Document:

Exhibit 10.96

                            ASSET PURCHASE AGREEMENT

      This asset purchase agreement (the "Agreement") is made and entered into
this 16 day of April, 2001, by and among TENNESSEE TIRE RECYCLERS, INC., a
Tennessee corporation (the "Seller"), and TECHNICAL TIRE RECYCLING, INC., a
Tennessee corporation (the "Purchaser").

                                   ARTICLE I

                  SALE OF ASSETS AND ASSUMPTION OF LIABILITIES

      Section 1.1 Sale of Assets.

            (a) Purchased Assets. Seller hereby sells, assigns, transfers,
      conveys and delivers to Buyer, and Buyer hereby accepts and purchases, all
      of Seller's right, title and interest in and to all of the assets,
      properties and rights of Seller described on Schedule 1.1(a) attached
      hereto as shall exist on the Closing Date (as hereinafter defined)
      ("Purchased Assets").

            (b) Excluded Assets. The foregoing notwithstanding, Buyer is not
      purchasing, and Seller shall not be deemed to sell, those assets which are
      described on Schedule 1.1(b) attached hereto ("Excluded Assets").

            (c) Certain Consents to Assignment. To the extent that the
      assignment of any right or agreement the benefit of which is to be
      acquired by Buyer pursuant to this Agreement requires the consent of any
      Person not a Party to this Agreement or any of their Affiliates, this
      Agreement shall not constitute a contract to assign or assume the same
      until such consent is obtained. Seller and Buyer shall use reasonable
      efforts to obtain any consent necessary to any such assignment. If any
      such consent is not obtained (a) this Agreement shall not constitute or be
      deemed to be a contract to assign or assume the same if an attempted
      assignment without such consent, approval or waiver would constitute a
      breach of such right or agreement or create in any party thereto the right
      or power to cancel or terminate such right or agreement, and (b) Seller
      will cooperate with Buyer, in any reasonable arrangement requested by
      Buyer designed to provide to Buyer the benefit, monetary or otherwise, of
      Seller's rights under such right or agreement, including enforcement of
      any and all rights of Seller against the other party thereto arising out
      of a breach or cancellation thereof by such other party.

      Section 1.2 Assumption of Liabilities.

            (a) Assumed Liabilities. Buyer hereby undertakes, assumes and agrees
      to perform and otherwise pay, satisfy and discharge only those liabilities
      expressly set forth on Schedule 1.2(a) attached hereto (the "Assumed
      Liabilities").

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            (b) Excluded Liabilities. Buyer shall not assume, nor does Buyer
      agree to pay, any debts, liabilities or obligations of any kind or nature
      whatsoever not specifically set forth on Schedule 1.2(a), including,
      without limitation, those items set forth on Schedule 1.2(b) attached
      hereto (collectively, "Excluded Liabilities"). All Excluded Liabilities
      shall be the responsibility of Seller, and Seller hereby covenants and
      agrees to fully and timely pay and discharge all Excluded Liabilities.

      Section 1.3 Closing. The closing of the purchase and sale of the Purchased
Assets (the "Closing") shall take place at the offices of GreenMan Technologies
Inc., 7 Kimball Lane, Lynnfield, Massachusetts, or at another mutually agreed
upon location on April 16, 2001 (the "Closing Date") and but shall be
considered effective as of April 1, 2001.

      Section 1.4 Closing Obligations of Seller. At the Closing, Seller shall:

            (a) Deliver to Buyer title to and possession of the Assets;

            (b) Execute and deliver to Buyer, as appropriate, one or more bills
      of sale, instruments of assignment, certificates of title, registrations,
      licenses and other documents as may be reasonably necessary or appropriate
      (a) to vest in Buyer title to all of the Assets, free and clear of any and
      all Liens, and (b) to carry out the transactions contemplated by this
      Agreement;

            (c) Deliver to Buyer evidence, satisfactory to Buyer in its sole
      discretion, of releases of any and all Liens relating to the Purchased
      Assets; and

            (d) Deliver to Buyer such other certificates and documents as may be
      called for under this Agreement or as Buyer shall reasonably request.

      Section 1.5 Closing Obligations of Buyer. At the Closing, Buyer shall
deliver to Seller the Purchase Price as described in Section 1.6 hereof.

