SOURCE: GreenMan Technologies Inc.
LYNNFIELD, MA--(Marketwire - Jul 9, 2012) - GreenMan Technologies, Inc. (OTCQB: GMTI) announced that its American Power Group Inc. (APG) subsidiary has worked with EQT Corporation (EQT) and Linde North America (Linde) to complete the first dual fuel rig conversion in the Marcellus Shale using liquefied natural gas ("LNG"). EQT's initial rig conversion is operating in Northern West Virginia. Pending evaluation of the economic, operational, and environmental benefits of EQT's pilot program, EQT plans to convert additional rigs in West Virginia and Pennsylvania. Compared to diesel-only engines, APG's dual fuel Turbocharged Natural Gas™ system emits less carbon dioxide, nitrous oxides, sulfur oxides, and particulates. The LNG being used for EQT's pilot program is produced locally from the Marcellus natural gas reserves.
In a recent EQT Press Release, Steve Schlotterbeck, President of Exploration and Production for EQT, stated: "We want to be a leader in reducing the environmental impact related to drilling and are proud to be the first operator in the Marcellus to launch such a program. We continually look for opportunities to improve our operations and displacing diesel, by introducing the use of alternatives such as LNG and
field gas, is one way of doing so."
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "We are pleased that EQT has selected our APG Turbocharged Natural Gas™ system for this important maiden launch in the Marcellus region. We see an ever expanding demand for LNG dual fuel applications in the oil and gas, marine, industrial, and heavy-duty vehicular end markets. This local EQT pilot program is one more important step in reducing emissions and our dependence on foreign oil imports."
Mr. Jensen added, "We also are pleased to see our recently announced marketing relationship with Linde North America begin to generate revenue. APG is having notable success in converting diesel engines and diesel pumps with well-head and pipeline gas but a majority of the rigs are not logistically close to these sources of fuel so LNG makes perfect sense."
About EQT Corporation
EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, transmission, and distribution. With more than 120 years of experience, EQT continues to be a leader in the use of advanced horizontal drilling technology -- designed to minimize the potential impact of drilling-related activities and reduce overall the overall environmental footprint. Through safe and responsible operations, the Company is committed to meeting the country's growing demand for clean-burning energy, while continuing to provide a rewarding workplace and enrich the communities where its employees live and work. Company shares are traded on the New York Stock Exchange as EQT. For inquiries, please contact Natalie Cox - Corporate Communications (email@example.com).
About Linde North America
Linde North America is a member of the Linde Group, a world-leading gases and engineering company with around 50,500 employees in more than 100 countries worldwide. In the 2011 financial year, it achieved sales of EUR 13.787bn (USD $18.1 billion). The strategy of The Linde Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment -- in every one of its business areas, regions, and locations across the globe. The Group is committed to technologies and products that unite the goals of customer value and sustainable development. For inquiries, please contact Amy Ficon, Corporate Communications (Amy.Ficon@linde.com).
About GreenMan Technologies and American Power Group
GreenMan's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented Turbocharged Natural Gas™ conversion technology for aftermarket vehicular and stationary diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and compressed natural gas; (3) diesel fuel and pipeline or filtered well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces up to 80% of the normal diesel fuel consumption with the average displacement ranging from 40% to 65%. The energized fuel balance is maintained with a proprietary read-only electronic controller system ensuring the engines operate at original equipment manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications require no engine modifications unlike the more expensive invasive fuel-injected systems in the market. See additional information at: www.greenman.biz and www.americanpowergroupinc.com.
Caution Regarding Forward-Looking Statements and Opinions
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk 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, results of future operations, difficulties or delays in developing or introducing new products and keeping them on the market, the results of future research, lack of product demand and market acceptance for current and future products, adverse events, product changes, the effect of economic conditions, the impact of competitive products and pricing, governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the results of litigation, factors affecting the Company's future income and resulting ability to utilize its NOLs, and/or other factors, which are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2011 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. 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.