Over 300 Diesel Frac Engines/Pumps Converted to APG's Dual Fuel Technology to Date
ALGONA, IA / ACCESSWIRE / January 16, 2024 / American Power Group Corporation ("APG") (OTC PINK:APGI) announced today that it has received approximately $1.26 million of follow-on orders since October 1st from its network of stationary certified dealer/installers. The most recent being a $950,000 order that is anticipated to ship during the month of January.
APG's S4000 Dual Fuel Technology seamlessly introduces natural gas from renewable, fossil or treated field gas into the induction system of a diesel engine, displacing up to 65% of the diesel fuel. The S4000 System does not change any of the OEM diesel engine components, maintaining base engine temperature and pressure parameters of the OEM engine. APG's software-based Dual Fuel solution safely allows peak diesel displacement of up to 65% with typical average displacement of around 50% without any expensive additional pre-combustion or spark arresting hardware protection required at higher displacement rates. APG's S4000 has a field performance reputation of the highest up-time and lowest total cost of ownership amongst the dual fuel industry. In May 2023, we announced reaching 15 million cumulative run hour milestone for our stationary dual fuel applications.
Generator power ratings from 100kW to 12MW have been successfully converted to APG's Dual Fuel Technology on a wide array of OEM diesel engine platforms including:
Chuck Coppa, APG's CEO/CFO stated, "Fiscal 2023 was a slow year for us with many operators taking a "wait and see" approach given the uncertainties of both oil and gas markets as well as the overall general economic environment in the U.S. and abroad. During the fiscal year ended September 30, 2023, we reported total revenue of approximately $870,000 which we believe was totally reflective of this mindset. With some degree of clarity now emerging within the energy and financial markets, we are very pleased to see operators beginning to move forward on planned dual fuel conversions."
Mr. Coppa added, "In addition to the $1.26 million of stationary conversion orders we've received since October 1st, we currently have an additional $5 million + of outstanding customer quotes spread among several of our stationary dealer/installers and are working diligently to convert these quotes into actual orders. Displacing up to 65% of the diesel fuel with natural gas has had an enormous impact on operating costs, emissions and of course carbon footprint for operators using our technology. It's only going to get better as renewable natural gas ("RNG") becomes more prevalent and renewable diesel becomes more ubiquitous. The ability to run on essentially four sources of fuel gives operators choices without changing the overall reliability of the well proven diesel engine."
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 $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 $4 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 978-729-9183 [email protected]
