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.
Greenland Technologies Holding Corporation, a British Virgin Islands company, is a developer and a manufacturer of transmission products for material handling machineries.
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.
SOURCE Greenland Technologies Holding Corporation