Microvast and eVersum to Jointly Drive Urban Commercial Vehicle Electrification

  • Top-notch battery solutions for eVersum next-gen electric commercial vehicle
  • Potential supply volume forecast of over 100 million €

Houston, TX, United States & GRAZ, Austria – July 27, 2021 – Microvast Holdings, Inc. (“Microvast”), a leading global provider of next-generation battery technologies for commercial and specialty vehicles (Nasdaq: MVST), and eVersum, a high-tech vehicle OEM, specialized in the design, development and build of the most purposely engineered electric commercial vehicles for passenger transport,

will join forces to develop state-of-the-art battery solutions to electrify the current and future line of purpose-built, purely “eBorn”, electric vehicles of eVersum.

The highly demanded eVersum eShuttle, the consequent realization of a 21st century electric vehicle and destined to define its own new category in the electric shuttle bus segment, will be outfitted with a newly developed battery solution. eShuttles are modularly designed and able to comfortably transport from 15 to 50 passengers, for a variety of applications and all at the right cost.

“eVersum selected Microvast as its primary battery partner mainly due to the strategic consideration and desire to directly work with a manufacturer that offers a high degree of vertical integration”, says Pete Speck, Managing Partner at eVersum and responsible for supplier development.

“Such capabilities extend from core battery chemistry R&D and production, including cathode and anode materials, electrolyte, and membrane separators; over proprietary cell manufacturing, all the way to application technologies including battery management systems (BMS) and other power electronics. This gives us maximum flexibility for the future, by using a variety of cell chemistries, from NMC over LFP to LTO, while applying the same physical battery packs with the possibility to connect such packs adaptively in series and/or in parallel to achieve the required voltage and energy levels,” states Pete Speck further.

eShuttle is set to be the first among several types of electric buses and special vehicle where both companies will bring the expertise together to seize momentum. The first prototype battery system has been delivered to eVersum and test-bench load simulations are being performed. In the long run, the serial products for eVersum will be manufactured in Microvast European factory. A potential supply of over 100 million € battery systems is projected in the next 6 years. A framework supply agreement is under review and is expected to be signed in the near-term.

About Microvast

Microvast Holdings, Inc. is a technology innovator that designs, develops and manufactures lithium-ion battery solutions.  Founded in 2006 and headquartered in Houston, TX, Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a broad breadth of market applications.  More information can be found on the corporate website: www.microvast.com.

About eVersum

eVersum is a privately held company (GmbH) with headquarters in Austria, and engineering & manufacturing sites in Austria and Slovenia.

As an OEM of electric city buses, mid-size shuttles and on-road & off-road electric trains, combined with complementary products and services, eVersum is able to facilitate an efficient transition from combustion engine based public transport to a paradigm changing, affordable because TCO optimized and electrified transport system that is positively perceived by customers. eVersum builds up on years of experience & expertise of its multi-national core team, which makes eVersum a trustworthy, tangible, through and through European partner in enabling the creation of sustainable urban transport environments.

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This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast’s industry and market sizes, future opportunities for Microvast and the combined company and Microvast’s estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

In addition to factors identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) a delay or failure to realize the expected benefits from the business combination; (2) the impact of the ongoing COVID-19 pandemic; (3) changes in the highly competitive market in which Microvast competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (4) changes in the markets that Microvast targets; (5) risk that Microvast may not be able to execute its growth strategies or achieve profitability;  (6) the risk that Microvast is unable to secure or protect its intellectual property; (7) the risk that Microvast’s customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (8) the risk that Microvast’s customers will adjust, cancel, or suspend their orders for Microvast’s products; (9) the risk that Microvast will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (10) the risk of product liability or regulatory lawsuits or proceedings relating to Microvast’s products or services; (11) the risk that Microvast may not be able to develop and maintain effective internal controls; (12) the outcome of any legal proceedings that may be instituted against Microvast or any of its directors or officers; and (13) risks of operations in the People’s Republic of China.

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