ALGONA, IA / ACCESSWIRE / September 10, 2024 / American Power Group Corporation ("APG") (OTC Pink:APGI),the leading dual fuel diesel engine conversion technology company is pleased to announce their V7000 next generation dual fuel system for Class 8 heavy-duty SCR diesel engines.
APG's V7000 Dual Fuel System is a practical, affordable, and proven alternative fuel solution to convert existing Class 8 diesel trucks to run on up to 60% natural gas including low-carbon and negative-carbon renewable natural gas. The V7000 has an expanded dual fuel calibration Engine Control Module providing increased functionality, performance and new expanded telematics capabilities providing fleet owners with the ability to track in real-time the net fuel savings of displacing their diesel consumption with widely available compressed natural gas (CNG) or renewable natural gas (RNG).
Chuck Coppa, APG's CEO/CFO stated, "We've initiated our next round of EPA/California Air Resources Board (CARB) emissions testing and are currently working with EPA and CARB to finalize new testing/approval protocols to expand our 500+ industry-leading EPA engine family approvals on selective engine model years for Cummins ISX, Detroit Diesel DD13/DD15, and Volvo/Mack D13/MP8. Our initial emission testing of the V7000 has shown very promising results regarding further emission reduction percentages, especially as it relates to NOx which would be significant in our efforts to address new CARB Near-Zero Emission Vehicle (NZEV) objectives. We are focusing on newer SCR engine platforms in the 2020 to 2022 range starting with Cummins X15 (450HP) engine platform given it allows for broader market/application coverage".
Mr. Coppa added, "Using low-carbon or negative-carbon RNG can significantly lower diesel-related criteria pollutants and improve a fleet's carbon intensity footprint with no loss of heavy-duty engine power and torque. The fleet owner can avoid spending over $400,000+ on a new alternative fuel heavy-duty truck by investing only a small fraction of that cost on upgrading their existing diesel truck engines with APG's dual fuel system and an appropriate natural gas storage tank. The maintenance and engine life cycle remains the same as the OEM diesel engine with no high-temperature parts or special engine oil required.
Mr. Coppa concluded, "We continue to believe there is no one silver bullet solution available to reduce heavy-duty diesel truck emissions but APG's dual fuel technology is one of the readily available options to diesel fleets who want to start dipping their toes into alternative fuels on a very cost-effective basis. While ideally, from an emissions perspective, heavy-duty trucks should be running 100% on some form of natural gas, electricity or hydrogen, we know cost is one of the key drivers in making the decision to move away from diesel to an alternative solution. According to the American Trucking Association, 95.8% of all carriers operate 10 or less trucks and 99.7% operate 100 or less trucks so we believe most are either just hesitant of change or don't have the financial resources to completely swap out their entire diesel fleet for cleaner burning vehicles."
American Power Group's subsidiary, American Power Group Inc., ("APG"), provides cost-effective alternative fueling solutions for diesel 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 60% 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 $4 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]
