The alternative fuel industry is growing at an impressive clip and it is expected to grow in the long term as interest rises in environmentally friendlier forms of fuel instead of the traditional. Hence, it is perhaps not a surprise that more and more investors are nowadays looking into the possibility of getting into this sector and one of the companies which may well be worth tracking at this point is American Power Group Corporation (OTCMKTS:APGI).
The company operates a subsidiary unit named American Power Group Inc which offers cost-effective alternative fuel solutions that lead to a significant reduction in the methane pollutants emanated by diesel engines and also help in building towards a low carbon emission future.
The company was in focus on May 30 after it announced that it had managed to close the sale of 138 units of its unregistered common shares to existing shareholders. The transaction had a valuation of $3.45 million and out of that $3.25 million worth of shares were picked up by entities that were associated with the company’s chairman.
The Chief Executive Officer and Chief Financial Officer of American Power Group Corporation Chuck Coppa spoke about the latest transaction as well. He noted that the market conditions in the alternative energy industry have been challenging and hence it has been difficult for many small companies to get the necessary capital that they needed to bring about growth. He expressed his gratitude to some of the company’s largest shareholders who showed their support and confidence in its business through the transaction.
He added that since October last year, entities controlled by Matt Van Steenwyk, the company’s chairman, had supplied as much as $3.25 million in financing. The money had been used by the company for the purpose of buying all the patents, intellectual property, and technology that had been necessary to develop American Power Group’s flagship dual fuel technology.
The financing had also been used by the company to pay down the loan with the Iowa State Bank. The rest of the cash had been used for inventory building and operations for supporting the company’s stationary dual fuel quotes worth $5 million. Steenwyk noted that as a technology investor he had always been on the lookout for exceptionally disruptive technologies to invest in and his investments were made because of his belief in dual fuel technology from American Power Group.
On May 23, American Power Group had come into focus after it had announced that it had completed the acquisition of all the technology, patents and intellectual property related to its duel fuel technology. Coppa stated at the time that it marked another major milestone for the company since it had completed the acquisition of multiple dual fuel technology patents and related intellectual property. He went on to note that the patents held considerable long-term value and that had been demonstrated over time since American Power Group had managed to gain market leadership in the particular niche.
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