      Section 1.6 The Purchase Price. Subject to and upon the terms and
conditions set forth herein, as consideration for the Purchased Assets, the
Purchaser agrees to and will pay and deliver to the Seller at Closing the
following (the consideration to be paid and delivered are referred to,
collectively, as the "Purchase Price"):

            (a) $75,000;

            (b) $180,000 in the form of a Promissory Note in the form attached
      hereto as Exhibit A, which shall bear interest at the rate of ten percent
      (10%) per annum and be payable in thirty-six (36) monthly installments
      (the "Purchase Money Note"); and

            (c) A certificate representing two hundred thousand (200,000) shares
      of the GreenMan Technologies, Inc. Common Stock par value $.01 per share
      (the "Common Stock"), which shall be subject to certain restrictions
      described in Section 1.7.

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      Section 1.7 Lock-Up Agreement. The Seller agrees not to sell, pledge,
transfer or otherwise dispose of the Common Stock, or grant any option or
purchase right with respect to the Common Stock or engage in any short sale,
hedging transaction or other derivative security transaction involving the
Common Stock of GreenMan Technologies, Inc. held by him/her, for a period of two
(2) years from the date hereof. In the event that Seller desires to transfer any
of the shares of Common Stock to any of its stockholders, Buyer shall have the
right to require such stockholders to enter into an agreement containing the
terms of this Section 1.7 as a condition to such transfer.

      Section 1.8 Further Cooperation. From time to time after the Closing,
Seller at Buyer's request and without further consideration, agrees to execute
and deliver or to cause to be executed and delivered such other instruments of
transfer as Buyer may reasonably request to transfer to Buyer more effectively
the right, title and interest in or to the Purchased Assets, to confirm that
Buyer has not assumed any of the Excluded Liabilities and to take or cause to be
taken such further or other action as may reasonably be necessary or appropriate
in order to effectuate the transactions contemplated by this Agreement.

      Section 1.9 Right of First Offer. Purchaser grants to Seller a right of
first offer to purchase the Purchased Assets on the following terms and
conditions: If Purchaser determines to sell all or substantially all of the
Purchased Assets, Purchaser shall notify Seller in writing (the "Sale Offer") of
the terms on which Purchaser will be willing to sell such assets. If Seller,
within thirty (30) days after receipt of the Sale Offer indicates in writing its
agreement to purchase any or all of the Purchased Assets, on the terms stated in
the Sale Offer, Purchaser shall sell and convey all or any part of the Purchased
Assets, to Seller on the terms stated in the notice. If Seller does not send
Purchaser a binding legal acceptance to purchase the Purchased Assets on the
terms set forth in the Sale Offer within thirty (30) days, Purchaser thereafter
shall have the right to sell and convey all or any part of the Purchased Assets
to a third party on the same terms stated in the Sale Offer. If Seller agrees to
purchase the Purchased Assets, a closing shall occur within 90 days of
acceptance of the Sale Offer. If the Purchased Assets are so sold to a third
party, then all rights of Seller under this section shall promptly terminate. If
the Purchased Assets are not sold, then Purchaser shall give Seller the same
right to purchase the Purchased Assets on receiving any subsequent offer from
any third party that is acceptable to Purchaser; provided, however, that nothing
contained in this section shall in any way limit the right of Purchaser to
transfer or convey the demised assets on the dissolution or termination of
Purchaser or otherwise, for nominal or no consideration, and Seller shall have
no right to purchase the Purchased Assets in the event of such a transfer or
conveyance, but the rights set forth in this section shall survive such a
transfer.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

      Section 2.1 Representations and Warranties of Seller. Seller hereby
represents and warrants to Buyer as follows:

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            (a) Organization. Seller is a corporation duly organized, validly
      existing and in good standing under the laws of its respective state of
      incorporation.

