GreenMan Selects Ardour Capital as Financial Advisor

LYNNFIELD, MA--(Marketwire - Jan 4, 2012) - GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) reported today the engagement of Ardour Capital Investments, LLC to assist in the Company's capital raising activities to support its dual fuel marketing and testing initiatives. Ardour Capital is a leading institution in energy technology/alternative energy and power/clean & renewable technologies. In addition, the Company's principal secured lender, Iowa State Bank, has agreed to extend the maturity of its $2 million asset-based financing agreement to April 1, 2012. Specific details of this transaction can be found in the Company's Form 8-K that was filed with the Securities and Exchange Commission on December 22, 2011.

Kerry Dukes, Ardour Capital's Managing Partner, said, "We are excited to be working with the management team at GreenMan, as they have done a tremendous job at positioning the Company for future growth. Given our familiarity with the alternative energy and power sector, we believe GreenMan's non-invasive dual fuel technology has broad applicability to both domestic and international markets. The opportunity is not only timely, given the current pricing of natural gas and diesel but also addresses very large, target markets which are constantly looking to reduce emissions and expenses related to fuel costs."

Chuck Coppa, GreenMan's Chief Financial Officer, stated, "We look forward to working with Ardour Capital and Iowa State Bank as we align our financing strategies to support the enthusiasm our Turbocharged Natural Gas™ system is experiencing in the marketplace. The oil & gas industry is adopting our technology at an accelerating rate, with eighteen follow-on conversions completed and three additional systems booked into backlog in the past ninety days. The six previously announced additional vehicular conversions completed in Australia are now on the road and performing well, and we have received orders for another forty-two vehicular conversions in Africa. In the United States, the continuing favorable cost spread between diesel fuel and natural gas is creating a growing list of domestic fleet owners who are anxiously waiting for us to get EPA approval for dual fuel conversion of their prime engine families. Our deliverable backlog has grown to $.8 million, supporting our forecast that field testing would begin to transition to follow-production by the end of the calendar year. The 20%-35% net annual fuel savings and the reduction in harmful diesel emissions continue to provide an excellent value proposition for customers around the world."

About Ardour Capital
Founded in 2002, Ardour Capital is the leading research and investment-banking firm exclusively focused on energy technology, alternative energy and power, and clean & renewable technologies. Ardour Capital offers private and public companies a full range of corporate finance, investment banking and capital market services. Ardour Capital publishes in-depth company coverage and industry specific research. Ardour Global Indexes is a family of pure play alternative energy indexes that is the primary measure of clean-tech equity performance.

About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provide a cost-effective U.S. patented dual fuel aftermarket conversion technology for diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy 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; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate to original engine manufacturers' specified temperatures and pressures. Aftermarket installation on a wide variety of engine models and end-market applications requires no engine modification, unlike some invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.com.

Caution Regarding Forward-Looking Statements

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 risk that we may not be able to complete the transactions described in this release, the fact that we have sold the tire recycling operations which have historically generated substantially all our revenue; the risk that we may not be able to increase the revenue or improve the operating results of our American Power Group division; 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 our Annual Report on Form 10-K for the fiscal year ended September 30, 2010. The Company disclaims any intent or obligation to update these "forward-looking" statements.