American Power Group Granted U.S. Patent Allowing for a Dual Fuel-Electrification Hybrid Solution

Rhea-AI Summary

APG (American Power Group Corporation) (APGI) announces the granting of a new patent for a Multi-Fuel, Range Extending Power Generation Propulsion System. CEO/CFO Chuck Coppa highlights the importance of this patent in enhancing the company's technical capabilities and product offerings, with potential benefits including reduced emissions, increased efficiency, and potential fuel savings of 25% to 30%. The company also plans to evaluate existing electrification enhancement solutions for hybrid capability development.

Positive

• The new patent adds to APG's intellectual property portfolio, enhancing its technical capabilities and product offerings.
• The ability to potentially operate the dual fuel engine at peak efficiency and reduce truck idling on diesel could lead to significant fuel savings of 25% to 30%.
• The company's V6000 Dual Fuel System is highlighted as a cost-effective and efficient alternative fuel solution for existing Class 8 trucks, providing fleet operators with a significant competitive advantage in their market.

Negative

• None.

ALGONA, IA / ACCESSWIRE / November 8, 2023 / American Power Group Corporation ("APG") (OTC PINK:APGI) announced that the U.S. Patent and Tradmark Office has granted patent number 11,766,944 titled Multi-Fuel, Range Extending Power Generation Propulsion System, Method, and Apparatus to the company.

Chuck Coppa, APG's CEO/CFO stated, "We are excited to be adding this new patent to our intellectual property portfolio of patents, applications, and enhancements. With new, more complicated engine technologies coming to market each year and the strong governmental push for continued tighter emission standards it is imperative that we continue to add to our technical capabilities and product offerings. The ability to add some level of electrification capability to our existing dual fuel solution will not only enhance our well documented ability to reduce existing diesel engine emissions but allow us to potentially operate the dual fuel engine at peak efficiency nearly continuously. We also believe there is an opportunity to add supplemental torque as well as reduce or potentially eliminate truck idling on diesel. There are multiple existing electrification enhancement solutions available on the market today which we will evaluate as we determine our development timeline for this hybrid capability."

Mr. Coppa added, "With a cost-effective conversion price of approximately $10,000 per truck, plus a nominal monthly cost of a leased natural gas tank, we strongly believe APG's V6000 Dual Fuel System is the most affordable and effective alternative fuel solution for existing Class 8 trucks available today. The ability to provide potential net fuel savings in the 25% to 30% range based on current average fuel pricing provides a fleet operator with a significant competitive advantage in their market. Adding in some form of dual fuel electrification capability will only add to both the savings and the operational capability."

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 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 $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
781-224-2411
ccoppa@apgdualfuel.com

SOURCE: American Power Group Corporation

View source version on accesswire.com:
https://www.accesswire.com/800926/american-power-group-granted-us-patent-allowing-for-a-dual-fuel-electrification-hybrid-solution

FAQ

What is the new patent granted to APG?

The U.S. Patent and Trademark Office has granted patent number 11,766,944 titled Multi-Fuel, Range Extending Power Generation Propulsion System, Method, and Apparatus to APG.

What are the potential benefits of the new patent?

The potential benefits include reduced emissions, increased efficiency, and potential fuel savings of 25% to 30% for fleet operators.

What is the cost-effective alternative fuel solution highlighted by APG?

APG's V6000 Dual Fuel System, with a cost-effective conversion price of approximately $10,000 per truck, plus a nominal monthly cost of a leased natural gas tank.

What are APG's plans for hybrid capability development?

The company plans to evaluate existing electrification enhancement solutions to add some form of dual fuel electrification capability.