American Power Group Corporation has initiated a new leasing program for dual-fuel conversions and related natural gas tank systems provided by its subsidiary American Power Group, Inc. (APG). Leases will be offered by Vision Financial Group, Inc. through its specialty unit VFG Energy Leasing and Finance (VFG) of Pittsburgh, PA.
Lyle Jensen, American Power Group Corporation’s Chief Executive Officer, stated, “Many fleet owners interested in natural gas conversions of their existing fleets have found it challenging to obtain traditional bank financing for alternative fuel add-on systems for their diesel trucks. We are excited that VFG has seen the value of APG’s dual-fuel technology and are willing to provide financing terms with and without a perfected security interest on the entire vehicle chassis. This is critical for many of the fleet operators we’ve spoken to who are looking to convert multiple units at a time. We believe our ability to offer fleet customers with a viable financing solution will provide them with a path to convert a larger percent of their fleet sooner rather than later.”
According to Jensen, the technology is generating customer validated net monthly fuel savings of $1,000 to $1,800 per month depending on the miles driven and cost of fuel.
During calendar year 2013, VFG Energy Leasing & Finance funded over $18 million of natural gas related transactions.