CARLISLE, IA--(Marketwire - November 1, 2010) - GreenMan Technologies, Inc. (
KITL is part of the renowned Kirloskar Group, India's largest manufacturer of air-cooled and liquid-cooled diesel engines covering a power range from 3hp to 11,000hp. Founded in 1888 and headquartered in Pune Maharastra, India, the Kirloskar Group is a multi-billion dollar engineering and construction conglomerate that leads India in power generation, water pumping solutions, air conditioning & refrigeration systems, construction, material handling, and agriculture sectors.
KITL is in the business of developing, marketing, and supplying sustainable renewable energy products and services to its customers. Green & renewable energy solutions provided by KITL include: Biomass & Municipal solid waste based energy applications such as Bio-Methane & electricity, Bio-fuels, Organic fertilizers, Diesel - Gas - Biogas - Straight vegetable oil operated engines & Solar PV.
APGI'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%-60% of the normal diesel fuel consumption with CNG, LNG, or bio-methane. APGI'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. APGI'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 APGI's dual fuel system does not impact diesel engine performance and will assist in extending the engine's operating life as natural gas is a cleaner burning fuel compared to diesel.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "I can't think of a better business partner than Kirloskar to develop this market as we introduce our stationary and vehicular dual fuel systems into India. We are currently up-fitting several new Kirloskar generators at our APGI facility with the intention of developing the first APGI/KITL OEM dual fuel generator product line that would be sold under the Kirloskar brand name. During my visit to India this year, I toured their new Kagal, India manufacturing facility which was world-class by all quality and productivity standards. Our path to market will benefit from this strategic alliance."
Laxmikant Joshi, Executive Director of KITL, said: "We are delighted to be associated with APGI and find APGI's dual fuel system technology to have excellent synergy with our business operations and vision, which will help our customers reduce their green house gas emissions. We are equally excited with the market potential & an enormous opportunity for APGI products in our territory."
Mr. Jensen concluded, "In a recent industry briefing from the International Association for Natural Gas Vehicles, India was characterized as an emerging giant in the CNG industry with plans to connect 200 cities to natural gas over the next five years. India is currently ranked fifth in the world with close to a million CNG vehicles in operation. To date, the CNG market in India has been primarily focused on light-duty vehicles and we see a significant opportunity to bring our cost-effective solutions to the medium and heavy-duty truck and transit bus market, stationary generators of all sizes, as well as launching closed-looped biomass/bio-methane solutions in the agriculture sector. The India market is projected to be a major revenue contributor for us in the years to come."
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
Lyle Jensen
CEO
GreenMan Technologies, Inc.
781-224-2411
Investor Relations Contacts:
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)
203-972-9200