This Company At The Intersection Of Two Multi-Billion Dollar Industries Offers A Solution To America's Biggest Mobile Source Of Air Pollutants
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EAST WINDSOR, NJ / ACCESSWIRE / August 16, 2023 / Greenland Technologies Holding Corporation (NASDAQ:GTEC) has seen a growth opportunity by electrifying the heavy equipment sector, and it is hoping to get a first-mover advantage as it begins rolling out its line of all-electric heavy machinery.
Heavy-duty equipment, vehicles that weigh more than 10,000 lbs, produce
Greenland Technologies' Position In The Market
Greenland Technologies is positioning itself at the intersection of two multi-billion dollar industries, the electrification industry and the construction equipment market. The global construction equipment market was worth
Meanwhile, the global electrification market, which advances the conversion of power grids and systems to electric power, was worth
Electrifying heavy equipment has the potential to transform the sector. The largest driver of energy usage in the industrial sector is fuel consumption from machinery. It is estimated that about
In response to this need, Greenland Technologies is rolling out its all-electric line of heavy equipment under the brand name HEVI. The first commercially available line of electric heavy machinery, HEVI's offerings include loaders, excavators and forklifts.
The company's extensive background in specialized transmission and drivetrain systems gives it a unique advantage in the industry, according to Greenland Technologies CEO Raymond Wang. "Electrification is taking hold right now in industries across the board and everyone's looking for new applications for it," he said in a recent interview with a research specialist at Water Tower Research. Other companies are taking the next step with smaller products like mini-excavators because these are easier to develop and manufacture.
Wang believes this makes Greenland Technologies different. "We have the manufacturing capability and supply side, we want to get ahead of the curve, completely leapfrog over that segment and focus on the 10,000 pound-plus. That's why I don't think that there's any player right now besides the market leaders that are able to electrify these products."
According to Wang, these market leaders, like John Deere and Caterpillar Inc., will be unwilling to make the move to electric as that will risk "cannibalizing their own businesses." This gives Greenland Technologies the opportunity to capture the U.S. market for EV heavy machinery. The company completed a 54,000-foot manufacturing facility in Maryland last year and will have finished products as early as Q2 of 2023.
Learn more about what Greenland Technologies is doing in the electrification market.
Contact:
Josh Centanni
jcentanni@gtec-tech.com
SOURCE: Greenland Technologies
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