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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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Equity Bottom-Up

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.

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index was up 4.9% W/W versus the S&amp;P 500 Index (up 4.0%), the Russell 2000 Index (up 4.4%) and the Nasdaq Index (up 5.9%).</li><li>Energy Technology (13.7% of the index) was up 6.0%, while Industrial Climate and Ag Technology (47.4% of the index) was up 6.5%, ClimateTech Mining was up 3.5%, and Advanced Transportation Solutions (19.7% of index) was up 1.6%.</li><li style="text-align: left;">Top 10 Performers:<span style="font-size: var(--content-font-size);"> GP, FTCI, GCEH, GEVO, SPI, SUNW, </span><span style="font-size: var(--content-font-size);">INVZ, SMR, GRB, GTEC</span></li></ul>

The WTR Sustainable Index was up 4.9% W/W versus the S&amp;P 500 Index (up 4.0%), the Russell 2000 Index (up 4.4%) and the Nasdaq Index (up 5.9%).Energy Technology (13.7% of the index) was up 6.0%, while Industrial Climate and Ag Technology (47.4% of the index) was up 6.5%, ClimateTech Mining was up 3.5%, and Advanced Transportation Solutions (19.7% of index) was up 1.6%.Top 10 Performers: GP, FTCI, GCEH, GEVO, SPI, SUNW, INVZ, SMR, GRB, GTEC

Sustainable Investing Surveyor Focus on LSB Industries, Inc.

<ul><li>The WTR Sustainable Index was up 3.0% W/W versus the S&amp;P 500 Index (up 3.9%), the Russell 2000 Index (up 2.9%) and the Nasdaq Index (up 5.4%).</li><li>Energy Technology (13.8% of the index) was up 3.8%, while Industrial Climate and Ag Technology (46.2% of the index) was up 2.9%, ClimateTech Mining was up 2.7%, and Advanced Transportation Solutions (20.1% of index) was up 2.7%.</li><li>Top 10 Performers: ZEV, ORGN, GIGA, GTEC, PSIX, GEVO, GCEI, COMM, ASPN, FF</li></ul>

The WTR Sustainable Index was up 3.0% W/W versus the S&amp;P 500 Index (up 3.9%), the Russell 2000 Index (up 2.9%) and the Nasdaq Index (up 5.4%).Energy Technology (13.8% of the index) was up 3.8%, while Industrial Climate and Ag Technology (46.2% of the index) was up 2.9%, ClimateTech Mining was up 2.7%, and Advanced Transportation Solutions (20.1% of index) was up 2.7%.Top 10 Performers: ZEV, ORGN, GIGA, GTEC, PSIX, GEVO, GCEI, COMM, ASPN, FF

Sustainable Investing Surveyor - Focus on Green Plains, Inc. (GPRE)

<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.

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

Sustainable Investing Surveyor Focus on LSB Industries, Inc.

The WTR Sustainable Index was up 4.9% W/W versus the S&P 500 Index (up 4.0%), the Russell 2000 Index (up 4.4%) and the Nasdaq Index (up 5.9%).

Water Tower Research

Sustainable Investing Surveyor - Focus on Green Plains, Inc. (GPRE)

The WTR Sustainable Index was up 3.0% W/W versus the S&P 500 Index (up 3.9%), the Russell 2000 Index (up 2.9%) and the Nasdaq Index (up 5.4%).

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

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