Tantech Subsidiary Wins Another Major New Midibus Order

Rhea-AI Summary

Tantech Holdings Ltd (NASDAQ: TANH) has announced that its subsidiary, Shangchi Automobile Co., Ltd., secured a new order for 15 customizable midibuses, with 10 already delivered to the Philippines. These diesel light midibuses feature a luxurious experience, accommodating 15 passengers and designed for efficiency, including a state-of-the-art air purification system. CEO Wangfeng Yan highlights growth in 2022, supported by investments in R&D, marketing, and supply chain management. The company aims to leverage production capabilities through larger multi-vehicle orders.

Positive

• New order for 15 midibuses enhances revenue potential.
• 10 midibuses already delivered, demonstrating operational efficiency.
• Investments in R&D and marketing expected to drive growth in 2022.
• High customer satisfaction underscored by extensive vehicle testing.

Negative

• None.

LISHUI, China, Nov. 18, 2021 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), a clean energy company in China, today announced that its subsidiary, Shangchi Automobile Co., Ltd., has won another new order for 15 of its high-quality, highly efficient customizable midibuses. 10 of the 15 have already been delivered to the customer in the Philippines.

Shangchi Automobile's fully customizable, diesel light midibuses feature a manual 5 speed transmission and all the luxuries of a high-end bus, including a fuel efficient, luxury travel experience with comfortable seating for 15 passengers. With an overall length of 6 meters, the vehicles have easy USB access charging ports, powerful air conditioning and heating, a state-of-the-art air purification system, double handrails and lifting rings, among other features.

Mr. Wangfeng Yan, Chief Executive Officer of Tantech, said, "Our business is starting to hit its stride and we expect to see continued growth in 2022 based on our discussions with customers. Investments we made in research and development, sales and marketing, and in our supply chain are helping us build momentum and ensure vehicle inventory. This latest order was another  win for our team, as we continue to target larger, multi-vehicle orders to more efficiently leverage our production capabilities. This customer extensively tested one of our prototype vehicles before ordering the 15 midibuses, underscoring the quality of our vehicles. We have confidence in our vehicles because they perform  well combined with the fact that we can tailor our vehicles."

About Tantech Holdings Ltd

For the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing bamboo charcoal-based products with an established domestic and international sales and distribution network. Since 2017, when the Company acquired 70% of Shangchi Automobile, a vehicle manufacturer based in Zhangjiagang City, Jiangsu Province, it has manufactured and sold vehicles. The Company established two new subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., in November 2020, to produce and sell street sweepers and other electric vehicles. The Company is fully ISO 90000 and ISO 14000 certified and has received a number of national, provincial and local honors, awards and certifications for its products and scientific research efforts. For more information please visit: http://ir.tantech.cn.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

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SOURCE Tantech Holdings Ltd.

FAQ

What is the new order announced by Tantech Holdings for TANH?

Tantech Holdings announced a new order for 15 customizable midibuses, with 10 already delivered to a customer in the Philippines.

How many midibuses has Tantech delivered so far?

Tantech has delivered 10 out of the 15 midibuses ordered.

What features do the new midibuses from Tantech offer?

The midibuses feature a luxurious travel experience with comfortable seating for 15, USB charging ports, powerful air conditioning, and an air purification system.

What are Tantech's expectations for growth in 2022?

Tantech expects continued growth in 2022 based on customer discussions and strategic investments.

What has driven Tantech's recent success?

Tantech's recent success is driven by investments in R&D, marketing, and supply chain management, enabling them to secure larger orders.