Founded in 2006, Microvast, Inc. is a growing research and technology driven company offering advanced power solutions for electric vehicles, and grid energy storage, based on Lithium Titanium Oxide (“LTO”) chemistry. Compared to the incumbent Lithium Iron Phosphate (LFP) batteries, Microvast's batteries have longer life, shorter charging times, and offer substantial lower cost of ownership by eliminating swapping station infrastructures required by buses running on LFP batteries. Microvast has been powering electric and hybrid city buses in China, Hong Kong and now London and the Netherlands.
IFC & Microvast
IFC committed US$25 MM equity in Microvast in 2011. This financing was deployed for research and development, working capital and continued global business development. IFC has been assisting the company to further develop its technology and products to further drive down cost and improve performance so that they can be adopted in other markets that face demand and constraint in the urban transport sector.
Microvast's energy and cost efficient battery technology is expected to have significant development impact by helping China address climate change challenges through promotion of the development of the electric vehicle industry, thus through decreasing the overall carbon emissions and improving cost efficiency over time. The company is also enabling knowledge and tech transfer cross borders.