            (b) Binding Obligation. Seller has all requisite corporate power and
      authority to enter into and perform its respective obligations under this
      Agreement and the agreements, documents and instruments to be executed in
      connection with this Agreement (the "Ancillary Agreements") and to carry
      out the transactions contemplated hereby. The board of directors and
      stockholders of Seller have duly authorized the execution and delivery of
      this Agreement, and no other corporate proceedings on the part of Seller
      are necessary to authorize this Agreement and the transactions
      contemplated hereby. This Agreement has been duly executed and delivered
      by Seller and constitutes a valid and binding obligation of Seller
      enforceable in accordance with its terms. The execution, delivery and
      performance by Seller of this Agreement does not and will not conflict
      with, or result in any violation of or default under, any provision of
      Seller's articles of incorporation or by-laws or any ordinance, rule,
      regulation, judgment, order, decree, agreement, instrument or license
      applicable to Seller or to any of its respective properties or assets or
      any agreement or instrument to which it is subject. No consent, approval,
      order or authorization of, or registration, declaration or filing with,
      any court, administrative agency or commission or other governmental
      authority or instrumentality, domestic or foreign, is required by or with
      respect to Seller in connection with their execution, delivery or
      performance of this Agreement.

            (c) Title to Personal Property. Except as set forth on Schedule
      2.1(c), Seller has good and marketable title to all of the personal
      property included in the Purchased Assets, in each case free and clear of
      all mortgages, liens, security interests, pledges, charges or encumbrances
      of any nature whatsoever ("Liens").

            (d) No Broker's or Finder's Fees. No agent, broker, investment
      banker, person or firm acting on behalf of Seller or Shareholder is or
      will be entitled to any broker's or finder's fee or any other commission
      or similar fee in connection with any of the transactions contemplated
      herein.

            (e) Consents and Approvals. No consent, approval, order or
      authorization of, registration, declaration or filing with, or permit
      from, any Governmental Authority is required by or with respect to Seller
      in connection with the execution and delivery of this Agreement by Seller
      or the consummation by Seller of the transactions contemplated hereby, and
      no Third-Party Consent is required by or with respect to Seller in
      connection with the execution and delivery of this Agreement or the
      consummation of the transactions contemplated hereby.

            (f) Litigation. No litigation, arbitration, investigation or other
      proceeding of any Governmental Authority is pending or, to the knowledge
      of Seller, threatened against Seller, relating to the Business or the
      Assets, with respect to any product liability or similar cause of action
      or otherwise. Seller is not subject to any outstanding injunction,
      judgment, order, decree or ruling relating to the Business or the Assets,
      and Seller has not been notified that any of its products manufactured in
      the Product Lines contains any

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      actual or alleged defect of any nature or that any Person has suffered any
      personal injury or damage to his, her or its property as a result of the
      sale, use, distribution or existence of any such product. There is no
      litigation, proceeding or investigation pending or, to the knowledge of
      Seller, threatened against or affecting Seller that questions the validity
      or enforceability of this Agreement or any other document, instrument or
      agreement to be executed and delivered by Seller in connection with the
      transactions contemplated hereby.

            (g) Environmental Matters. Except as set forth in Section 4.14 of
      the Disclosure Schedule, Seller has conducted the Business and owned and
      operated the Assets, and is using and operating the Assets and conducting
      the Business, in compliance with all applicable Environmental Laws.

            (h) Taxes. There are no Liens on any of the Assets for unpaid Taxes
      other than Liens for Taxes not yet due and payable.

            (i) Absence of Certain Business Practices. Neither Seller nor any of
      its partners, officers, directors, managers, employees or agents nor any
      other Person acting on any of their behalf, has, directly or indirectly,
      given or agreed to give any gift or similar benefit (other than with
      respect to bona fide payments for which adequate consideration has been
      given) to any customer, supplier, governmental employee or other Person
      who is or may be in a position to help or hinder the business of Seller
      (or assist Seller in connection with any actual or proposed transaction):
      (a) which will result in Seller incurring any damage or penalty in any
      civil, criminal or governmental litigation or proceeding; (b) which, if
      not continued in the future, would have a Material Adverse Effect on the
      Business or which will result in Seller paying any penalty in any private
      or governmental litigation or proceeding; or (c) for establishment or
      maintenance of any concealed fund or concealed bank account.

            (j) Disclosure. No representation or warranty of Seller set forth in
      this Agreement or in any of the Schedules or Exhibits hereto, or other
      statement in writing or certificate furnished or to be furnished to
      Purchaser by or on behalf of Seller in connection with the transactions
      contemplated hereby, contains any untrue statement of a material fact or
      omits to state a material fact necessary in order to make the statements
      contained herein or therein not misleading in light of the circumstances
      in which they are made.

