Microvast Establishes Clarksville, Tennessee, Manufacturing Plant
In 2019, at the request of the U.S. Department of Energy (DOE), Microvast began the process of establishing a Li-ion battery facility in the United States. As part of the project, Microvast will renovate and expand a facility located at 780 International Blvd. in Clarksville to manufacture battery cells, modules and packs.
“Microvast is excited to expand our U.S. footprint in Clarkesville, Tennessee, where we have access to a talented workforce and a business friendly community. We believe that expanding our operations in Tennessee will support our efforts to advance the electrification revolution,” Microvast Executive Vice President Shane Smith explained.
On February 2, 2021 Microvast announced that it signed a definitive merger agreement to merge with Tuscan Holdings Corp. that will result in Microvast becoming a publicly listed company. The merger will provide up to $822 million in gross cash proceeds to fund capacity expansion and to position the company to capitalize on its signed contracts with a total value of over $1.5 billion.
“The electric vehicle industry is thriving in Tennessee. We are the number one state in the Southeast for electric vehicle manufacturing, accounting for nearly 40 percent of electric vehicle jobs and investment. We appreciate Microvast for choosing Tennessee and for adding to the momentum of Tennessee’s electric vehicle evolution,” said TNECD Commissioner Bob Rolfe.
Founded in 2006, Microvast is a leading global provider of next-generation battery technologies for commercial and specialty electric vehicles, a $30 billion total addressable market. It has an established, and industry-leading, portfolio of battery technologies that out-perform its competitors on battery life, charging times, safety and total cost of ownership.
“TVA and Cumberland Electric Membership Corporation congratulate Microvast on its decision to locate operations in Clarksville. Helping to attract quality jobs and investment from innovative companies, like Microvast, is at the core of TVA’s mission of service. We are proud to partner with the Clarksville-Montgomery County Economic Development Council and Tennessee Department of Economic and Community Development to celebrate this announcement and support Microvast’s business success in the region,” noted John Bradley, TVA senior vice president of Economic Development.
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