Benzinga | Jan 25, 2022 08:10AM EST

Greenland Announces Formal Selection Of Maryland For Major US Manufacturing Expansion

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 announced the formal selection of Maryland for the next phase of the Company's major U.S. manufacturing expansion.

"We are thrilled to welcome Greenland Technologies' new U.S. manufacturing operations to Maryland," said Governor Larry Hogan. "As we continue to invest in new products and technologies, Greenland's vision and growth in electric industrial vehicles will fit in well with our state's innovation ecosystem. The electric industrial vehicle market is relatively untapped and we look forward to supporting the Company in its U.S. endeavors."

Maryland's growing reputation as a center of innovation makes it the home of more and more high-tech businesses and the highly educated workforce they need. Maryland ranks first among the states in federal R&D obligations, and is home to more than 60 federal agencies and twice as many federal laboratories (74) as any other state. Strategically located, the Port of Baltimore is the nation's leading Roll On/Roll Off port. It is served by two Class I freight rail lines, and offers immediate access to I-95 and I-70, the major thoroughfares to points north, south and west. In addition to Maryland's own BWI Thurgood Marshall Airport, three other major airports are just a short drive away, in neighboring Philadelphia, Northern Virginia and Washington, D.C. In addition, the Baltimore-Washington area is the nation's fourth-largest market. (source: https://open.maryland.gov)

Raymond Wang, CEO of Greenland, commented, "We selected Maryland for the next phase of our planned major U.S. expansion due to its centralized location, strong logistics infrastructure and shared commitment to sustainability. Taken together, this is a highly strategic location that will serve as a launchpad for Greenland's planned growth and market expansion. We are excited to be moving forward in Maryland and are fully committed to investing in the local economy and creating meaningful new jobs. At the same time, we appreciate the time of the representatives from the other states we engaged with during the selection process and plan to keep those doors open."

Greenland noted it will provide additional details on the specific location in Maryland closer to the planned grand opening of its new 40,000 to 50,000 square foot facility. In addition to the assembly of Greenland's expanding line of electric industrial vehicles, the Company plans to use the new facility, which is targeted to be operational in 4Q 2022, as a product showcase to further empower its sales team.