      Section 2.2 Representations and Warranties of Buyer. Buyer represents and
warrants to, and agrees with, Seller as follows:

            (a) Organization. Buyer is a corporation duly organized, validly
      existing and in good standing under the laws of the State of Tennessee.

            (b) Binding Obligation. Buyer has all requisite corporate power and
      authority to enter into and perform its obligations under this Agreement.
      All corporate acts and other proceedings required to be taken by Buyer to
      authorize the execution, delivery and

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<PAGE>

      performance by Buyer of this Agreement and the transactions contemplated
      hereby, have been duly and properly taken. This Agreement has been duly
      executed and delivered by Buyer and constitutes the legal, valid and
      binding obligation of Buyer, enforceable against Buyer in accordance with
      its terms. The execution, delivery and performance by Buyer of this
      Agreement does not and will not conflict with, or result in any violation
      of, any provision of the Articles of Incorporation or By-Laws of Buyer, or
      any provision of any law, ordinance, rule, regulation, judgment, order,
      decree, agreement, instrument or license applicable to Buyer or to its
      property or assets. No consent, approval, order or authorization of, or
      registration, declaration or filing with, any court, administrative agency
      or commission or other governmental authority or instrumentality, domestic
      or foreign, is required by or with respect to Buyer in connection with its
      execution, delivery or performance of this Agreement.

            (c) No Broker's or Finder's Fees. No agent, broker, investment
      banker, person or firm acting on behalf of Buyer is or will be entitled to
      any broker's or finder's fee or other commission or similar fee in
      connection with any of the transactions contemplated herein.

                                  ARTICLE III

                              ADDITIONAL AGREEMENTS

      Section 3.1 Expenses. All costs and expenses incurred by any party hereto
in connection with this Agreement and the transactions contemplated hereby shall
be paid by the party incurring such costs. No such expenses of Seller shall in
any way constitute an Assumed Liability.

      Section 3.2 Press Releases. None of the parties hereto shall issue a press
release or other publicity announcing the sale of the Purchased Assets or any
other aspect of the transactions contemplated hereby without the prior written
approval of the other parties, unless such disclosure is required by applicable
law.

                                   ARTICLE IV

                                 INDEMNIFICATION

      Section 4.1 Buyer Claims. Except as hereinafter set forth, Seller shall
indemnify and hold harmless Buyer and its successors and assigns, and its and
their respective officers, directors, shareholders, employees and agents,
against, and in respect of, any and all loss, liability, demand, claim, action,
cause of action, cost, damage, deficiency, tax, penalty, fine or expense,
including, without limitation, reasonable legal, accounting, investigatory and
any other expenses (collectively "Claims"), which may arise out of (a) any
actual or alleged failure of Seller to discharge in a timely manner any of the
Excluded Liabilities; (b) any misrepresentation or other breach or violation by
Seller of the representations, warranties, covenants and agreements contained in
this Agreement or any schedule or exhibit hereto; (c) the operation of Seller's
business prior to Closing (except for Claims arising from the Assumed
Liabilities that

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arise after the Closing Date); (d) the failure of Seller to comply with
applicable bulk sale laws; (e) failure of Seller to pay or discharge any
liability with respect to Taxes; (g) any claim that any service performed or any
product manufactured, distributed or sold by Seller, or any of its predecessors,
or its or their subsidiaries or affiliates, was defective or noncompliant with
any express or implied warranty without regard to the legal theory under which
redress may be sought, i.e., tort, breach of contract or strict liability; or
(f) any of the following conditions or occurrences relating to the environment:
(i) any clean-up, corrective removal or remedial actions, or property damage
arising out of any condition existing on or prior to the Closing Date; (ii)
third party claims for personal injury where the exposure, incident or
occurrence out of which the Claim arises occurred in whole or in part, on or
prior to the Closing Date; (iii) any transportation or disposition commenced,
arranged or initiated on or before the Closing Date, by or on behalf of Seller
or any of its predecessors, or its or their subsidiaries or affiliates, of any
substance owned or controlled by Seller or any of its predecessors, or its or
their subsidiaries or affiliates, or any substance from any premises owned or
operated by Seller or any of its predecessors, or its or their subsidiaries or
affiliates, for any purpose, including, but not limited to, treatment, storage,
disposal or recycling; (iv) fines or penalties on account of the ownership, use,
condition or operation of any of the assets of Seller or of any of its
subsidiaries or affiliates, at any time on or prior to the Closing Date; (v) any
liability to modify, restore, change or improve any of the assets or real
property of Seller or any of its predecessors, or its or their subsidiaries or
affiliates, in order to effectuate compliance with any applicable law or order;
or (vi) the removal of any and all asbestos, asbestos containing materials or
other hazardous materials which existed on or before the Closing Date in any
premises owned, leased, operated or managed on or before the Closing Date by
Seller or any its predecessors, or its or their subsidiaries or affiliates.

