Subsidiary of Greenland Technologies Receives Government Incentive Program Approvals for Its Heavy Electric Industrial Vehicles

HANGZHOU, China, Sept. 8, 2026 /PRNewswire/ -- HEVI Corp., a wholly owned subsidiary of Greenland Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland" or the "Company"), a developer and manufacturer of transmission and drivetrain systems for material handling machinery and electric industrial vehicles, has received approvals from the New York Vehicle Inspection Program ("NYVIP") of the State of New York for its electric industrial vehicles.

HEVI Corp. has been working with several state government agencies to secure approval for various incentive programs covering its heavy electric industrial vehicles, including NYVIP from the State of New York, the Clean Off-Road Equipment Voucher Incentive Project ("CORE") from the State of California, WorkClean from the State of New Jersey, and the Texas Emissions Reduction Plan ("TERP") from the State of Texas. Two of HEVI Corp.'s electric loader vehicles — the H55L (5-ton loader) and the H65L (6.5-ton loader) — have been added to the eligible equipment list of the NYVIP program from the State of New York. The incentive covers 35% of the base equipment cost plus up to a $100,000 Disadvantaged Communities ("DAC") bonus for each unit sold where old equipment is replaced.

The Company believes these state incentive programs will generate greater interest and accelerate the deployment of heavy electric industrial equipment, even though adoption of heavy electric loaders in the U.S. market still faces significant challenges.

"We are very pleased to see our electric loader models listed on a government incentive eligible equipment list," said Raymond Wang, Chief Executive Officer of Greenland Technologies Holding Corporation. "This recognition confirms that our equipment meets strict industrial standards, and the incentive will help accelerate the deployment of our heavy electric equipment in the U.S. market."

About Greenland Technologies Holding Corporation

Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a technology developer and manufacturer of drivetrain systems for material handling machinery and electric industrial vehicles. The Company focuses on innovative transmission technologies and industrial vehicle solutions designed to improve efficiency, performance, and sustainability.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the anticipated benefits of government incentive program approvals for the Company's electric industrial vehicles, the expected impact of such incentive programs on customer demand and deployment of the Company's heavy electric equipment, the Company's ability to obtain additional incentive program approvals in other states, and the Company's expectations regarding the adoption and market acceptance of its electric loader vehicles in the U.S. market. Actual results may differ materially from those expressed or implied due to various risks and uncertainties, including market conditions, customer adoption rates, competitive factors, the ability to protect and enforce intellectual property rights, supply chain conditions, and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on March 23, 2026. Greenland undertakes no obligation to update any forward-looking statements except as required by law.

SOURCE Greenland Technologies Holding Corporation