ALGONA, IA and MIDDLESEX, NJ / ACCESSWIRE / August 8, 2022 / American Power Group Corporation ("APG") (OTC Pink:APGI) and Galileo Technologies US ("Galileo") jointly announce today their plan to leverage their complementary alternative fuel capabilities and pursue business opportunities together which can lower net fuel costs and reduce carbon emissions for their customers.
Galileo Technologies is a global company with United States headquarters in Middlesex, New Jersey and a presence in more than 70 countries marketing their compression, re-gasification and liquefaction natural gas equipment and services. Galileo uses state-of-the-art technology and proprietary modular compression designs to offer a full line of turnkey service applications with modern SCADA monitoring. Galileo's fueling equipment can enable the monetization of natural gas from any source (well-head, flared, pipeline or stranded) by converting it into low carbon RNG, CNG, or LNG. The result is greater efficiency and lower fuel burn. The modular and compact sized "Plug-and-Play" construction of the Cryobox™, Nanobox™, Microbox™ and Gigabox™ units makes it flexible, minimizing installation and operating costs and maximizing equipment uptime for all types of fleet vehicles and fleet sizes.
Matt Van Steenwyk, APG's Chairman said, "We are excited to align ourselves with Galileo as we believe APG's low cost, Dual Fuel solution can positively impact demand for all the various natural gas fuel configurations that Galileo's equipment can produce at a lower cost point of entry for their customers. Between the oil and gas stationary power industry and the Class 8 trucking industry, it would appear our strategic focus and complementary capabilities provide a unique technology platform focused on decarbonization of the energy and transportation logistics supply chain."
Ty Webb, Galileo's Senior VP Sales noted, "The market is in need of turnkey modular, quick-to-market and value-added solutions that our Cryobox™, Gigabox™, Microbox™ and Nanobox™ systems can provide. Our expanding network of CNG/RNG and LNG facilities in North America provide accessible field service support through the entire project lifespan from conception through execution. In essence, Galileo and APG can enable our collective customers to take more control over their fueling needs by sourcing natural gas closer to the point of use. Traditional distillate fuel supply chains and refining networks are running at full capacity and the inevitable interruptions, either planned or unplanned, create uncertainly in supply and costs that can be greatly alleviated by using regional natural gas sources to improve reliability and lower fuel cost significantly. We very much look forward to working the with the APG Dual Fuel Team to maximize commercial alternative fuel opportunities that will benefit our mutual customers."
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 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.
About Galileo Technologies (www.galileoar.com) Galileo Technologies is a hi-tech company at the forefront of engineering and manufacturing of high value-added solutions. For more than 30 years, it has broadened access to energy sources advancing carbon footprint reduction in more than 70 countries. Characterized by modularity and scalability, Galileo's technologies provide solutions in production, distribution and usage of Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), Renewable Natural Gas (RNG) and Hydrogen (H2).
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 $3 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 $3 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
[email protected]
SOURCE: American Power Group Corp.