SOURCE: GreenMan Technologies Inc.

GreenMan Technologies Inc.

December 21, 2010 09:00 ET

GreenMan Subsidiary Secures $0.3M Dual Fuel Conversion Order With Bhushan Steel Ltd.

Follow-On Order for Conversion of Two of the Largest Stationary Generators in the World

CARLISLE, IA--(Marketwire - December 21, 2010) -  GreenMan Technologies, Inc. (OTCBB: GMTI) announced that its American Power Group Inc. (APG) subsidiary has received a follow-on order from Bhushan Steel Ltd., ("Bhushan Steel") New Delhi, India, to convert two MAN B&W 12.3MW generators at their Khopoli industrial site to APG's dual fuel technology. Bhushan Steel has been operating two 12.3MW generator sets which were retrofitted with APG's dual fuel technology in 2006 and are considered to be one of the largest dual fuel engines operating in the world. The $0.3 million order is scheduled for completion during the first quarter of 2011. Bhushan Steel Ltd. is India's third largest secondary steel provider with estimated capacity of 2 million tons per annum. The company has three manufacturing facilities in the states of Uttar Pradesh, Maharashtra, and Orissa. 

APG's dual fuel system converts diesel engines and generators to function more efficiently and at a lower operating cost (net fuel cost savings of 25% - 35%) by seamlessly displacing 40%-70% of the normal diesel fuel consumption with CNG, LNG, or bio-methane. 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 performance and will also assist in extending the engine's oil life as natural gas is a cleaner burning fuel compared to diesel.

Lyle Jensen, GreenMan's President and Chief Executive Officer stated, "This opportunity is a prime example of the diversity of applications for our patented dual fuel solution. In the case of Bhushan Steel, we are installing our dual fuel technology on two generators (12.3MW each) 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. This is in stark contrast to several smaller applications (less than 100kw) identified in the oil patch and residential markets which are approximately 1/25th the size of the Bhushan generators. Our ongoing efforts and investments to enhance the functionality and cost competitiveness of our dual fuel technology is why we can offer cost effective solutions in such diverse markets. India is quickly becoming a large market for both generator and vehicular CNG dual fuel opportunities and we look forward to building upon our relationship with Bhushan Steel.

About GreenMan Technologies
GreenMan Technologies, through its subsidiaries, provides technological processes and unique marketing programs for alternative energy, renewable fuels and innovative recycled products. The Company's alternative energy subsidiaries, American Power Group, Inc. (APG) and APG International, Inc. (APGI) provide a cost-effective patented dual fuel technology for diesel engines. APG's dual fuel alternative energy system is a unique external fuel delivery 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 ("CNG"); 2) diesel fuel and bio-methane, or 3) 100% diesel fuel depending on the circumstances. The proprietary technology seamlessly displaces up to 65% of the normal diesel fuel consumption with CNG or bio-methane and the energized fuel balance between the two fuels is maintained with a patented control system ensuring the engines operate to Original Equipment Manufacturers' ("OEM") specified temperatures and pressures with no loss of horsepower. Installation requires no engine modification unlike the more expensive high-pressure alternative fuel systems in the market. Our Green Tech Products, Inc. subsidiary, develops and markets branded products and services that provide schools and other political subdivisions viable solutions for safety, compliance, and accessibility including recycled surfacing. See additional information at: www.greenman.biz., www.americanpowergroupinc.com, and www.playgroundcompliance.com.

"Safe Harbor" Statement: Under the Private Securities Litigation Reform Act
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 fact that we have sold the tire recycling operations which have historically generated substantially all our revenue and that we will be prohibited from competing in that business on a regional basis until 2013; the risk that we may not be able to increase the revenue or improve the operating results of our Green Tech Products or American Power Group divisions; 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 the Annual Report on Form 10-K for the fiscal year ended September 30, 2009. The Company disclaims any intent or obligation to update these "forward-looking" statements.

Contact Information

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

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