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American Power Group, a subsidiary of American Power Group Corporation (OTCQB:APGI), has announced the completion of a $3.25 million term loan, which will be used to purchase two Flare Capture and Recovery Systems.
American Power Group, a subsidiary of American Power Group Corporation (OTCQB:APGI), has announced the completion of a $3.25 million term loan, which will be used to purchase two Flare Capture and Recovery Systems.
According to the press release:
Flare Capture and Recovery Systems that can monetize captured flared gas converted into Natural Gas Liquids (“NGL’s”). In addition, one of the two units will be able to produce compressed natural gas for APG’s Turbocharged Natural Gas® Dual Fuel conversion technology. Details of this transaction will be set forth in a Current Report on Form 8-K which will be filed with the Securities and Exchange Commission today.
APG recently announced signing a license agreement with Trident Resources, LLC (“Trident”) for the exclusive worldwide right to commercialize Trident’s proprietary NGL processing technology. APG purchased certain of Trident’s operating assets including two existing mobile NGL processing systems currently servicing remote or stranded well sites for one of the top five oil and gas exploration and production (“E&P”) companies in the Bakken region of North Dakota.
