Microvast Announces New Energy Division
October 03 2022 - 7:30AM
Business Wire
Microvast Holdings, Inc. (NASDAQ: MVST), a technology innovator
that designs, develops and manufactures lithium-ion battery
solutions, today announced the launch of its new energy
division.
Microvast Energy designs, develops and manufactures Battery
Energy Storage Systems (BESS) that are co-located with solar
solutions using Microvast’s proven battery technology. The
engineering, sales, marketing and customer care departments for
Microvast Energy are headquartered in Northern Colorado.
Zach Ward has been appointed as President of Microvast Energy,
with overall responsibility for the division’s strategic direction,
operations, product development, sales and key relationships. He is
an industry veteran with more than 17 years of experience in the
solar energy sector as a senior executive for several of the
largest and most active companies in renewable energy. He has
executed more than 20 GW of utility and distributed generation
solar and 500 MWh of energy storage projects. Mr. Ward has been
actively recruiting and hiring a dedicated team comprised of
experienced industry personnel in preparation for the launch of the
new energy division and roll out of Microvast’s complimentary BESS
solutions.
“We are excited to launch the new Microvast Energy division and
support the rapidly growing energy storage market, with an initial
focus in the United States. Our grid-scale BESS solutions provide
critical infrastructure capable of addressing the gap between
renewable energy supply and peak grid demand. With the recent
passing of the Inflation Reduction Act and the construction of our
new Tennessee manufacturing facility, we look forward to advancing
clean and renewable energy initiatives. Additional details on
Microvast’s industry leading BESS solutions will be forthcoming,”
said Zach Ward, President of Microvast Energy.
Microvast’s BESS solutions will incorporate battery cells and
modules manufactured in Clarksville, Tennessee. The Clarksville
facility features 650,000 sq. feet of manufacturing space on 85
acres and is expected to create up to 300 new jobs in the region.
“We believe the Clarksville factory will contribute to the
resilience of the domestic lithium-ion battery supply chain, create
manufacturing jobs, and expand American battery capacity for the US
power grid,” said Shane Smith, Microvast’s Chief Operating
Officer.
Microvast is an established brand in the battery electric
vehicle market, with more than 30,000 commercial and specialty
vehicles in operation worldwide and over 16 years of experience in
the design, development and manufacture of lithium-ion battery
solutions. Microvast’s new BESS solutions have been developed for
grid-scale energy storage projects using the same proven technology
as Microvast’s EV batteries, which offer very high energy density,
outstanding safety features, and unmatched performance.
“We expect the superior performance of our BESS solutions to
exceed the expectations of our customers and put us in a leading
position to take advantage of the benefits outlined in the
Inflation Reduction Act,” Ward said. “We expect the current
electrification trends to further accelerate and keep us very
busy.”
About Microvast
Founded in Houston, Texas in 2006 as a research and technology
driven company, Microvast has evolved into a global leader in the
design, development and manufacture of battery solutions for mobile
and stationary applications. Microvast provides a broad portfolio
of fast-charging lithium-ion battery solutions, with different
chemistries, performance characteristics and price points to meet
the diverse requirements of its customer base. Microvast is
renowned for its cutting-edge cell technology and its vertical
integration capabilities which extend from core battery chemistry
(cathode, anode, electrolyte, and separator) to modules and
packs.
Since placing its first battery systems into operation in
electric buses more than a decade ago, Microvast has expanded its
business to serve a broad range of commercial, passenger and
specialty vehicles, including mining, material handling, and power
vehicles and equipment, as well as grid-scale energy storage
applications.
For more information, please visit www.microvast.com or follow
us on LinkedIn or Twitter (@microvast).
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as “will likely result,” “are expected to,” “will
continue,” “is anticipated,” “estimated,” “believe,” “intend,”
“plan,” “projection,” “outlook” or words of similar meaning. These
forward-looking statements include, but are not limited to,
statements regarding Microvast’s industry and market sizes, future
opportunities for Microvast and the combined company and
Microvast’s estimated future results. Such forward-looking
statements are based upon the current beliefs and expectations of
our management and are inherently subject to significant business,
economic and competitive uncertainties and contingencies, many of
which are difficult to predict and generally beyond our control.
Actual results and the timing of events may differ materially from
the results anticipated in these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221003005322/en/
Monica Gould ir@microvast.com cc: monica@blueshirtgroup.com
(212) 871-3927
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