BrandWikiReturn

Microvast

Microvast Holdings, Inc. is a battery technology company headquartered in Stafford, Texas, and publicly traded on the NASDAQ Stock Exchange. It designs, develops and manufactures 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.

History

Microvast was founded by Yang Wu in 2006[2] in Houston, Texas, along with its Chinese subsidiary, Microvast Power Systems in Huzhou, China.[3] 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.[4]

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".[5]

In July 2020, Microvast inaugurated its new Germany factory in Ludwigsfelde, with production planned to start in March 2021.[6]

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.[7][8]

On July 26, 2021, the company went public through a merger with a special-purpose acquisition company.[9]

On November 1, 2021, Microvast opened a new R&D center in Orlando, Florida.[10][11]

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.[12][13] 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.[14][15][16] The federal grant generated criticism from U.S. representative Frank Lucas and U.S. senator John Barrasso.[17]

In May 2023, the U.S. Department of Energy canceled the $200 million award to Microvast.[18][19] A planned Microvast plant in Hopkinsville, Kentucky was halted as a result.[20]

See also

  • List of electric-vehicle-battery manufacturers
  • Lithium-titanate battery

External links

References

  1. Electric vehicle battery maker Microvast Inc. buying Clarksville plant for $220M manufacturing operation^
  2. About Us retrieved 2021-07-01^
  3. 微宏动力系统（湖州）有限公司 retrieved 2021-02-14^
  4. Joseph Bebon. Microvast Launches Next-Gen Batteries for Mobility Applications October 10, 2017, retrieved February 12, 2021^
  5. Argonne and partners take home nine R&D 100 Awards in 2019 | Argonne National Laboratory www.anl.gov, 29 October 2019, retrieved 12 February 2021^
  6. Microvast completes battery factory in Brandenburg electrive.com, July 3, 2020, retrieved February 11, 2021^
  7. Jimmy Settle. Clarksville lands $220 million Microvast plant; expected to bring 287 direct jobs The Leaf-Chronicle^
  8. Project Hertz: How Clarksville flipped brake plant loss into Microvast's $220M electric vehicle battery factory retrieved 2021-02-26^
  9. Microvast completes IPO by merging with Tuscan 27 July 2021, retrieved 29 July 2021^
  10. Battery Tech Firm Microvast Opens New R&D Facility in Orlando, Creates 100 New High-Wage Jobs November 2021, retrieved 2021-11-03^
  11. Electric battery manufacturer Microvast to move into new Lake Mary facility 'immediately' retrieved 2021-11-03^
  12. Bipartisan Infrastructure Law Battery Materials Processing and Battery Manufacturing & Recycling Funding Opportunity Announcement (DE-FOA-0002678) Selections retrieved 2022-10-24^
  13. Fact Sheet: Biden-Harris Administration Driving U.S. Battery Manufacturing and Good-Paying Jobs The White House, 2022-10-19, retrieved 2022-10-24^
  14. Jake Foster. Microvast gets $200 million federal grant to build second battery plant in Clarksville ClarksvilleNow.com, October 21, 2022, retrieved 2022-10-24^
  15. Microvast may add 700 jobs in Clarksville The Leaf-Chronicle, retrieved 2022-10-24^
  16. 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^
  17. David Shepardson. Republican lawmakers criticize U.S. grant to battery company with China ties Reuters, 2022-12-07, retrieved 2022-12-09^
  18. Microvast eyes options after US energy dept cancels $200 mln grant Reuters, 2023-05-24, retrieved 2023-05-24^
  19. Matthew Daly. Energy Dept. rejects $200M grant to battery maker after GOP criticism over alleged ties to China Associated Press, 2023-05-23, retrieved 2023-05-24^
  20. Jennifer Brown. Microvast EV battery plant in Hopkinsville in doubt after federal agency halts $200 million grant WKMS-FM, 2023-06-09, retrieved 2023-06-26^