BALTIMORE, May 16, 2022 /PRNewswire/ -- Greenland
Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland" or the "Company"), a technology
developer and manufacturer of electric industrial vehicles and
drivetrain systems for material handling machineries and vehicles,
announced it has officially selected Baltimore County, Maryland for the next phase
of the Company's major U.S. expansion. The company conducted a
comprehensive national selection process before selecting
Maryland earlier this year.
Baltimore County was then selected
after a review of multiple criteria including location, workforce,
incentives, logistics, and more.
With the formal selection of Baltimore
County, Greenland plans to
now move forward with an approximately 54,000 square-foot
manufacturing facility located at 5301 Nottingham Drive,
White Marsh, MD, where it plans to
steadily create new full-time jobs. The facility which is expected
to formally open in July 2022, is
central to the Company's strategy of supporting the increased
customer demand for its expanding line of electrical industrial
vehicles.
"We welcome Greenland Technologies' new U.S. manufacturing
operations to Maryland, and are
thrilled to see the company's vision come to life at its location
in Baltimore County," said
Governor Larry Hogan. "Greenland's innovative technologies will allow
the company to easily make its mark in the Mid Atlantic and
continue growing its presence throughout the nation."
Greenland Technologies is a technology developer and
manufacturer of electric industrial vehicles and drivetrain
systems. Established in 2006, the company has become one of the
world's largest transmission and drivetrain systems providers for
material handling equipment such as forklift trucks that are used
in industrial and logistic settings. Greenland Technologies
investments in R&D and its successful track record of
innovation have established it as a cutting edge, clean energy
technology developer, with a proven commitment to embracing the
electrification process and incorporating it into the electric
industrial vehicle market.
Raymond Wang, CEO of Greenland, commented, "We are excited and
confident in our decision to build out in Maryland given our extensive selection
process. As we have moved forward, our selection has been validated
each step of the way. The Governor's team and local officials
clearly share in our vision and enthusiasm for electrification and
understand the positive implications on job creation, economic
benefit and to Greenland
specifically. Having such committed and supportive partners is
essential to our long-term success and ability to quickly ramp our
new manufacturing facility in support of the strong customer demand
for our industrial electric vehicles."
To support its expansion, the Company has submitted a notice of
intent to utilize the state's More Jobs for Marylanders program,
administered by the Maryland Department of Commerce. The More Jobs
for Marylanders program incentivizes new and existing manufacturers
to create new jobs in the state, and to non-manufacturers that
locate or expand in Maryland Opportunity Zones. The More Jobs for
Marylanders Act 3.0 (Senate Bill 391/House Bill 418) was introduced
this year by Governor Larry Hogan to
extend the successful program for an additional five years through
2027.
"Attracting international companies such as Greenland
Technologies to Maryland is an
important part of increasing and refining our state's global
reach," said Maryland Commerce Secretary Mike Gill. "Our team is delighted to welcome
this innovative company to our state and we look forward to
watching Maryland's manufacturing
sector continue thriving."
"We are thrilled that Greenland Technologies' has chosen
Baltimore County as home for its
U.S. manufacturing operations," said Baltimore County Executive
John Olszewski. "We are excited to
welcome Greenland and more green
manufacturing jobs to Baltimore
County. Greenland's
innovation and leadership in developing clean, green and zero
emission industrial equipment is critical in enabling us to
achieving cleaner air and a better Baltimore County."
About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a
developer and a manufacturer of drivetrain systems for material
handling machineries and electric vehicles, as well as electric
industrial vehicles. For more information visit
https://ir.gtec-tech.com/.
About Maryland Commerce
The Maryland Department of Commerce stimulates private
investment and creates jobs by attracting new businesses,
encouraging the expansion and retention of existing companies, and
providing financial assistance to Maryland companies. The Department promotes
the State's many economic advantages and markets local products and
services at home and abroad to spur economic development and
international investment, trade and tourism. Because they are major
economic generators, the Department also supports the arts, film
production, sports and other special events. For more information,
visit commerce.maryland.gov.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking statements." Such statements reflect Greenland's current views with respect to
future events and are subject to such risks and uncertainties, many
of which are beyond the control of Greenland, including those set forth in the
Risk Factors section of Greenland's Annual Report on Form 10-K and
Definitive Proxy Statement on Schedule 14A filed with the
Securities and Exchange Commission ("SEC"). Copies are available on
the SEC's website, www.sec.gov. Words such as "expect," "estimate,"
"project," "budget," "forecast," "anticipate," "intend," "plan,"
"may," "will," "could," "should," "believes," "predicts,"
"potential," "continue," and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, Greenland's expectations with respect to
future performance. In addition, there is uncertainty about the
further spread of the COVID-19 virus or the occurrence of another
wave of cases and the impact it may have on the Company's
operations, the demand for the Company's products, global supply
chains and economic activity in general. Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated or expected. Statements contained in
this news release regarding past trends or activities should not be
taken as a representation that such trends or activities will
continue in the future. Greenland
does not intend and does not assume any obligation to update these
forward-looking statements, other than as required by law.
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SOURCE Greenland Technologies Holding Corporation