Princeton NuEnergy Enters Strategic Partnership Agreement with Greenland for the Recycling of Lithium-ion Batteries

BORDENTOWN, N.J., March 9, 2022 /PRNewswire/ -- Princeton NuEnergy, Inc. ("PNE"), an emerging growth company primarily engaged in the regeneration of lithium-ion battery ("LIB") material, today announced it has entered into a strategic partnership agreement with Greenland Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland"), a technology developer and manufacturer of industrial electric vehicles and drivetrain systems for material handling machinery and vehicles, to create a recycling solution for lithium-ion batteries used in electric industrial vehicles, as the next step in creating a circular supply chain to alleviate a major future supply chain bottleneck.

Strategic Partnership Goals and Objectives:

1. To create a safe and sustainable recycling solution for end-of-life lithium-ion batteries used in electric industrial vehicles including electric forklifts, electric loaders, and electric excavators;                                
2. To advance sustainability efforts in the electromobility sector and further minimize the environmental footprint of shared electric industrial vehicles, with PNE serving as Greenland's partner in ultimately meeting its net-zero emission and 100% recycling targets; and
3. PNE will utilize its commercial lithium-ion battery recycling Novel Plasma Based Direct Li-ion Battery Recycling Technology to recover the end-of-life batteries efficiently, safely, and sustainably from Greenland's electric industrial vehicle fleets and transform them into battery grade material that can be used in the production of new batteries for new Greenland's electric industrial vehicles.

Dr. Yan, CEO of PNE, commented, "We know the Greenland team well and have been impressed with their strategy and execution. Our partnership gives us an invaluable opportunity to commercialize the advanced technologies and recycling processes we have been developing over the past few years, as we seek to help the electric vehicle industry meet its ambitious growth targets."

Raymond Wang, CEO of Greenland, added, "Incorporating environmentally friendly manufacturing processes makes sound business sense as we work to develop a sustainable, circular supply chain. Battery supply and materials availability is an increasing concern as the proliferation of electric vehicles continues to accelerate, with the risk of becoming a gating factor in the manufacturing process a few years down the road. We have done extensive due diligence on options that can help us mitigate that potential supply chain bottleneck given our forecasts for accelerating growth and product line expansion. We think PNE's innovative, proprietary process can be a real game changer for us, and we are excited to be partnering together at this important juncture."

About Princeton NuEnergy
Princeton NuEnergy delivers innovative and sustainable energy and environmental solutions. The Company's current focus is on closed-loop lithium-ion battery recycling and low-cost production of active cathode materials, and ultimately enabling significant reduction in carbon emissions. For more information visit www.pnecycle.com.

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.

Forward-Looking Statements
This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland's current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K and Definitive Proxy Statement on Schedule 14A filed with the SEC. Copies are available on the SEC's website, www.sec.gov. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland's expectations with respect to future performance. In addition, there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company's operations, the demand for the Company's products, global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.

For more information, please contact:

Dr. Yan Chao, CEO
Princeton NuEnergy
Phone: +1(973)-818-3428
Email: [email protected]

SOURCE Princeton NuEnergy