      Section 4.2 Seller Claims. Except as hereinafter set forth, Buyer shall
indemnify and hold harmless Seller and its successors and assigns and its and
their respective officers, directors, shareholders, employees and agents,
against and in respect of, any and all Claims, which may arise out of any
misrepresentation or other breach or violation of this Agreement by Buyer or the
failure of Buyer to discharge the Assumed Liabilities.

      Section 4.3 Notice of Claim; Defense of Third Party Claims. If either
party becomes aware of or receives notice of any Claim of a third party or the
commencement of any third party action or proceeding with respect to which
another party (the "Indemnitor") is obligated to provide indemnification
pursuant hereto, the party entitled to indemnification (the "Indemnitee") shall
promptly give the Indemnitor notice thereof. Such notice shall not be a
condition precedent to any liability of the Indemnitor under the provisions for
indemnification contained in this Contract, unless (and only to the extent that)
failure to give such notice materially prejudices the rights of the Indemnitor
with respect to such claims, actions, or proceedings. The Indemnitor may
compromise or defend, at the Indemnitor's own expense, and by the Indemnitor's
own counsel, any such matter involving the asserted liability of the Indemnitee.
If the Indemnitor elects not to compromise or defend such matter, then the
Indemnitee, at the Indemnitor's expense and by the Indemnitee's own counsel, may
defend such matter. In any event, the Indemnitee, the Indemnitor and the
Indemnitor's counsel (and, if applicable, the Indemnitee's counsel) shall
cooperate in the compromise of, or the defense against, any such asserted
liability. If the Indemnitor chooses to defend any claim, the Indemnitee shall
make available to the Indemnitor

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any books, records, or other documents within its control that are reasonably
necessary or appropriate for such defense.

      Section 4.4 Payment; Adjustment to Purchase Price. The Indemnitor shall
pay the Indemnee in immediately available funds promptly after the Indemnitee
provides the Indemnitor with written notice of a claim hereunder. Any
indemnification payments paid hereunder will be considered an adjustment to the
Purchase Price and shall include, without limitation, the right of Buyer to
offset amounts payable pursuant to the Purchase Money Note.

                                   ARTICLE V

                          LABOR AND EMPLOYMENT MATTERS

      Buyer shall have no severance, COBRA or other obligation relating to the
termination of such employees' employment with Seller, regardless of whether any
such employees accept employment with Buyer. Except for amounts expressly
identified in Exhibit A-1 to Schedule 1.2(a), Buyer shall have no liability or
obligation whatsoever with respect to such employees' employment with Seller
prior on or to the Closing Date, or the termination of such employment.

                                   ARTICLE VI

                    GENERAL PROVISIONS; ADDITIONAL AGREEMENTS

      Section 6.1 Accounts Receivable. With respect to any Accounts Receivable
which are not collected by Buyer within 120 days of the Closing Date, Buyer
shall have the option, exercisable at Buyer's sole discretion and upon written
notice to Seller at any time following such 120 day period, to cause Seller to
purchase from Buyer at face value any such uncollected Accounts Receivable. Such
notice shall specify the face value of any such uncollected Accounts Receivable.
Within 15 days of Buyer's notice to Seller of Buyer's desire to exercise its
option hereunder, Seller shall remit payment to Buyer for the amount of the face
value of any such uncollected Accounts Receivable in the form of a certified
check, and Buyer shall assign such Accounts Receivable to Seller.

      Section 6.2 Survival of Representations, Warranties and Agreements. All
representations and warranties in this Agreement or in any instrument delivered
pursuant to this Agreement shall survive the Closing.

