Microvast

Microvast Holdings, Inc. is a battery technology company headquartered in Stafford, Texas, and publicly traded on the NASDAQ Stock Exchange. It designs, develop and manufacture battery components and systems primarily for electric commercial vehicles and utility-scale energy storage systems (ESS). Microvast has 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$204.5 million (2022)
Websitemicrovast.com

History

Microvast was founded by Yang Wu 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]

Canceled 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]

In May 2023, the U.S. Department of Energy canceled the $200 million award to Microvast.[17][18] A planned Microvast plant in Hopkinsville, Kentucky was halted as a result.[19]

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. 29 October 2019.
  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. "Microvast eyes options after US energy dept cancels $200 mln grant". Reuters. 2023-05-24. Retrieved 2023-05-24.
  18. Daly, Matthew (2023-05-23). "Energy Dept. rejects $200M grant to battery maker after GOP criticism over alleged ties to China". Associated Press. Retrieved 2023-05-24.
  19. Brown, Jennifer (2023-06-09). "Microvast EV battery plant in Hopkinsville in doubt after federal agency halts $200 million grant". WKMS-FM. Retrieved 2023-06-26.
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