Patent and Technology Installment Purchase Agreement between APG, M&R Development, Inc. and Clean Power Technology, LLC, APG paid $5 million and agreed to apply $1,030,000 of amounts owed by M&R to the Company towards the overall purchase price of $6,030,000.
Chuck Coppa, APG's CEO/CFO stated, "Today marks another significant milestone in our history with the successful acquisition of multiple existing dual fuel technology patents and intellectual property as well as several patent pending applications for enhancements to our core technology. The long-term value of these patents has stood the test of time and enabled APG to gain market leadership recognition in achieving or exceeding regulatory emission approvals for a wide array of multiple generations of OEM diesel engine designs, including today's most advanced SCR/DEF diesel engines. We have repeatedly proven over the past 12 years that we can safely and cost effectively displace 50%+ of diesel with either CNG, RNG, LNG, or treated field gas with no loss of power or torque on engines ranging from 400-600HP Class 8 diesel trucks and up to 12MW for off-road generators and diesel pumps used in primary power and critical emergency back-up applications."
Mr. Coppa added, "While the economic savings are significant, from a de-carbonization perspective, our V6000 Dual Fuel System displacing 50% to 60% of diesel consumption with domestically available RNG from dairy manure could eliminate between 500 to 610 metric tons of CO2 per year per vehicle and generate a significant negative Carbon Intensity Score (-104 to -145 gCO2e/mj). With approximately 2 million late-model Class 8 diesel trucks operating in the U.S. and assuming an estimated CO2 reduction of 500 metric tons per truck per year that equates to the elimination of potentially 1 billion metric tons of CO2 reduction per year. With these third-party validated results, we have a real opportunity to take existing diesel fleets and convert them to low-carbon or even negative-carbon green fleets when using RNG today."
Matt Van Steenwyk, APG's Chairman stated, "While this day has been a long time coming, APG has gained full ownership at the absolute peak value of our patented dual fuel technology. APG's technology is the only cost-effective solution for existing diesel engines that can optimize use of multiple low carbon fuels such as RNG, renewable diesel and biodiesel blends that are already "drop-in" fuels in today's fueling infrastructure while other infrastructure fueling alternatives are years or decades away. We provide millions of existing diesel engine owners an affordable path to reduce operating costs and meet their ESG sustainability objectives. I'm extremely proud of the whole team who have worked long and hard to get us to this point. There is more to come with huge opportunities in front of us, lots more."
American Power Group's subsidiary, American Power Group Inc., ("APG"), provides cost-effective alternative fueling solutions for diesel engines to significantly reduce methane criteria pollutants and help accelerate a low-carbon future. APG's Dual Fuel conversion technology is a unique patented hardware and software solution that enables high-horsepower diesel engines to safely displace up to 65% of diesel fuel with natural gas. Engines equipped with APG's Dual Fuel technology can use renewable natural gas (RNG), compressed natural gas (CNG), liquefied natural gas (LNG), captured flare-stack methane and conditioned well-head gas resulting in lower cost, lower carbon, and lower criteria pollutant emissions. Additionally, APG's Dual Fuel conversion technology remains fully compatible with eligible biodiesel blends and renewable diesel fuels further reducing a diesel engine's carbon footprint and provide users with a proven regulatory compliant technology to meet their Environmental, Social and Corporate Governance ("ESG") objectives.
Caution Regarding Forward-Looking Statements and Opinions
The matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to outstanding dual fuel conversion quotes for $3.5 million and our ability to turn these quotes into actual orders. These forward-looking statements and opinions are neither promises nor guarantees but involve risks 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 we may not be able to convert the $3.5 million of quotes into actual orders, the fact our dual fuel conversion business has lost money in 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, and the fact that 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. Except as required by law, 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
