SOURCE: GreenMan Technologies Inc.

GreenMan Technologies Inc.

September 27, 2011 09:09 ET

GreenMan Subsidiary Receives Its First EPA Engine Family Approval Under the New Conversion Regulations

Provides a Clear Path to Commercialize Its V5000 Dual Fuel Vehicular Turbocharged Natural Gas™ Technology in the United States; Conference Call Today at 2 p.m. ET

LYNNFIELD, MA--(Marketwire - Sep 27, 2011) - GreenMan Technologies, Inc.("GreenMan") (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its American Power Group, Inc. ("APG") subsidiary has been notified by the U.S. Environmental Protection Agency ("EPA") that its first Clean Alternative Fuel Vehicle and Engine Conversion Submission has been approved per the EPA Final Rule 40CFR Parts 85 and 86: EPA420-F-11-006, for the Outside Useful Life ("OUL") Heavy Duty 2004 Caterpillar C-15 engine family. The submission utilized APG's latest V5000 Dual Fuel Turbocharged Natural Gas™ technology which had to meet specific design, componentry, and emission compliance criteria. This first OUL Heavy Duty Diesel EPA approval provides APG a clear path for additional conversion approval submissions on a wide-array of heavy-duty aftermarket diesel truck engines.

Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "The magnitude and strategic impact of this initial EPA approval is without a doubt one of the most important events in the Company's history. Our focus over the next several quarters will be to work with interested fleet owners of the most popular OUL model years so that we can expand the number of approved engine families we can sell. With the current approved EPA protocol, we believe we can accelerate the preparation and submission timeline of subsequent vehicle family submissions. In addition, during this timeframe, we also intend to file our initial intermediate age ("IUL") vehicle submission, which will be subject to different regulatory requirements and would expand our product offerings to include IUL vehicles."

Power Systems Research, a global supplier of business information to the engine, power products and components industries, estimates that approximately 4.6 million medium and heavy duty diesel vehicles, representing approximately 93% of all medium to heavy duty vehicles in service, fit into either the IUL or OUL classifications.

Mr. Jensen added, "Based on our research, we believe we have identified the top 40 heavy duty engine families operating on the U.S. roads today, representing nearly 400,000 vehicles and an identified market potential in excess of $3.9 billion. We are first to market with a reliable low-cost system that is generating significant fleet owner interest in EPA approved aftermarket conversions."

In April 2011, the EPA announced it had amended its alternative fuel conversion regulations for light, medium and heavy-duty vehicles which built upon the concept that it is appropriate to either certify or approve conversions differently based on the age of the vehicle or the engine being converted. Under the new regulations, testing and compliance procedures differ based on the age category of the vehicle or engine that is being converted: (1) new or relatively new; (2) intermediate age, or IUL, or (3) outside useful life, or OUL.

APG's aftermarket dual fuel system converts diesel engines (On-Road, Off-Road and Stationary) to function more efficiently and at a lower operating cost (average net fuel cost savings of 20% - 30%) by seamlessly displacing 40%-60% of the normal diesel fuel consumption with compressed natural gas, liquid natural gas, pipeline gas, well-head gas, or bio-methane gas. APG's system is non-invasive to the OEM engine and operates within all OEM performance controls, with the flexibility to return to 100% diesel operation at any time. APG's dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide and particulate matter emissions. In addition, the introduction of natural gas through APG's dual fuel system does not impact diesel engine power or pulling torque and, because natural gas burns more cleanly than diesel fuel, will assist in extending the engine's oil life.

Conference Call
Please join us today, September 27, 2011 at 2:00 PM ET for a conference call in which we will discuss the impact of our recent EPA approval. To participate, please call 1-877-723-9523 and ask for the GreenMan call using pass code 8336194. A replay of the conference call can be accessed until 11:50 PM on October 14, 2011 by calling 1-888-203-1112 and entering pass code 8336194.

About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provide 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 or Jennifer Belodeau
    Institutional Marketing Services (IMS)
    203-972-9200