Microvast goes public. The battery manufacturer commenced trading on the Nasdaq on July 26 under the ticker ‘MVST’. The company has completed the business combination with Tuscan Holdings, resulting in the new name ‘Microvast Holdings, Inc.’

Founded in Houston in 2006, Microvast develops battery technologies designed specifically for commercial electric vehicles.

Microvast on Nasdaq. Details and CEO’s statement

Upon closing, the combined company received approximately $822 million in cash, comprised of approximately $282 million in cash held in trust by Tuscan and the proceeds of a $540 million PIPE from leading institutional investors including strategic partner Oshkosh Corporation as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate Investment Partners. At closing, approximately 99.7% of funds remained in Tuscan’s trust account.

Microvast batteries. Now on Nasdaq

Highly modular and vertically integrated, Microvast’s standard battery packs can utilize a wide variety of cell chemistries, providing great flexibility in vehicle design and applications to the company’s range of potential commercial vehicle customers, including light, medium and heavy-duty trucks, vans, buses, trains, automated guided vehicles, port equipment and mining trucks. Microvast’s batteries are now integrated in almost 30,000 vehicles, running in 160 cities in 19 countries, for a total of over 3.8 billion miles traveled on its batteries to date, the company says.

Among the partnerships set by the US manufacturers are the ones with Gaussin, FPT Industrial, Oshkosh Corporation and a leading German luxury sports car company, among others, as well as R&D partnerships with BMW, the United States Council for Automotive Research and Argonne National Laboratory.

Yang Wu, Microvast’s Founder, CEO, and President, released a statement. «Becoming a public company not only validates the power of our next generation battery solutions, which provide our commercial vehicle operator customers with accelerated charging times, extended life cycles, and enhanced safety performance, but also the potential of our opportunity in a large and rapidly growing commercial Electric Vehicle market buoyed by a global shift to electrification. As a public company, we are poised to leverage our increased financial resources to develop and deploy our battery solutions in partnership with a suite of market-leading customers across the world. I want to thank the Microvast team for their commitment to our continued growth as we work to advance the mass adoption of commercial electric vehicles».

Highlights

Bus door systems for Dubai: working together towards maximum uptime

In alignment with Dubai’s Urban Plan 2040, the Roads and Transport Authority (RTA) has commissioned the procurement of 636 next-generation buses. This is an essential step towards increasing public transport’s modal share to 25% by 2030 and achieving net-zero emissions by 2050. This fleet renewal in...

Related articles

Bus door systems for Dubai: working together towards maximum uptime

In alignment with Dubai’s Urban Plan 2040, the Roads and Transport Authority (RTA) has commissioned the procurement of 636 next-generation buses. This is an essential step towards increasing public transport’s modal share to 25% by 2030 and achieving net-zero emissions by 2050. This fleet renewal in...

REV Bus&Truck acquires GreenMot’s retrofit operations

The commercial vehicles retrofit subsidiary of the REV Mobilities group, named REV Bus&Truck, announces that it has acquired the retrofit operations of GreenMot following the latter’s receivership. The acquisition was formalised at the Villefranche-sur-Saône Commercial Court. In 2021 Green...