BALTIMORE, May 17, 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, today commented on the passage of the
Maryland Clean Cars Act of 2022, which was sponsored by Delegate
David Frasier-Hidalgo.
The Maryland Clean Cars Act of 2022 establishes a grant program
that the Maryland Energy Administration will administrate, with the
Governor including in the annual budget bill an appropriation of at
least $750,000 in the fiscal years
2024 through 2027 from the Strategic Investment Fund for grants for
zero–emission heavy equipment property under the program. The
legislation takes effect July 1,
2022, with the grant program set to subsidize equipment
purchased on or after July 1,
2023.
"I am thrilled that the Clean Cars Act has been signed into law
and includes incentives for zero-emission technology, such as the
equipment that Greenland
produces," said Delegate David Fraser
Hidalgo. "This legislation is a critical step in reducing
emissions among industrial equipment and achieving a more
sustainable future."
Raymond Wang, CEO of Greenland, commented, "We applaud Maryland's Governor, Senate and House for
taking leadership to facilitate a cleaner, healthier, green
environment and economy. We have invested in the creation of
industrial electric vehicles that offer superior performance,
return on investment and aesthetics to traditional vehicles. Our
investments in innovation have enabled us to bring electric
industrial vehicles to market that are set to disrupt traditional
industrial fleets from warehouses to other heavy handling
environments. The fact that Maryland continues to take a leadership role
in encouraging both manufacturers, like Greenland, and customer adoption reinforces
our strategic decision to buildout our U.S. manufacturing
operations in Baltimore County. We
hope other states will follow Maryland's example and adopt similar programs,
as acceleration of the conversion of the industrial vehicle market
to clean, electric vehicles is in everyone's best interests."
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. Information on the Company's clean industrial
heavy equipment division can be found at HEVI Equipment.
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