Microvast

Microvast Holdings, Inc. is a publicly traded company, headquartered in Stafford, Texas. It designs, manufactures, and services lithium-ion batteries for electric vehicles and energy storage systems. It operates manufacturing facilities in the United States, China, and Germany.

Microvast Holdings, Inc.
TypePublic
Nasdaq: MVST
ISINUS59516C1062
IndustryAutomotive Li-ion Batteries, Energy storage systems
Founded2006 (2006)
Headquarters
Stafford, Texas
,
U.S.
Key people
Yang Wu (CEO)
RevenueUS$152 million (2021)
Websitemicrovast.com

History

Microvast was founded in 2006[1] in Houston, Texas, along with its Chinese subsidiary, Microvast Power Systems (Chinese: 微宏动力系统) in Huzhou, China.[2]It introduced its first generation of batteries in 2009, with manufacturing starting in 2010 in Huzhou factory.

By March, 2017, it began construction on its "Phase III" production facility in Huzhou.[3]

In 2019, the company, in a joint work with researchers from Argonne National Laboratory won a R&D 100 award for a novel "High-energy density and safe battery system".[4]

In July 2020, Microvast inaugurated its new Germany factory in Ludwigsfelde, with production planned to start in March 2021.[5]

On February 10, 2021, Tennessee officials and Microvast announced that the company will establish a new manufacturing facility in Clarksville to manufacture battery cells, modules and packs, with the production expected to begin in the summer of 2022.[6][7]

On July 26, 2021, the company went public through a merger with a special-purpose acquisition company.[8]

On November 1, 2021, Microvast opened a new R&D center in Orlando, Florida.[9][10]

2022 federal grant

On Oct. 19, 2022 the U.S. Department of Energy released "Bipartisan Infrastructure Law Battery Materials Processing and Battery Manufacturing & Recycling Funding Opportunity Announcement", awarding US$2.8 billion to a number of public and private US companies.[11][12] The company was awarded US$200 million to support development of a Thermally Stable Polyaramid Separator Manufacturing Plant in Clarksville, Tennessee, in partnership with General Motors.[13][14][15] The federal grant generated criticism from U.S. representative Frank Lucas and U.S. senator John Barrasso.[16]

Customers & Partnerships

Microvast batteries are being used by bus makers, including IVECO,[17] CRRC, Foton,[18] King Long, VDL,[19] Zhongtong Bus,[20] JBM[21] and Wrightbus.[22] With the buses operating in China,[23] England,[24] Germany,[25] Holland,[26] India, New-Zealand,[27] Russia,[28] South Korea and Sweden.[29]

Other commercial vehicles and passenger cars OEM customers include SAIC, PSA Singapore,[30] FPT,[31][32] ZF Friedrichshafen, Safra,[33] Cargotec, Gaussin[34] and Oshkosh Corporation.[35]

See also

References
  1. "About Us".
  2. "微宏动力系统（湖州）有限公司" (in Chinese).
  3. Bebon, Joseph (October 10, 2017). "Microvast Launches Next-Gen Batteries for Mobility Applications".
  4. "Argonne and partners take home nine R&D 100 Awards in 2019 | Argonne National Laboratory". www.anl.gov.
  5. "Microvast completes battery factory in Brandenburg". electrive.com. July 3, 2020.
  6. Settle, Jimmy. "Clarksville lands $220 million Microvast plant; expected to bring 287 direct jobs". The Leaf-Chronicle.
  7. "Project Hertz: How Clarksville flipped brake plant loss into Microvast's $220M electric vehicle battery factory".
  8. "Microvast completes IPO by merging with Tuscan". 27 July 2021.
  9. "Battery Tech Firm Microvast Opens New R&D Facility in Orlando, Creates 100 New High-Wage Jobs". November 2021.
  10. "Electric battery manufacturer Microvast to move into new Lake Mary facility 'immediately'".
  11. "Bipartisan Infrastructure Law Battery Materials Processing and Battery Manufacturing & Recycling Funding Opportunity Announcement (DE-FOA-0002678) Selections" (PDF).
  12. "Fact Sheet: Biden-Harris Administration Driving U.S. Battery Manufacturing and Good-Paying Jobs". The White House. 2022-10-19. Retrieved 2022-10-24.
  13. Foster, Jake (October 21, 2022). "Microvast gets $200 million federal grant to build second battery plant in Clarksville". ClarksvilleNow.com. Retrieved 2022-10-24.
  14. "Microvast may add 700 jobs in Clarksville". The Leaf-Chronicle. Retrieved 2022-10-24.
  15. "What They Are Saying: State, Local And Climate Leaders Grateful And Excited About Biden-Harris Administration Funding To Invigorate U.S. Battery Manufacturing". Energy.gov. Retrieved 2022-10-24.
  16. Shepardson, David (2022-12-07). "Republican lawmakers criticize U.S. grant to battery company with China ties". Reuters. Retrieved 2022-12-09.
  17. "FPT Industrial and Microvast under the hood of the new IVECO BUS electric Crossway | Iveco Group". www.ivecogroup.com. Retrieved 2022-10-24.
  18. "Microvast Becomes the Main Battery Supplier for China's New Energy Bus Makers".
  19. "VDL, electric buses for every kind of needs. Wide portfolio, focus on fast charging".
  20. "1月夺得动力电池装机量第6名 微宏动力牛在哪？" (in Chinese).
  21. "JBM Group to Partner with Microvast for Electric Busses".
  22. "DEFM14A PROXY STATEMENT".
  23. "2,045 Units Buses Equipped with Microvast Batteries Working Smoothly in Chongqing-news-www.chinabuses.org". www.chinabuses.org.
  24. "New Routemaster featuring hybrid electric driveline, 3 doors, 2 staircases and rear platform" (PDF). Archived from the original (PDF) on 2019-09-26.
  25. "Stadtwerke Münster Introduces Electric Bus Fleet Capable Of 500 kW Charging". insideevs.com.
  26. "VDL, electric buses for every kind of needs. Wide portfolio, focus on fast charging".
  27. "Microvast Powered New Zealand's First Electric Bus".
  28. "Microvast Powered Electric City Buses Start Operation in Moscow".
  29. "VDL, electric buses for every kind of needs. Wide portfolio, focus on fast charging".
  30. "PSA Strike Major Automation Deal".
  31. Reuters Staff (November 19, 2019). "CNH Industrial and Microvast hatch joint plan to develop vehicle batteries". Reuters – via www.reuters.com. {{cite news}}: |author= has generic name (help)
  32. Chris Randall. "Microvast and FPT to supply batteries to Iveco Bus".
  33. "Microvast to supply battery for bus manufacturer Safra". electrive.com. 2021-03-29. Retrieved 2022-10-24.
  34. "GAUSSIN and MICROVAST announce a strategic partnership to integrate the new generation of batteries dedicated to full-electric and hydrogen versions of Gaussin's new road truck skateboard".
  35. "Oshkosh Corporation partners with Microvast to strengthen electrification capabilities". Bloomberg.com. February 4, 2021 – via www.bloomberg.com.
  • Official website
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