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American Power Group Receives Over $600,000 in Follow On Vehicular Dual Fuel Orders
American Power Group Receives Over $600,000 in Follow On Vehicular Dual Fuel Orders.
About this update from American Power Group Corp.
[{"type":"text","content":"\n \n \n American Power Group Receives Over $600,000 in Follow On Vehicular Dual Fuel Orders\n \n \nAmerican Power Group Receives Over $600,000 in Follow On Vehicular Dual Fuel Orders\n\nTop Customers Continue to Expand Their APG V5000 Fleet\n\n \n LYNNFIELD, MA--(Marketwired - Feb 10, 2016) - American Power Group Corporation (OTCQB: APGI) announced today that its subsidiary, American Power Group Inc. (\"APG\") has received follow on purchase orders from two of its top U.S. customers for APG V5000 Turbocharged Natural Gas® Systems and supporting CNG fueling systems. These new orders, which total over $600,000, are expected to ship during the current quarter and into the Company's third fiscal quarter and will bring the two customers' collective APG dual fuel truck fleet to over one hundred units. \n Lyle Jensen, American Power Group Corporation's Chief Executive Officer stated, \"As evidenced by these orders, our vehicular efforts are benefiting from a recent Congressional approval of an alternative fuel excise tax credit of $0.50 per gallon retroactive to 2015 and in place for 2016 which some fuel suppliers are passing on in the form of lower CNG and LNG pump prices. In addition, a recent federal law change provides that LNG will be taxed on its BTU value which reduces the federal fuel tax by $0.17/gallon.\"\n Mr. Jensen added, \"In these times of increasing federal, state and local regulatory pressure to reduce harmful emissions on multiple fronts, we are seeing an increasing number of fleets placing a much higher value on the significant emission reduction benefits of APG's Turbocharged Natural Gas® technology than in the past. When APG's V5000 system is installed on a 2010 and newer OEM SCR (selective catalyst reduction) engine, the average emission results are 50% below the current EPA/CARB nitrous oxide (\"NOx\") standards which is one of the lowest readings in the industry. We estimate we have over 100 million cumulative customer miles of on-the-road experience with no recalls and no major field performance issues which is a testament to the reliability and durability of our design.\"\n Mr. Jensen concluded, \"We believe APG provides the best dual-fuel conversion technology at the lowest total cost of ownership available in the market and provides a bridge technology to significant follow-on markets. We are taki...