Microvast completes business combination with Tuscan holdings to advance battery technology for EVs.
Microvast, Inc. (“Microvast” or the “Company”), a leading global provider of next-generation battery technologies for commercial and specialty vehicles, announced that it has completed its previously announced business combination with Tuscan Holdings Corp. (Nasdaq: THCB) (“Tuscan”).
The business combination was approved at a special meeting of stockholders on July 21, 2021, resulting in the combined company being renamed “Microvast Holdings, Inc.”, with its common stock and warrants to commence trading on the Nasdaq on July 26, 2021 under the ticker symbols “MVST” and “MVSTW”.
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.
Yang Wu, Microvast’s Founder, CEO, and President.
The talented Microvast team developed our disruptive battery technology to revolutionize the way that we travel and help advance a greener, more electric future.
“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.”
Microvast, founded in Houston in 2006, develops disruptive battery technologies designed specifically for commercial electric vehicles (EVs) that feature best-in-class fast-charging capabilities, high energy density, significantly longer cycle life and proven safety performance.
Powered by a proprietary intellectual property portfolio, Microvast’s battery solutions are significantly more stable under heat than traditional poly-ethylene separators and demonstrate improved thermal stability in the battery cell.
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 broad 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.
Microvast’s technology is further validated by marquee customer partnerships with industry leaders, including 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.
Since first announcing its go-public transaction in February 2021, Microvast has continued to build significant momentum, announcing a joint development agreement with Oshkosh Corporation; expanding into the French e-bus market as the battery supplier for the full-electric bus, hybrid bus and retrofit bus for French bus manufacturer SAFRA; and announcing a strategic partnership with Gaussin to integrate Microvast’s batteries into Gaussin’s electric and hydrogen powered skateboard platforms.
Olaf Scholz, German Vice-Chancellor & Federal Minister of Finance, further recognized Microvast’s innovative approach to next generation battery technologies at an onsite visit to the Company’s EMEA headquarters in June 2021.
Stephen Vogel, Chairman and CEO of Tuscan.
Mr. Wu and his team have leveraged their innovative set of electric battery solutions to build a company that is making significant progress on its long-term growth plans, securing strategic partnerships and collaborations with key industry players as it targets a rapidly developing commercial EV total addressable market of $30 billion.
Ahmed Fattouh, Chairman and CEO of InterPrivate, an anchor investor in the transaction.
The Microvast management team has demonstrated its commitment to positioning the company to capitalize on its many opportunities ahead.
“We look forward to their continued success as a public company,”
Microvast’s Founder and Chief Executive Officer, Mr. Wu, will continue to lead the combined company along with the current management team. Mr. Vogel, Tuscan’s Chairman and CEO, will remain as a director of the combined company and will be joined by Dr. M. Stanley Whittingham, who was recently awarded the Nobel Prize in Chemistry for his ground-breaking work on lithium-ion batteries.
Highlights:
- Microvast Holdings, Inc. to List on Nasdaq Under the Ticker “MVST”
Microvast Completes Business Combination with Tuscan Holdings Corp. - Combined Company to Continue Advancing Next-Generation Commercial Electric Vehicles with Superior Battery Technology
Microvast Holdings, Inc. to List on Nasdaq Under the Ticker “MVST”, HOUSTON, July 26, 2021
