GreenMan Technologies said today that revenues at the company’s American Power Group (APG) dual fuel subsidiary increased to $396,000 from $360,000 for the same quarter last year.
Lyle Jensen, GreenMan’s President and Chief Executive Officer commented, “Overall, this was a solid quarter for our Company, in which we continued to drive revenue growth both compared to last year and sequentially. As our dual fuel technology gains acceptance domestically and internationally, we are making steady progress toward profitability and positive earnings performance. On the stationary front, the use of our technology in aftermarket upgrade applications in the oil and gas industry has demonstrated successful field performance and also provides a favorable economic model which has driven demand for our solution, creating a robust conversion pipeline. In the domestic vehicular market, we believe that the recent changes in EPA aftermarket regulations leave us uniquely positioned to capitalize on conversion opportunities and we currently have three engine families under EPA exemption that are scheduled to go through emissions testing shortly. We anticipate fully launching our vehicular conversion strategy during spring 2012. ”
APG’s dual fuel system converts diesel engines and diesel generators to function more efficiently and at a lower operating cost (average net fuel cost savings of 20% – 35%) by seamlessly displacing up to 40% – 60% of the normal diesel fuel consumption with either CNG, LNG, pipeline gas, well-head gas, or other qualified bio-methane gases. APG’s system is non-invasive to the OEM engine and operates within all OEM performance controls with the flexibility to return to 100% diesel operation at any time.
APG’s dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide, and particulate matter emissions. In addition, the introduction of natural gas through APG’s dual fuel system does not impact diesel engine power or torque and will assist in extending the engine’s oil life as natural gas is a cleaner burning fuel compared to diesel.
[mappress] LNG World News Staff, February 15, 2012