SOURCE: GreenMan Technologies Inc.

GreenMan Technologies Inc.

October 28, 2011 10:24 ET

GreenMan Subsidiary Completes Conversion for Bhushan Steel Ltd.

Two of the Largest Dual Fuel Generator Conversions in the World

LYNNFIELD, MA--(Marketwire - Oct 28, 2011) - GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its American Power Group Inc. (APG) subsidiary has completed the follow-on order for Bhushan Steel Ltd. ("Bhushan Steel"), New Delhi, India, to convert two MAN B&W generators (one 12MW and one 9MW) at their Khopoli industrial site to APG's dual fuel technology. Bhushan Steel Ltd. is India's third largest secondary steel provider with estimated capacity of 2 million tons per annum.

Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "In the case of Bhushan Steel, we installed our dual fuel technology on two additional generators which are used to supply primary energy for the operation of Bhushan's steel rolling mills and are the size of two greyhound buses stacked on each other. Based on the historical performance of the generators previously upgraded to dual fuel, we anticipate a payback of less than six months on Bhushan's most recent investment with us." Mr. Jensen added, "Our ongoing efforts and investments to enhance the functionality and cost competitiveness of our dual fuel technology are why we can offer cost effective solutions in such diverse markets. India is quickly becoming a large market for both generator and vehicular natural gas dual fuel opportunities. We recently received approval from the Automotive Research Association of India ('ARAI') to upgrade two heavy-duty test vehicles. ARAI is a cooperative industrial research association of the automotive industry and the Ministry of Industries in India. The approval will allow us to start gathering in-country vehicular data as we prepare to commercialize the significant number of heavy-duty trucks and transit buses in India."

About GreenMan Technologies

GreenMan's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective U.S. patented dual fuel aftermarket conversion technology for 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 compressed natural gas; (2) diesel fuel and liquid natural gas; (3) diesel fuel and 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 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate to original engine manufacturers' specified temperatures and pressures. Aftermarket installation on a wide variety of engine models and end-market applications requires no engine modification unlike some invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.com.

Caution Regarding Forward-Looking Statements

With the exception of the historical information contained in this news release, the matters described herein contain "forward-looking" statements that involve risks and uncertainties that may individually or collectively impact the matters herein described, including but not limited to the risk that we may not be able to complete the transactions described in this release, the fact that we have sold the tire recycling operations which have historically generated substantially all our revenue; the risk that we may not be able to increase the revenue or improve the operating results of our American Power Group division; the risk that we may not be able to return to sustained profitability; the risk that we may not be able to secure additional funding necessary to grow our business, on acceptable terms or at all; the risk that if we have to sell securities in order to obtain financing, the rights of our current stockholders may be adversely affected; the risk that we may not be able to increase the demand for our products and services; the risk that we may not be able to adequately protect our intellectual property; and risks of possible adverse effects of economic, governmental, seasonal and/or other factors outside the control of the Company, which are detailed from time to time in the Company's SEC reports, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2010. The Company disclaims any intent or obligation to update these "forward-looking" statements.

Contact Information

  • Contacts:
    Chuck Coppa
    CFO
    Lyle Jensen
    CEO
    GreenMan Technologies, Inc.
    781-224-2411

    Investor Relations Contacts:
    John Nesbett
    Jennifer Belodeau
    Institutional Marketing Services (IMS)
    203-972-9200