American Power Group Corporation (OTCMKTS:APGI) Stock Continues To Trend Higher: Here is Why
On May 23, 2023, American Power Group Corporation (OTCMKTS:APGI) announced the completion the purchase of technology, patents, and related IPR associated with the dual fuel technology.
Pursuant to May 2018 Patent and Technology Instalment Purchase Agreement between M&R Development, Inc, APG, and Clean Power Technology, LLC, APG paid $5 million to the Company towards an overall purchase price of $6,030,000.
American Power Group Completes $6 Million Acquisition of All Dual Fuel Patents, Technology and Related Intellectual Property
Chuck Coppa, APG’s CEO/CFO said that it is a significant milestone in the company’s history. Coppa added that the successful acquisition of several dual fuel technology patents and intellectual property will enhance the core technology. The senior representative added that the long-term value of patents has enabled APG to gain market leadership in achieving emission approvals for several generations. He further stated that the company has proven over the last decade to cost-effectively and safely displace50%+ of diesel with either CNG, RNG, LNG, or treated field gas with no loss of power.
Coppa also feels that there are significant economic savings, and the V6000 Dual Fuel System displaces 50% to 60% of diesel consumption.
Matt Van Steenwyk, APG’s Chairman said that the company has gained complete ownership of the patented dual fuel technology. The firm’s Chairman added that APG’s technology is cost-effective for existing diesel engines and can harness several low-carbon fuels such as RNG, renewable diesel as well as biodiesel blends.
