Benzinga | Nov 10, 2020 08:13AM EST

Greenland Technologies To Offer Integrated Electric Drivetrain For Electric Forklifts

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.