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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Greenland Technologies Holdi / Equity Bottom-Up

<ul><li>HEVI to be a standalone pure-play industrial EV company.</li><li>The company announced plans to spin off its drivetrain systems business into a separate, independently managed, and publicly traded company on the OTC market.</li><li>Shareholders will receive shares in the new drivetrain company (expected to be tax-free), leaving Greenland Technologies to focus on the industrial EV market through its HEVI brand.</li></ul>

HEVI to be a standalone pure-play industrial EV company.The company announced plans to spin off its drivetrain systems business into a separate, independently managed, and publicly traded company on the OTC market.Shareholders will receive shares in the new drivetrain company (expected to be tax-free), leaving Greenland Technologies to focus on the industrial EV market through its HEVI brand.

Greenland Technologies Holding Corp. - Another HEVI Product Win

<ul><li>HEVI announced the addition of Amerit Fleet Solutions as an Authorized Service Provider to support the company’s electric powered heavy industrial equipment.</li><li>Amerit Fleet Solutions, which has more than 800 locations nationwide, joins Mid-Atlantic-focused Quality Truck Center as the second multi- location service company that has partnered with HEVI to support customers with its equipment.</li><li>The addition of another service provider should help boost the growth of HEVI’s products. In addition to expanding awareness of the brand, this should help alleviate any concerns that potential customers might have about supporting and servicing their equipment.</li></ul>

HEVI announced the addition of Amerit Fleet Solutions as an Authorized Service Provider to support the company’s electric powered heavy industrial equipment.Amerit Fleet Solutions, which has more than 800 locations nationwide, joins Mid-Atlantic-focused Quality Truck Center as the second multi- location service company that has partnered with HEVI to support customers with its equipment.The addition of another service provider should help boost the growth of HEVI’s products. In addition to expanding awareness of the brand, this should help alleviate any concerns that potential customers might have about supporting and servicing their equipment.

<div><div><div><ul style="list-style-type: disc;"><li><p>Greenland Technologies announced it has won a bid from the Port of Baltimore to help facilitate the Port’s plan to electrify its operating equipment.</p></li><li><p>This will include sales of the HEVI GEL-5000, a five-ton rated all-electric wheeled front loader with a nine-hour operating cycle and a two-hour rapid charge time.</p></li><li><p>The first major sales win for HEVI, and one that we expect will accelerate product adoption. </p></li></ul></div></div></div>

Greenland Technologies announced it has won a bid from the Port of Baltimore to help facilitate the Port’s plan to electrify its operating equipment.This will include sales of the HEVI GEL-5000, a five-ton rated all-electric wheeled front loader with a nine-hour operating cycle and a two-hour rapid charge time.The first major sales win for HEVI, and one that we expect will accelerate product adoption. 

Update Note - Greenland Technologies Holding Corp.

<ul><li>Reported EPS of $0.18 on revenues of $3.6 million, up from $0.13 in 2Q22 and $0.11 in 1Q23.</li><li>The performance was driven by increased traction in the recovering China/Asian market and higher-margin products contributing more to the overall revenue mix.</li><li>Excluding the impact of FX headwinds, revenues would have been up 19% Y/Y.</li></ul>

Reported EPS of $0.18 on revenues of $3.6 million, up from $0.13 in 2Q22 and $0.11 in 1Q23.The performance was driven by increased traction in the recovering China/Asian market and higher-margin products contributing more to the overall revenue mix.Excluding the impact of FX headwinds, revenues would have been up 19% Y/Y.

Greenland Technologies Holding Corp. - Strong 2Q Results as Transmission Business Accelerates

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&amp;P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%), but in line with the Russell 2000 Index (down 3.6%).</li><li>Energy Technology (14.9% of the index) contributed to the index’s underperformance, falling 3.7%, while Industrial Climate and Ag Technology (6.5% of the index) was down 2.4%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions was down 5.3%.</li><li>Top 10 Performers: ALLIF, NILI, GTEC, HYSR, FE, ETL, LNZA, LBNK, NGPHF, FNI</li></ul>

The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&amp;P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%), but in line with the Russell 2000 Index (down 3.6%).Energy Technology (14.9% of the index) contributed to the index’s underperformance, falling 3.7%, while Industrial Climate and Ag Technology (6.5% of the index) was down 2.4%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions was down 5.3%.Top 10 Performers: ALLIF, NILI, GTEC, HYSR, FE, ETL, LNZA, LBNK, NGPHF, FNI

Weekly Sustainable Investing Surveyor - Week Ended September 8, 2023

China

Greenland Technologies Holding Corporation operates in China.

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Greenland Technologies Holdi (GTEC US)

Greenland Technologies Holding Corp. - Another HEVI Product Win

The company announced plans to spin off its drivetrain systems business into a separate, independently managed, and publicly traded company on the...

Water Tower Research

Greenland Technologies Holding Corp.

HEVI announced the addition of Amerit Fleet Solutions as an Authorized Service Provider to support the company’s electric powered heavy industrial...

Water Tower Research

Update Note - Greenland Technologies Holding Corp.

Greenland Technologies announced it has won a bid from the Port of Baltimore to help facilitate the Port’s plan to electrify its operating equipment.

Water Tower Research

Greenland Technologies Holding Corp. - Strong 2Q Results as Transmission Business Accelerates

The performance was driven by increased traction in the recovering China/Asian market and higher-margin products contributing more to the overall...

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended September 8, 2023

The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%)

Water Tower Research

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