The Grand Opening of Greenway Indonesia Subsidiary: A New Milestone in Globalization Strategy

SURABAYA, Indonesia,Nov. 22, 2024/PRNewswire/ -- OnNovember 22, PT GREENWAY ENERGYINDONESIA, the Indonesian subsidiary of Greenway (SHSE:688345), a global leader in micromobility lithium battery solutions, held a grand opening ceremony. The establishment and commencement of production at this factory mark a significant milestone in Greenway's global strategic expansion, enabling the company to achieve localized production and services. The factory will primarily focus on products such as batteries for light vehicles, home energy storage, and portable energy storage.

During the opening ceremony, Mr. Zhang Zhiping, Chairman of Guangdong Greenway Technology Co., Ltd., Ms.Liu Cong, Vice Chairman, Mr. Yanto, Chairman of Polygon, Mr. B. Prabowo Kartoleksono, Vice Chairman of R&D at the Indonesia Electric Vehicle Industry Association (Periklindo), along with numerous partners and employee representatives, gathered to witness this landmark moment.

In his speech, Chairman Zhang Zhiping reflected on Greenway's 18-year journey. Since its founding in 2006, the company started with notebook batteries and gradually expanded into electric bicycle batteries, electric motorcycle batteries, and energy storage batteries. In 2017, the acquisition of a battery cell factory enabled Greenway to integrate upstream resources. In 2018, the company entered the two-wheeler battery swap market. By 2021, Greenway successfully went public, and in the following year, it launched the innovative 34145 large cylindrical"Gingu Bang"Battery. The establishment of theIndonesiafactory marks a new starting point for Greenway's development in the Southeast Asian market. Chairman Zhang expressed Greenway's vision and strategic goals for theIndonesiafactory through three numbers: 0, 10, and 100."0"signifies the courage and determination to start overseas manufacturing from scratch."10"reflects Greenway's confidence in the future development of the Indonesian and Southeast Asian markets."100"represents Greenway's full commitment and dedication to the Indonesian market.

Mr. Yanto, Chairman of Polygon, recognized Greenway's strengths in lithium battery technology and expressed his confidence in the future prospects of their partnership.

ChinaisIndonesia'slargest trading partner and second-largest source of foreign investment. As the largest economy inSoutheast Asia,Indonesiaholds immense market potential. During Indonesian President Prabowo Subianto's visit toChina, both nations signed cooperation agreements worth$10.07 billionat the China-Indonesia Business Forum, aimed at strengthening collaborations in areas like electric vehicles and lithium batteries. Against this backdrop of deepening economic ties betweenChinaandIndonesia, Greenway has entered a strategic partnership with the globally renowned bicycle and electric bicycle brand Polygon to establish theIndonesiafactory. Polygon plays a pivotal role in the bicycle industry both inIndonesiaand globally. Combining Polygon's market expertise with Greenway's advanced lithium battery technology, the two companies aim to deliver greener, smarter mobility solutions to consumers and promote the development of green transportation inIndonesiaandSoutheast Asia.

In terms of technological capabilities, Greenway will inject its globally leading lithium battery technology and PACK production expertise into theIndonesiafactory. Using this as a starting point, the company aims to gradually achieve localized production of battery cells. OnOctober 20, 2024, the Greenway Indonesia factory successfully obtained its production license, laying a solid foundation for the subsequent construction and full-scale operation of the project.

"To become the most competitive global leader in lithium battery solutions"has been Greenway's corporate vision since its inception. Guided by this mission, the company has continuously focused on green energy, making breakthroughs in research and production, and promoting the adoption of sustainable mobility and environmentally friendly lifestyles. The launch of theIndonesiafactory is expected to significantly accelerate the adoption of lithium batteries in the local two-wheeler market while also supporting the growing global demand for high-quality lithium batteries. Looking ahead, Greenway will further deepen its global expansion efforts, working alongside global partners to advance energy transitions and contribute to the achievement of net-zero emissions targets. Through innovative technologies, Greenway aims to play a pivotal role in promoting global sustainable development.

About Greenway

Guangdong Greenway Technology Co., Ltd. was established in 2006, specializing in the micromobility lithium battery sector. The company provides ODM and OEM products and services, It was listed on the STAR Market inJune 2021, and is the first company on the A-share market to focus primarily on lithium batteries for two-wheeler market.

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SOURCE Greenway