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American Power Group Corporation (APGI) develops dual fuel diesel engine conversion technology through its American Power Group Inc. subsidiary. Its patented hardware and software systems allow high-horsepower diesel engines to displace diesel fuel with natural gas, including renewable natural gas, compressed natural gas, liquefied natural gas, captured flare-stack methane, and conditioned well-head gas.
Company news centers on EPA engine-family approvals, CARB Executive Orders, V7000 and S4000 dual fuel system applications, Class 8 truck conversions, stationary and off-road prime power installations, and emergency back-up power uses. Updates also cover renewable natural gas policy and industry events, fleet and power-generation market applications, cumulative run-hour milestones, and capital structure actions such as private placements.
American Power Group Corporation (APGI) reported a 32% increase in revenue for fiscal 2022, reaching $3.5 million compared to $2.7 million in 2021. The net income after taxes was $289,000, a turnaround from a $302,000 loss the previous year. Improved gross margins of 48% were attributed to increased sales and reduced amortization costs. The CEO highlighted the ongoing expansion in the oil and gas fracking market and a strong pipeline of $4+ million in conversion quotes. Corporate debt has decreased by $6.7 million over the last two years.
American Power Group Corporation (APG) recently demonstrated its V6000 Low-Carbon Dual Fuel Solution in California, targeting truck fleet owners and regulatory agencies. The dual fuel solution can displace 50-60% of diesel fuel with renewable natural gas (RNG) from dairy manure, resulting in significant carbon emissions reduction. This technology is available for most diesel engines at a conversion cost of about $10,000. APG projects potential fuel savings of $1,500 to $2,250 monthly for operators using this solution, highlighting the feasibility of transitioning to cleaner fuels.
American Power Group Corporation (APGI) reported its unaudited financial results for the three and nine months ending June 30, 2022. The company achieved net revenues of approximately $1.08 million and $2.92 million for these periods, marking a rise from $1.35 million and $1.94 million in the same periods of 2021. The net income was $105,000 and $453,000 respectively, contrasting with a prior net loss. The $2.1 million in follow-on orders and a significant focus on reducing debt helped improve financial stability.
American Power Group Corporation (APGI) announced the conversion of $1.97 million of convertible notes and accrued interest into approximately 7.86 million shares of common stock, following a May 2018 agreement. In the past 18 months, the company has reduced corporate debt by about $6.8 million, including $1.8 million of bank debt and around $5 million of convertible debt. CEO Chuck Coppa emphasized the focus on strengthening the balance sheet. The company’s dual fuel solutions aim to support a low-carbon future, although financial pressures and reliance on third parties pose risks to ongoing operations.
American Power Group Corporation (APGI) is set to showcase its V6000 Dual Fuel Technology for Class 8 diesel trucks at the NSRMCA National Convention from August 7-10, 2022, in Sacramento, California. This technology enables significant fuel savings, offering 25% to 30% net reductions in fuel costs while lowering emissions. With over 500 EPA approvals, the V6000 system aims to help fleet operators in the USPS transport sector enhance sustainability and operational efficiency. APG emphasizes the affordability of this conversion, priced around $10,000 per truck.
American Power Group Corporation (APGI) reported unaudited results for the three and six months ended March 31, 2022. The company achieved net sales of $315,000 and $1.84 million, respectively, marking a 211% year-to-date revenue increase compared to the previous year. The net loss remained consistent at $310,000 for Q2, while a net income of $348,000 was reported for the six-month period. The company has over $5 million in outstanding conversion quotes and a successful $2.46 million share sale to enhance its low-carbon fuel solution initiatives.
American Power Group Corporation (APGI) announced positive results from a month-long test of its V6000 Dual Fuel system by Sapphire Gas Solutions. The test demonstrated a diesel displacement rate of 60%, yielding net fuel savings of 25% to 30%, equating to savings of approximately $1.40 to $1.70 per gallon compared to diesel at $5.30 in Texas. The V6000 system could potentially eliminate between 500 to 610 metric tons of CO2 per vehicle annually. With around 2 million Class 8 diesel trucks in the U.S., the total CO2 reduction potential could reach 1 billion metric tons per year.
American Power Group Corporation (OTC PINK: APGI) has completed a $2.46 million private placement of approximately 98.4 million shares of common stock to existing shareholders, including $2.2 million from entities controlled by the Chairman. CEO Chuck Coppa expressed confidence in shareholder support and plans to use the funds for promoting the V6000 Low-Carbon Dual Fuel solution, which could reduce CO2 emissions significantly. The company aims to convert $4.5+ million in dual fuel conversion quotes into orders despite past financial losses and market risks.
American Power Group (APGI) has expanded its demonstration program for Class 8 heavy haul trucks due to rising diesel prices exceeding $5 per gallon. The program includes a 2014 Freightliner CA125 with a Cummins ISX 15L engine and a 2015 Freightliner CC132 with a Detroit Diesel DD15 engine, both equipped with APG’s patented V6000 Dual Fuel System. This system allows trucks to operate on a mix of diesel and domestic natural gas, providing cost savings and emission reductions. CEO Chuck Coppa emphasized the potential to displace about 19.5 billion gallons of diesel consumption annually.
American Power Group (APGI) reported impressive Q1 Fiscal 2022 unaudited results, showcasing a 552% revenue increase to $1.53 million compared to $0.23 million in the prior year. The company achieved a net income after taxes of $658,000, reversing a $278,000 net loss from the previous year. The growth is attributed mainly to a significant $1.4 million order and efforts in the oil/gas fracking market, with over 240 engine conversions completed. Outstanding conversion quotes exceed $3 million, indicating robust future potential.