Microvast Power Systems (MPS), a subsidiary of Microvast, announces 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 lithium-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," says 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, North America, the EU and Asia Pacific area."
"The fast-charging approach is becoming an industry trend," says 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; total production capacity will reach 15 GWh, and will be in operation by 2019.