Microvast Power Systems (MPS) has received $400 million in a funding round led by CITIC Securities. MPS is a vertically integrated battery system manufacturer. Its battery systems are currently powering over 15,000 electric and hybrid public transport vehicles in over 140 cities.
MPS plans to launch a next-generation product line this year, and began construction on a new production facility in Huzhou, China, in March. The plant is scheduled to be in operation by 2019, and will have a total production capacity of 15 GWh.
“We established ‘fast charging, long-life, and non-flammable’ as our battery R&D goal back in 2008,” said Microvast CEO Yang Wu. “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.”
“The fast-charging approach is becoming an industry trend,” said a CITIC Securities spokesman. “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.”
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