American Power Group Corp. (OTC:APGI) Stock Gains On Patent News
The week may be slowly winding down to a close, but investors are still going to be looking closely into those companies that may have made it to the news cycle. One of the companies that could be worth tracking at this point in time is American Power Group Corp. (OTC:APGI).
On Wednesday, the company announced that it had been awarded a patent titled Multi-Fuel, Range-Extending Power Generation Propulsion System, Method, and Apparatus by the United States Patent and Trademark Office. The Chief Executive Officer and Chief Financial Officer of the company, Chuck Coppa, spoke about the significant development as well. He noted that everyone at the company was excited at the prospect of adding a new patent to its existing intellectual portfolio made up of patents, enhancements, and applications. He stated that new and more complex engine technologies were hitting the market every year.
Additionally, the fact that the government was making a continued push for stricter standards for emissions had made it a necessity for American Power Group to work on adding to its product offerings as well as technical capacities. He also stated that the company would also have the capacity to add a degree of electrification to the already existing dual fuel solution it offered. It would help the company with the reduction of diesel fuel emissions and also operate the dual-fuel engine at the highest level of efficiency.
Additionally, Coppa also stated that, with a conversion price of $100,000 per truck and a nominal cost per month for a leased natural gas tank, the company’s V6000 Dual Fuel System was the most effective and cost-effective alternative fuel product for Class 8 trucks in the present day. The engine helps a fleet operator with net fuel savings to the tune of 25% to 30% as per current average fuel pricing. Such savings can lead to considerable competitive advantages in the long run.
The company, which is regarded as the leading player in the dual-fuel diesel engine conversion technology space, was in focus on June 20 when it announced that it had appointed three new strategic advisors. The three appointments that were made by American Power Group were those of Don Wilkins, Seung Baik, and Tod Hynes. Baik had formerly been the President of Hexagon Agility, a global company involved in providing clean fuel solutions for gas transportation purposes and also for commercial vehicles.
Hynes had been involved in starting, investing in, and also advising a number of companies in the climate and energy sectors for more than two decades. He had been the founder of the company XL Fleet, involved in providing solutions for fleet electrification in the commercial vehicle niche. Hynes had established the company in 2008 and took it public 12 years later. Last but not least, Wilkins is an engineer with more than a quarter of a century of experience in global sourcing, product development, operations, and marketing. He had held senior positions at a number of companies.
