Microvast Power System, a subsidiary of Microvast, said April 20 it raised a $400 million funding round led by CITIC Securities. Additional investors include CDH Investment, National Venture Capital, and others. Microvast, of Stafford, Texas and Zhejiang, China, develops and makes fast charging, long-life, and non-flammable lithium-ion battery systems for hybrid and fully electric buses.
HUZHOU, China and STAFFORD, Texas, 20 April, 2017 /PRNewswire/ — Microvast Power System (MPS), a subsidiary of Microvast today announced that it has received $400 million in a funding round led by CITIC Securities. Additional investors included CDH Investment, National Venture Capital, and others.
MPS is a vertically integrated developer and manufacturer of advanced Electric Vehicle Power System solutions, based on the company’s innovative fast charging, long-life, and non-flammable Li-ion battery systems. The company has been successfully operating battery systems in more than 15,000 electric and hybrid-electric vehicles in over 140 cities, reinforcing the high value of its ultra-fast charging capability. In public transport, Microvast has demonstrated high standards of operation in major cities.
“MPS was founded to provide power solutions for electric vehicles. We established ‘fast charging, long-life, and non-flammable’ as our battery R&D goal back in 2008,” said Mr. Yang Wu, CEO of Microvast, Inc. “Our products are now widely used in the public transport sector, will gradually be implemented in electric taxis, and eventually in electric cars. The funding we received will be used for continued research and development, as well as scaling production capacity. We will also implement our Clean City Transit strategy in China, EU, North America, and Asia Pacific area.”
“The ‘fast charging’ approach is becoming an industry trend,” said the director of this investment from CITIC Securities. “Microvast is committed to a high level of investment in R&D to maintain its advantage in advanced battery technologies. The company is also accelerating the commercialization of those technologies, which makes us very confident in its potential.”
MPS plans to launch its next generation products with higher energy density this year, and began construction on its Phase III production facility in Huzhou, Zhejiang, China, in March. The plant’s targeted production capacity is 11 GWh in Phase III and the total production capacity will reach 15 GWh, and will be in operation by 2019.
Microvast is a fast-growing and profitable market leader in the design, development and manufacturing of fast charging, long-life, and non-flammable lithium-ion battery systems. Established in 2006, Microvast was founded with a vision to address current constraints in electric vehicle development and to redesign power systems to drive mass adoption of electric vehicles. The company has supplied more than 15,000 hybrid and fully electric buses with battery systems, operating in more than 100 cities across six countries with over one billion kilometers traveled. Microvast is headquartered in Stafford, Texas (USA) and Zhejiang, China, with offices in the UK and Germany. More information is available at www.microvast.com.
About Clean City Transit
Clean City Transit plan, or the CCT plan, is Microvast’s primary business strategy. The CCT plan aims to assist in the electrification of urban transportation systems by progressively introducing Microvast’s power battery systems, first to city buses, then to taxis and finally to passenger cars.