      Section 6.3 Dispute Resolution. Except as otherwise expressly provided
herein, any dispute or controversy arising under or in connection with this
Agreement will be settled by binding arbitration to be held in Boston,
Massachusetts, USA, in accordance with the Commercial Arbitration Rules of the
American Arbitration Association (the "AAA") then in effect, by a panel of three
arbitrators to be selected by the AAA. The arbitrators shall allow such
discovery as the arbitrators determine appropriate under the circumstances and
shall resolve the dispute as expeditiously as practicable and, if reasonably
practicable, within one hundred twenty (120) days after the arbitrators are
appointed. The arbitrators shall have authority to award relief

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under legal or equitable principles, including interim or preliminary relief,
and to allocate responsibility for the costs of the arbitration and to award
recovery of attorneys fees and expenses in such manner as is determined to be
appropriate by the arbitrators. Judgment upon the award rendered by the
arbitrators may be entered in any court of competent jurisdiction. The fact that
the dispute resolution procedures specified herein shall have been or may be
invoked shall not excuse any party from performing its obligations under this
Agreement, and during the pendency of any such procedure, all parties shall
continue to perform their respective obligations in good faith, subject to any
rights to terminate this Agreement that may be available to any party hereunder.

      Section 6.4 Sales Taxes. All sales and use taxes, if any, due under the
laws of any state, any local government authority or the federal government of
the United States in connection with the purchase and sale of the Purchased
Assets shall be paid by Seller.

      Section 6.5 Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall constitute one in the same instrument.

      Section 6.6 Amendment. This Agreement may not be amended except by an
instrument in writing signed on behalf of each of the parties hereto.

      Section 6.7 Entire Agreement. This Agreement constitutes the entire
agreement between the parties, and there are no agreements, understandings,
restrictions, warranties, or representations between the parties other than
those set forth or provided for in this Agreement relating to the subject matter
hereof.

      Section 6.8 Governing Law. This Agreement shall be governed in all
respects, including validity, interpretation and effect, by the internal laws of
the State of Tennessee without regard to principles of conflicts of laws.

      Section 6.9 Notices. All notices, requests, demands, claims and other
communications required or permitted to be given hereunder shall be in writing
and shall be sent by (a) personal delivery (effective upon delivery), (b)
facsimile (effective on the next day after transmission), (c) recognized
overnight delivery (effective on the next day after delivery to the service) or
(d) registered or certified mail, return receipt requested and postage prepaid
(effective on the third day after being so mailed), in each case addressed to
the intended recipient as set forth below:

      If to Buyer:

               Technical Tire Recycling, Inc.
               c/o GreenMan Technologies, Inc.
               7 Kimball Lane
               Lynnfield, MA  01940
               Attn: Charles E. Coppa, CFO

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      With a copy (which shall not constitute notice) to:

               Choate, Hall & Stewart
               Exchange Place
               53 State Street
               Boston, MA  02109
               Attn:  Gene T. Barton, Jr., Esq.
               Facsimile:  (617) 248-4000

      If to Seller:

               Tennessee Tire Recyclers, Inc.
               3442 Forest Park Road
               Springfield, TN  37172

Either Party may change its address for receiving notices by giving written
notice of such change to the other Party in accordance with this Section 6.9.

      Section 6.10 Bulk Transfer Law. The Parties hereby waive compliance with
the bulk sales or bulk transfer provisions of any Uniform Commercial Code or any
other bulk sales or bulk transfer law which may apply to the transition
contemplated by this Agreement. Seller shall indemnify, defend and hold Buyer
harmless from and against any and all liabilities, claims, demands, damages,
losses, costs and expenses (including reasonable attorneys' fees) imposed on
Buyer by reason of the failure of the Parties to comply with such provisions.

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed under seal as of the date first written above.

                                               TENNESSEE TIRE RECYCLERS, INC.

                                               By: /s/ Thomas A. Carter
                                                   -----------------------------
                                               Name:  Thomas A. Carter
                                               Title: President

                                               TECHNICAL TIRE RECYCLING, INC.

