EAST WINDSOR,N.J.,Aug. 27,2024 --HEVI Corp. ("HEVI" or the "Company"),a manufacturer of all-electric heavy equipment,today announced the further expansion of its growing industrial electric vehicle portfolio with the launch of its newest model,the H55L front wheel loader. HEVI's newest electric wheel loader is purpose-designed to combine robust performance with eco-friendly operation,featuring advanced electric technology to deliver efficiency and reliability while minimizing emissions and operating costs. With fewer components,no diesel and no diesel exhaust fluid (DEF),HEVI expects its all-electric wheeled front loader can save customers by materially reducing diesel and planned maintenance expenses,further increasing return on investment.

Experience unmatched efficiency and performance with HEVI's state-of-the-art H55L electric wheel loader. Durable and high performing,the H55L all-electric loader is a quiet,eco-conscious solution,lifting up to six tons in indoor and outdoor applications without the mess and emissions of diesel. Perfect for material management,site preparation,landscaping and recycling and waste management operations.

HEVI's newest H55L 6-ton rated powerhouse eliminates emissions and diesel costs while offering reduced maintenance and significantly lower total cost of ownership. HEVI's advanced hydraulic power system ensures seamless operation,complemented by long-lasting battery performance for uninterrupted workdays. With powerful instant torque from electric motors,H55L delivers maximum productivity with minimal environmental impact. Equally important,HEVI's H55L is expected to cut carbon footprints by approximately 70 tons of CO2 annually compared to similar-sized diesel models.

Raymond Wang,CEO of HEVI,commented,"We are strategically expanding our line of industrial electric vehicles to capitalize on the most promising market opportunities,focusing on areas where we can leverage our competitive strengths. The ongoing shift toward eco-friendly industrial vehicles is accelerating,and we are actively working to broaden our range of vehicles and simplify the buying and ownership experience for our customers. Our latest model,the H55L,exemplifies our commitment to combining high performance with eco-friendly benefits,positioning HEVI as the ideal solution for a variety of tasks. We believe this approach will drive revenue growth and enhance shareholder value."

About HEVI Corporation

HEVI is a developer and manufacturer of sustainable heavy machinery such as all-electric heavy construction and farm machinery. The Company is a wholly owned subsidiary of Greenland Technologies Holding Corporation (Nasdaq: GTEC). Information on the Company's clean industrial heavy equipment can be found at HEVI at HEVI Corp.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking statements." Such statements reflect HEVI's current views with respect to future events and are subject to such risks and uncertainties,many of which are beyond the control of HEVI,including those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("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,HEVI's expectations with respect to future performance. 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. HEVI does not intend and does not assume any obligation to update these forward-looking statements,other than as required by law.