HOWELL, N.J., Nov. 10, 2020 /PRNewswire/ -- Greenland
Technologies Holding Corp. (NASDAQ: GTEC) ("Greenland"), a technology developer and
manufacturer of forklift transmission and drivetrain systems,
announced they will begin offering an integrated electric
drivetrain system to its existing forklift OEM clientele to support
the manufacture of electric forklifts using lithium
batteries. Developed by Greenland's research and development team,
this new system integrates the transmission, driving axle, electric
motor and lithium battery power source into a single efficient
drivetrain for OEM forklift manufacturers to develop the next
generation of electric forklifts.
Greenland's new product
significantly reduces the development time and effort for a
forklift OEM to offer a lithium battery powered electric forklift
to the market. As a fully integrated lithium powered solution
the product is easy for manufacturers to develop material handling
vehicles at lower costs. Initial demand by OEMs for
Greenland's new powerdrive system
is very strong. "Due to increasing environmental regulations
and decreasing production costs, the material handling industry is
at the cusp of a dramatic shift towards lithium powered solutions,"
said Raymond Wang, CEO of Greenland
Technologies Holding Corp. "It is a great opportunity for us
and we will continue innovating in clean energy technology to meet
this growing demand for our clients."
The forklift industry has witnessed a major shift from
traditional internal combustion powertrains to electric battery
systems and lithium battery power is the next step in the forklift
industry's evolution. Lithium battery systems require less
maintenance, charge faster, operate more efficiently and last
significantly longer than lead acid power. The cost of
lithium batteries have dropped tenfold in the past decade as market
trends and technology continue to improve. These factors
result in a bright future for lithium battery powered
innovations.
About Greenland
Greenland Technologies Holding Corporation, a British Virgin Islands company, is a developer
and a manufacturer of transmission products for material handling
machineries.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements." Forward-looking statements are
subject to numerous conditions, 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 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 and anticipated financial impacts of the
business transaction.
Such forward-looking statements relate to future events or
future performance, but reflect the parties' current beliefs, based
on information currently available. Certain of these factors are
outside the parties' control and may be difficult to predict. A
number of factors could cause actual events, performance or results
to differ materially from the events, performance and results
discussed in the forward-looking statements. Factors that may cause
such differences include: business conditions; natural disasters;
changing interpretations of U.S. Generally Accepted Accounting
Principles; outcomes of government reviews; inquiries and
investigations and related litigation; continued compliance with
government regulations; changes in legislation or regulatory
environments, requirements or changes adversely affecting the
businesses of Greenland; difficulties in maintaining and
managing continued growth; restrictions on the ability to make
dividend payments; general economic conditions; geopolitical events
and regulatory changes; and the failure to maintain the listing
of Greenland's securities on the Nasdaq Stock Market.
The foregoing list of factors is not exclusive. Additional
information concerning these and other risk factors are contained
in Greenland's filings with the SEC. Readers are
cautioned not to place undue reliance upon any forward-looking
statements in this press release, which speak only as of the date
made. The Company does not undertake or accept any obligation or
undertaking to publicly update or revise any forward-looking
statements in this press release to reflect any change in their
expectations or any change in events, conditions or circumstances
on which any such statement is based, except as may be required by
law.
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SOURCE Greenland Technologies Holding Corporation