The results of the month-long test drive of American Power Group Corporation’s (OTCMKTS: APGI) V6000 Dual Fuel system by Sapphire Gas Solution, has finally been announced by the company!
Market Reaction
On Friday, APGI stock ended flat at $0.0240 with 1.6K shares, compared to its average volume of 27.4K shares. The stock moved within a range of $0.0240 – 0.0240 after opening trade at $0.0240.
Sapphire Gas Solution has been using APGI’s 2015 Freightliner CC132 Coronado Sleeper with a Detroit Diesel 505HP diesel engine upfitted with APG’s new V6000 Dual Fuel system to pull heavy-haul LNG tankers with a combined truck/tanker load approximating 80,000 pounds across Texas.
Sam Thigpen, CEO of Sapphire Gas, states that APG’s Dual Fuel system and the new natural gas telematics system allowed a validation of consistent on-road displacement rate of near 60% with an overall average route diesel displacement of approximately 50% when running on dual fuel.
Depending on present fuel costs, it means a whopping 25% to 30% net fuel savings of $1.40 to $1.70 per gallon over 100% diesel fuel which is currently around $5.30/gallon in Texas. Chuck Coppa, APG’s CEO/CFO, further elaborated that diesel prices continue to go up, so the ability to provide operators with a 25% to 30% net fuel savings is significant. Moreover, the V6000 dual fuel system displacing 50% to 60% of diesel consumption with domestically available RNG from dairy manure could minimize 500 to 610 metric tons of carbon dioxide per year per vehicle.
Key Quote
Sam Thigpen, CEO of Sapphire Gas commented, “We have been impressed with the performance and results of operating APG’s new V6000 Dual Fuel truck. Our drivers reported the truck “performed like a diesel engine with no difference in power or torque” while operating APG’s Dual Fuel system and their new natural gas telematics system allowed us to validate a consistent on-road displacement rate of near 60% with an overall average route diesel displacement of approximately 50% when running on dual fuel. Based on our current fuel costs, this equates to an impressive 25% to 30% net fuel savings of $1.40 to $1.70 per gallon over 100% diesel fuel which is currently around $5.30/gallon in Texas. Based on these initial results and APG’s low cost of conversion, we can now have a more productive discussion regarding dual fuel and our fleet.”
Traders Review
APGI stock is trading below the 20-Day and 50-Day Moving averages of $0.0285 and $0.0298 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0237.
