Microvast

{{Infobox company

| name = Microvast Holdings, Inc.

| logo = 250px

| type = Public

| traded_as = {{NASDAQ|MVST}}

| founded = {{start date and age|2006}}

| hq_location_city = Stafford, Texas

| hq_location_country = U.S.

| key_people = Yang Wu (CEO)

| ISIN = US59516C1062

| industry = Automotive Li-ion Batteries, Energy storage systems

| revenue = {{US$|306.6 million|link=yes}} (2023)

| website = {{Official URL}}

}}

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{{Cite web |title=About Us |url=https://microvast.com/company |access-date=2021-07-01 |archive-date=2021-07-05 |archive-url=https://web.archive.org/web/20210705233913/https://microvast.com/company/ |url-status=live }} in Houston, Texas, along with its Chinese subsidiary, Microvast Power Systems ({{zh|s=微宏动力系统}}) in Huzhou, China.{{Cite news |title=微宏动力系统（湖州）有限公司 |language=zh |url=https://www.qcc.com/firm/7b1cb0d657ffffe2e27d65929ea03ab7.html |access-date=2021-02-14 |archive-date=2021-01-28 |archive-url=https://web.archive.org/web/20210128011428/https://www.qcc.com/firm/7b1cb0d657ffffe2e27d65929ea03ab7.html |url-status=live }} It introduced its first generation of batteries in 2009, with manufacturing starting in 2010 in Huzhou factory.{{cn|date=June 2023}}

By March, 2017, it began construction on its "Phase III" production facility in Huzhou.{{Cite web |last=Bebon |first=Joseph |date=October 10, 2017 |title=Microvast Launches Next-Gen Batteries for Mobility Applications |url=https://ngtnews.com/microvast-launches-next-gen-batteries-mobility-applications |access-date=February 12, 2021 |archive-date=June 23, 2021 |archive-url=https://web.archive.org/web/20210623112545/https://ngtnews.com/microvast-launches-next-gen-batteries-mobility-applications |url-status=live }}

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".{{Cite web |title=Argonne and partners take home nine R&D 100 Awards in 2019 | Argonne National Laboratory |url=https://www.anl.gov/article/argonne-and-partners-take-home-nine-rd-100-awards-in-2019 |website=www.anl.gov |date=29 October 2019 |access-date=12 February 2021 |archive-date=26 February 2021 |archive-url=https://web.archive.org/web/20210226161001/https://www.anl.gov/article/argonne-and-partners-take-home-nine-rd-100-awards-in-2019 |url-status=live }}

In July 2020, Microvast inaugurated its new Germany factory in Ludwigsfelde, with production planned to start in March 2021.{{Cite web |date=July 3, 2020 |title=Microvast completes battery factory in Brandenburg |url=https://www.electrive.com/2020/07/03/microvast-completes-battery-factory-in-brandenburg/ |website=electrive.com |access-date=February 11, 2021 |archive-date=December 1, 2020 |archive-url=https://web.archive.org/web/20201201140336/https://www.electrive.com/2020/07/03/microvast-completes-battery-factory-in-brandenburg/ |url-status=live }}

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.{{Cite news |last=Settle |first=Jimmy |title=Clarksville lands $220 million Microvast plant; expected to bring 287 direct jobs |website=The Leaf-Chronicle |url=https://www.theleafchronicle.com/story/news/local/clarksville/2021/02/10/clarksville-lands-220-million-microvast-plant-287-direct-jobs/4450435001/}}{{Cite news |title=Project Hertz: How Clarksville flipped brake plant loss into Microvast's $220M electric vehicle battery factory |url=https://www.bizjournals.com/nashville/news/2021/02/26/project-hertz-microvast-clarksville.html |access-date=2021-02-26 |archive-date=2021-02-27 |archive-url=https://web.archive.org/web/20210227053405/https://www.bizjournals.com/nashville/news/2021/02/26/project-hertz-microvast-clarksville.html |url-status=live }}

On July 26, 2021, the company went public through a merger with a special-purpose acquisition company.{{Cite web |date=27 July 2021 |title=Microvast completes IPO by merging with Tuscan |url=https://www.electrive.com/2021/07/27/microvast-completes-ipo-by-merging-with-tuscan/ |access-date=29 July 2021 |archive-date=29 July 2021 |archive-url=https://web.archive.org/web/20210729220951/https://www.electrive.com/2021/07/27/microvast-completes-ipo-by-merging-with-tuscan/ |url-status=live }}

On November 1, 2021, Microvast opened a new R&D center in Orlando, Florida.{{Cite web |date=November 2021 |title=Battery Tech Firm Microvast Opens New R&D Facility in Orlando, Creates 100 New High-Wage Jobs |url=https://news.orlando.org/blog/batterytech-firm-microvast-opens-new-research-facility-in-orlando/ |access-date=2021-11-03 |archive-date=2021-11-02 |archive-url=https://web.archive.org/web/20211102195613/https://news.orlando.org/blog/batterytech-firm-microvast-opens-new-research-facility-in-orlando/ |url-status=live }}{{Cite news |title=Electric battery manufacturer Microvast to move into new Lake Mary facility 'immediately' |url=https://www.bizjournals.com/orlando/news/2021/11/03/electric-battery-manufacturer-microvast-to-move-in.html |access-date=2021-11-03 |archive-date=2021-11-03 |archive-url=https://web.archive.org/web/20211103130102/https://www.bizjournals.com/orlando/news/2021/11/03/electric-battery-manufacturer-microvast-to-move-in.html |url-status=live }}