                                               By: /s/ Charles E. Coppa
                                                   -----------------------------
                                               Name:  Charles E. Coppa
                                               Title: Treasurer

                                       10Exhibit 10.97

                                 PROMISSORY NOTE

$180,000                                                     April 16, 2001

      FOR VALUE RECEIVED, the undersigned, Technical Tire Recycling, Inc., a
Tennessee Corporation (the "Debtor"), hereby promises to pay to Tennessee Tire
Recyclers, Inc., a Tennessee corporation with principal offices at 3442 Forest
Park Road, Springfield, Tennessee, 37172 (the "Holder"), on April 1, 2004 the
principal sum of Two Hundred Thousand Dollars ($180,000) or such lesser
principal amount then outstanding, together with all accrued and unpaid interest
thereon. Interest on the principal amount of this Note will accrue from and
including the date hereof until and including the date such principal amount is
paid, at a rate equal to ten percent (10%) per annum. Principal and interest
shall be payable, in thirty-six (36) monthly installments of $5,808.09,
commencing on May 1, 2001 in lawful money of the United States of America, in
immediately available funds, at the principal office of the Holder or at such
other place as the legal holder may designate from time to time in writing to
the Debtor. Interest shall be computed on the basis of a 360-day year and a
30-day month.

      The outstanding balance of this Note shall be rendered immediately due and
payable, without the necessity of a demand notice, in case of any of the
following acts (individually, an "Event of Default"): (a) entry of any judgment
or order against the Debtor for the payment of money, if the same is not
satisfied or enforcement proceedings are not stayed within sixty (60) days or
if, within sixty (60) days after the expiration of any such stay, the judgment
or order is not dismissed, discharged or satisfied; (b) appointment of a
receiver, trustee, custodian or similar official, for the Debtor or any property
or assets of the Debtor; (c) conveyance of any or all assets to a trustee,
mortgagee or liquidating agent or assignment for the benefit of creditors by the
Debtor; or (d) commencement of any proceeding under any law or any jurisdiction,
now or hereafter in force, relating to bankruptcy, insolvency, renegotiation of
outstanding indebtedness, arrangement or otherwise to the relief of debtors or
the readjustment of indebtedness, by or against the Debtor. Notwithstanding
anything contained herein to the contrary, upon the occurrence of any such Event
of Default, the entire outstanding amount of principal and interest of this Note
shall become immediately due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived.

      The Debtor may prepay this Note without penalty, in whole or in part, at
any time prior to demand or acceleration. Any permitted payment of principal by
the Debtor will be accompanied by payment of all accrued and unpaid interest on
the principal sum being repaid. This Promissory Note is being issued pursuant to
the Asset Purchase Agreement of even date herewith by and between Debtor and
Holder and the payment hereof has been guaranteed by GreenMan Technologies Inc.,
pursuant to the Guaranty of even date herewith. In the event that Debtor shall
have any claims against Holder pursuant to such Asset Purchase Agreement, then
Debtor shall have the right to offset such claims against amounts payable
pursuant to this Promissory Note.
<PAGE>

      The Debtor agrees to pay all costs, charges and expenses incurred by the
Holder and its assigns (including, without limitation, costs of collection,
court costs, and reasonable attorneys' fees and disbursements) in connection
with the successful enforcement of the Holder's rights under this Note (all such
costs, charges and expenses being herein referred to as "Costs"). Presentment
for payment, demand, protest, notice of protest and notice of nonpayment are
hereby waived. The Debtor agrees that any delay on the part of the Holder in
exercising any rights hereunder will not operate as a waiver of such rights, and
further agrees that any payments received hereunder will be applied first to
Costs, then to interest, and the balance to principal. The Holder shall not by
any act, delay, omission, or otherwise be deemed to waive any of its rights or
remedies, and no waiver of any kind to enforce this Note shall be valid unless
in writing and signed by the Holder.

      This Note applies to, inures to the benefit of, and binds the successors
and assigns of the parties hereto. This Note is not negotiable or transferable
to any other holder without the written consent of the Debtor. This Note is made
under and shall be governed by the internal laws of the Commonwealth of
Massachusetts.

      IN WITNESS WHEREOF, the Debtor has executed this Note as an instrument
under seal as of the date first written above.

WITNESS:                                        DEBTOR:

--------------------------------                --------------------------------
                                                Technical Tire Recycling, Inc.
                                                Charles E. Coppa, Treasurer

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