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American Power Group Closes $3.45 Million Private Placement With Existing Shareholders
American Power Group Closes $3.45 Million Private Placement With Existing Shareholders.
About this update from American Power Group Corp.
[{"type":"text","content":"ALGONA, IA / ACCESSWIRE / May 30, 2023 / American Power Group Corporation ("APG") (OTC PINK:APGI) announces closing the sale of approximately 138 million shares of unregistered shares of common stock valued at $3.45 million to existing shareholders, including $3.25 million purchased by entities associated with or controlled by our Chairman. 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 remain very pleased that several of our largest shareholders continue to show their support and confidence in us by leading this most recent capital raise. Since October 2022, entities controlled by our Chairman, Matt Van Steenwyk, have provided us with $3.25 million of additional funding which has been used to complete the purchase of all patents, technology and related intellectual property associated with our dual fuel technology, pay off our remaining Iowa State Bank loan in January and the balance used for operations and inventory buildup to support our $5 million of stationary dual fuel quotes."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. While other infrastructure fueling alternatives are years or decades away, we provide millions of existing diesel engine owners an affordable path to reduce operating costs and meet their ESG sustainability objectives."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 ...