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American Power Group Completes $6 Million Acquisition of All Dual Fuel Patents, Technology and Related Intellectual Property
American Power Group Completes $6 Million Acquisition of All Dual Fuel Patents, Technology and Related Intellectual Property.
About this update from American Power Group Corp.
[{"type":"text","content":"ALGONA, IA / ACCESSWIRE / May 23, 2023 / American Power Group Corporation ("APG") (OTC PINK:APGI) today announced the completion of the purchase of all patents, technology and related intellectual property associated with its dual fuel technology. Pursuant to the terms of the May 2018 Patent and Technology Installment Purchase Agreement between APG, M&R Development, Inc. and Clean Power Technology, LLC, APG paid $5 million and agreed to apply $1,030,000 of amounts owed by M&R to the Company towards the overall purchase price of $6,030,000.Chuck Coppa, APG's CEO/CFO stated, "Today marks another significant milestone in our history with the successful acquisition of multiple existing dual fuel technology patents and intellectual property as well as several patent pending applications for enhancements to our core technology. The long-term value of these patents has stood the test of time and enabled APG to gain market leadership recognition in achieving or exceeding regulatory emission approvals for a wide array of multiple generations of OEM diesel engine designs, including today's most advanced SCR/DEF diesel engines. We have repeatedly proven over the past 12 years that we can safely and cost effectively displace 50%+ of diesel with either CNG, RNG, LNG, or treated field gas with no loss of power or torque on engines ranging from 400-600HP Class 8 diesel trucks and up to 12MW for off-road generators and diesel pumps used in primary power and critical emergency back-up applications."Mr. Coppa added, "While the economic savings are significant, from a de-carbonization perspective, our V6000 Dual Fuel System displacing 50% to 60% of diesel consumption with domestically available RNG from dairy manure could eliminate between 500 to 610 metric tons of CO2 per year per vehicle and generate a significant negative Carbon Intensity Score (-104 to -145 gCO2e/mj). With approximately 2 million late-model Class 8 diesel trucks operating in the U.S. and assuming an estimated CO2 reduction of 500 metric tons per truck per year that equates to the elimination of potentially 1 billion metric tons of CO2 reduction per year. With these third-party validated results, we have a real opportunity to take existing diesel fleets and convert them to low-carbon or even negative-carbon green fleets when using RNG today.&quo...