ALGONA, IA / ACCESSWIRE / September 30, 2024 / American Power Group Corporation ("APG") (OTC PINK:APGI) the leading dual fuel diesel engine conversion technology company is pleased to announce the conversion of $1.285 million of advances made over the past 15 months by an existing shareholder associated with its Chairman, Matt Van Steenwyk. The advances were converted into approximately 36 million shares of unregistered shares of common stock at a conversion price which represented a 100% premium over the closing price on the date of closing.

Chuck Coppa, APG's CEO/CFO stated, "Given current market conditions in the alternative energy space, access to growth capital for small companies has been challenging so we are extremely pleased that our largest shareholder continues to show their support and confidence with this latest purchase of common stock, especially at above market prices. Since the beginning of August we've announced the receipt of over $2.2 million of follow-on stationary dual fuel conversion orders, the introduction of our next generation V7000 Dual Fuel conversion solution for heavy-duty Class 8 trucks, the initiation of our next round of EPA/California Air Resources Board (CARB) emissions testing and efforts to finalize new testing/approval protocols to expand our 500+ industry-leading EPA engine family approvals. 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".

Matt Van Steenwyk, APG's Chairman noted, "As a technology investor, I am always looking for a situation where a company has an extraordinarily disruptive technology that can address multiple market drivers. In APG's case, that is significant emission reductions as well as meaningful economic savings and a low cost of entry. 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 provide a pathway for dramatic carbon reduction, even turning the results negative. We are very encouraged by our initial emission testing of the V7000 which 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 and look forward to furthering these efforts."

About American Power Group Corporation (www.americanpowergroupinc.com)

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.