ALGONA, IA / ACCESSWIRE / June 20, 2023 / American Power Group Corporation ("APG") (OTC PINK:APGI) the leading dual fuel diesel engine conversion technology company is pleased to announce the appointment of Seung Baik, Tod Hynes and Don Wilkins as Strategic Advisors to the Company.
Mr. Baik is the former President of Hexagon Agility (2019-2023), a leading global provider of clean fuel solutions for commercial vehicles and gas transportation solutions. Its product offerings include natural gas storage and delivery systems, Type 4 composite natural gas cylinders, propane, and natural gas fuel systems. Prior to his position as President, Mr. Baik served as Chief Legal Officer of Agility Fuel Solutions (predecessor of Hexagon Agility) and was responsible for all legal and government affairs of the company. He led Agility through a variety of strategic transactions, including joint ventures, international expansions, acquisitions, divestitures and commercial partnerships. Mr. Baik, stated "I am very excited to join as a strategic advisor to a company with such promising technology. Coupled with renewable natural gas, APG's Dual Fuel Solutions on existing diesel engines can displace millions of tons of GHGs per year on a global basis. I look forward to working with APG's management team to make that vision into a reality."
Mr. Hynes has started, invested in, and advised several companies in climate and energy space over the past 20+ years. He founded XL Fleet, a provider of fleet electrification solutions for the commercial vehicle market, in 2008 and took the company public in 2020. He is currently a Senior Lecturer at the Massachusetts Institute of Technology (MIT) where he also co-founded and advises the MIT Climate and Energy Prize. He is also a Senior Advisor for Climate & Energy at the Martin Trust Center for MIT Entrepreneurship and is the Vice Chair of the Board of the Woodwell Climate Research Center, a world leading provider of independent climate science. Mr. Hynes noted, "APG's technology provides an additional pathway to rapidly reduce diesel fuel consumption and emissions. We need more solutions like this which can scale independently of battery supply chain bottlenecks. I'm excited to be part of their team".
Don Wilkins is a seasoned engineer with over 25 years of experience in operations, global sourcing, product development and marketing. Mr. Wilkins has held senior management positions with Mercury Marine, Kohler Engines, Kohler Generators and Power Solutions International where he led the team which developed a custom line of heavy-duty natural gas engines as well as EPA/CARB certified natural gas engines for forklifts. Mr. Wilkins also has extensive experience in the distributed power/microgrid markets utilizing natural gas engines. Mr. Wilkins stated "The APG Dual Fuel Systems are an elegant solution to rapidly scale the use of low carbon and bio-gases in the current fleets. I am thrilled to support the success of this technology".
Matt Van Steenwyk, APG's Chairman stated, "With the purchase of our dual fuel patents and related technologies complete, a debt free balance sheet and significant tail winds pushing for proven cost-effective solutions to reduce emissions globally, we are at a very exciting inflection point today. Each of these gentlemen bring a wealth of knowledge and industry contacts to APG in all the critical areas needed to accelerate our growth from both a vehicular and stationary dual fuel markets perspective. We could not be more excited that Seung, Tod and Don have agreed to join the APG team as Strategic Advisors."
Chuck Coppa, APG's CEO/CFO added, "We are looking forward to leveraging the vast knowledge base and networks that each of these gentlemen bring to us at APG. Seung is a well-known and respected alternative fuels leader who brings a strong background and extensive network in the areas of natural gas storage, delivery and deployment. Seung has worked with many of the fleets that are the ideal customers for our V6000 Vehicular Dual Fuel Solution. Tod's expertise with hybrid electrification solutions and capital raising efforts will be critical as we evaluate the potential of adding our dual fuel capabilities to existing or new electrification hybrid solutions. Don's expertise in the area of stationary natural gas engine design, applications and markets will be invaluable as we now look to expand our stationary dual fuel market into the microgrid and distributed power markets."
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 blends 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.
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 $5 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 $5 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
SOURCE: American Power Group Corporation
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