GreenMan Technologies, Inc. Completes $1M Minnesota Equipment Upgrade; Corporate-Wide Annual Crumb Rubber Capacity Nears 50 Million Pounds

LYNNFIELD, Mass.--Sept. 8, 2003--GreenMan Technologies, Inc. (AMEX: GRN) today announced completion of a $1 million upgrade to its Minnesota processing facility. The two-stage capital project involved the addition of new shredding capacity in response to increased market demand for smaller tire derived fuel products and the installation of GreenMan's third waste wire processing equipment line which is estimated to reduce annual disposal expense by over $160,000 per year and provide new sources of revenue and much needed material feedstock for GreenMan's Iowa crumb rubber operation.

Mark Maust, Midwest Regional Vice President stated, "During the past twelve months, GreenMan has invested over $2.75 million to upgrade the shredding and waste wire processing capabilities of our Minnesota and Iowa facilities. This investment provides the Midwest Region with an annual crumb rubber capacity of about 40 million pounds per year on a go forward basis which is double the production volume we anticipate during the current fiscal year." Mr. Maust added, "Our crumb rubber products have received superior quality ratings which created the market driven incentive to undertake and capitalize these initiatives."

"Completion of our Minnesota project continues our 'slaughter-house' strategy which is to realize more revenue from each scrap tire we manage while coincidentally reducing our waste disposal costs", said Bob Davis, GreenMan's President and Chief Executive Officer. Mr. Davis added, "We can now market our Minnesota alternative fuel products to a wider base of customers at higher margins. The Minnesota and Iowa upgrades were capital intensive but strategically critical to our re-investment and re-entrenchment initiatives which are intended to enhance GreenMan's long term corporate performance. In addition, we are well underway implementing operational and mechanical changes to our California crumb rubber capacity which we believe will more than double their crumb rubber processing capabilities. Together, these initiatives will provide GreenMan with corporate wide crumb rubber capacity of over 50 million pounds per year." "Safe Harbor" Statement: Under the Private Securities Litigation Reform Act

With the exception of the historical information contained in this news release, the matters described herein contain 'forward-looking' statements that involve risk and uncertainties that may individually or collectively impact the matters herein described, including but not limited to product acceptance, economic, competitive, governmental, results of litigation, technological and/or other factors outside the control of the Company, which are detailed from time to time in the Company's SEC reports, including the report on Form 10-KSB for the fiscal year ended September 30, 2002. The Company disclaims any intent or obligation to update these "forward-looking" statements.