Breaking News: Greenland Technologies and Shandong Heavy Industry Announce Major Strategic Partnership | Financial Buzz

Breaking News: Greenland Technologies and Shandong Heavy Industry Announce Major Strategic Partnership

Greenland Technologies Holding Corporation (NASDAQ: GTEC) (“Greenland“), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced a major strategic partnership with Shandong Zhongcha Heavy Industry Machinery Co. (“Shandong“), a multinational heavy machinery and automotive manufacturing company.

The partnership is structured to accomplish two strategic objectives to drive revenue generation and to enhance leadership position as a first mover. First, the companies are joining forces to launch a lithium battery forklift, which utilizes Greenland’s new integrated drivetrain system that will be available for sale in the U.S. by Greenland starting in July 2021. Second, the two strategic partners will combine R&D resources to develop the next stage of lithium powered forklifts to ensure they remain positioned for market leadership over the longer term.

Headquartered in JinanShandongChina, Shandong Zhongcha Heavy Industry Machinery Co. was founded in 2009 through a merger between Weichai Holding Group, Shandong Construction Machinery Group and Shandong Auto Industrial Group. Shandong Heavy Industry has five principal operating subsidiaries: Weichai Holding Group Co., Ltd. (the parent company of Weichai Power), Shantui Construction Machinery Co., Ltd., Shantui Machinery Co., Ltd., Shanzhong Construction Machinery Co., Ltd., and Shandong Auto Industry Group Co., Ltd., Shazhonng Construction Machinery.

Raymond Wang, CEO of Greenland, commented, “This is another major development for our business, as we align with a powerful, well-funded strategic partner with extensive experience and customer relationships in our target markets. We have already spoken with numerous customers with very positive feedback for a lithium battery forklift solution. Importantly, we are confident we can bring our jointly-developed lithium battery powered forklift to market at a price point competitive with legacy acid battery powered vehicles. The competitive price point combined with the fact our vehicle is a safer, cleaner vehicle with a higher customer return on investment than traditional forklifts, gives us a winning market position with high-volume potential. We look forward to working together with Shandong, as we build a mutually successful, long-term partnership.”

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 www.gtec-tech.com.

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