= 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.{{Cite web |title=Bipartisan Infrastructure Law Battery Materials Processing and Battery Manufacturing & Recycling Funding Opportunity Announcement (DE-FOA-0002678) Selections |url=https://www.energy.gov/sites/default/files/2022-10/DOE%20BIL%20Battery%20FOA-2678%20Selectee%20Fact%20Sheets%20-%201_2.pdf |access-date=2022-10-24 |archive-date=2022-10-21 |archive-url=https://web.archive.org/web/20221021222140/http://www.energy.gov/sites/default/files/2022-10/DOE%20BIL%20Battery%20FOA-2678%20Selectee%20Fact%20Sheets%20-%201_2.pdf |url-status=live }}{{Cite web |date=2022-10-19 |title=Fact Sheet: Biden-Harris Administration Driving U.S. Battery Manufacturing and Good-Paying Jobs |url=https://bidenwhitehouse.archives.gov/briefing-room/statements-releases/2022/10/19/fact-sheet-biden-harris-administration-driving-u-s-battery-manufacturing-and-good-paying-jobs/ |access-date=2022-10-24 |website=The White House |language=en-US |archive-date=2022-10-24 |archive-url=https://web.archive.org/web/20221024060139/https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/19/fact-sheet-biden-harris-administration-driving-u-s-battery-manufacturing-and-good-paying-jobs/ |url-status=live }} 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.{{Cite web |last=Foster |first=Jake |date=October 21, 2022 |title=Microvast gets $200 million federal grant to build second battery plant in Clarksville |url=https://clarksvillenow.com/local/microvast-gets-200-million-federal-grant-to-build-second-battery-plant-in-clarksville/ |access-date=2022-10-24 |website=ClarksvilleNow.com |language=en-US |archive-date=2022-10-24 |archive-url=https://web.archive.org/web/20221024203748/https://clarksvillenow.com/local/microvast-gets-200-million-federal-grant-to-build-second-battery-plant-in-clarksville/ |url-status=live }}{{Cite web |title=Microvast may add 700 jobs in Clarksville |url=https://www.theleafchronicle.com/story/news/local/clarksville/2022/10/19/microvast-may-add-700-clarksville-jobs/69575482007/ |access-date=2022-10-24 |website=The Leaf-Chronicle |language=en-US}}{{Cite web |title=What They Are Saying: State, Local And Climate Leaders Grateful And Excited About Biden-Harris Administration Funding To Invigorate U.S. Battery Manufacturing |url=https://www.energy.gov/articles/what-they-are-saying-state-local-and-climate-leaders-grateful-and-excited-about-biden |access-date=2022-10-24 |website=Energy.gov |language=en |archive-date=2022-10-23 |archive-url=https://web.archive.org/web/20221023130203/https://www.energy.gov/articles/what-they-are-saying-state-local-and-climate-leaders-grateful-and-excited-about-biden |url-status=live }} The federal grant generated criticism from U.S. representative Frank Lucas and U.S. senator John Barrasso.{{Cite news |last=Shepardson |first=David |date=2022-12-07 |title=Republican lawmakers criticize U.S. grant to battery company with China ties |language=en |work=Reuters |url=https://www.reuters.com/business/republican-lawmakers-criticize-us-grant-battery-company-with-china-ties-2022-12-07/ |access-date=2022-12-09 |archive-date=2022-12-09 |archive-url=https://web.archive.org/web/20221209015954/https://www.reuters.com/business/republican-lawmakers-criticize-us-grant-battery-company-with-china-ties-2022-12-07/ |url-status=live }}

In May 2023, the U.S. Department of Energy canceled the $200 million award to Microvast.{{Cite news |last= |date=2023-05-24 |title=Microvast eyes options after US energy dept cancels $200 mln grant |language=en |work=Reuters |url=https://www.reuters.com/business/microvast-eyes-options-after-us-energy-dept-cancels-200-mln-grant-2023-05-24/ |access-date=2023-05-24 |archive-date=2023-05-24 |archive-url=https://web.archive.org/web/20230524202557/https://www.reuters.com/business/microvast-eyes-options-after-us-energy-dept-cancels-200-mln-grant-2023-05-24/ |url-status=live }}{{Cite web |last=Daly |first=Matthew |date=2023-05-23 |title=Energy Dept. rejects $200M grant to battery maker after GOP criticism over alleged ties to China |url=https://apnews.com/article/biden-battery-china-microvast-electric-vehicles-4820a33c7450ea6bd06bc73a701db5a9 |access-date=2023-05-24 |website=Associated Press |language=en |archive-date=2023-05-23 |archive-url=https://web.archive.org/web/20230523221847/https://apnews.com/article/biden-battery-china-microvast-electric-vehicles-4820a33c7450ea6bd06bc73a701db5a9 |url-status=live }} A planned Microvast plant in Hopkinsville, Kentucky was halted as a result.{{Cite web |last=Brown |first=Jennifer |date=2023-06-09 |title=Microvast EV battery plant in Hopkinsville in doubt after federal agency halts $200 million grant |url=https://www.wkms.org/business-economy/2023-06-09/microvast-ev-battery-plant-in-hopkinsville-in-doubt-after-federal-agency-halts-200-million-grant |access-date=2023-06-26 |website=WKMS-FM |language=en |archive-date=2023-06-26 |archive-url=https://web.archive.org/web/20230626140811/https://www.wkms.org/business-economy/2023-06-09/microvast-ev-battery-plant-in-hopkinsville-in-doubt-after-federal-agency-halts-200-million-grant |url-status=live }}