Microvast is pleased to announce that the world’s first commercial, ultra fast charge, electric vehicle charging station began operations today. The electric bus charging station was jointly developed by Microvast and the China State Grid and is operated in Chongqing, China, where traditional bus commuter traffic exceeds 4 million rides per day.
The 3,200 kW, 2,065 m² charging station has six (6) 400kW individual chargers; each charger fills the bus battery in 5 to 10 minutes, functioning like a conventional gas station as opposed to a typical “Park & Charge” charging station. Commercial operation of this charge station is an important milestone for Microvast and the China State Grid’s joint development plan under which Microvast will introduce a new business model for EV deployment. Under the new business model, ultrafast charging stations will be financed, built and operated by utility companies much like gas stations are owned by oil companies today.
The ultrafast charge station is located at the Chongqing International Airport New Development Zone and is utilized by a fleet of more than 30 full electric transit buses and additional plug-in hybrid electric buses. The buses carry passengers from nearby high technology manufacturing areas to residential areas on 20 mile route and are powered by ultrafast charge Microvast LpTO batteries manufactured by Microvast Power Systems Co., Ltd., a Microvast subsidiary.
With Microvast’s ultrafast charging technology, each bus takes only a few minutes to completely charge after each route; charging for the buses takes place multiple times each day as the buses transport passengers.
The International Airport Charging Station is the first of multiple planned charging stations scheduled for Chongqing as part of the cities investment plan to develop an advanced electric public transport system with more than 1000 ultrafast charge EV buses. “The Chongqing Fast Charge Technology is an important piece of Microvast’s innovative CCT (Clean City Transit) Solution. Our technology, evaluated and demonstrated over the last year in six (6) prototype buses, is now ready for commercial operation in Chongqing. The prototype buses have each driven more than 25,000 miles and we are confident in their continued performance. By operating this new fast charge station, more and more people will take advantage of our green technology and move towards zero emissions,” said Wu Yang, President and CEO of Microvast, Inc.
HT eBus Power Systems Co., Ltd. has delivered 125 buses so far this year, and will produce up to 1,000 BEV and PHEV buses for Chongqing, equipped with Microvast’s fast charging technology.
About Microvast, Inc.
Founded in 2006, Microvast, Inc. is a completely vertically integrated advanced power and technology company. Microvast offers advanced power solutions for applications such as electric vehicles, grid scale energy storage, and industrial products. Microvast advanced LpTO batteries operate with high charge and discharge rates making them ideal for route based electric vehicle and grid scale energy storage applications.
About China State Grid
State Grid Corporation of China (SGCC) is the largest electric utility in the world. For distribution, it has subsidiaries in Northern, Northeastern, Eastern, Central, and Northwestern China. It was ranked seventh of the world’s largest companies by revenue in the 2011 Fortune Global 500 list.
About Hengtong eBus Power Systems Co. Ltd.
HT eBus Power Systems Co., Ltd. is a Microvast, Inc. majority owned joint venture company; the joint venture partners are Microvast, Inc. and Hengtong Bus. HT eBus Power Systems is manufacturing full electric and plug-in hybrid electric buses. Hengtong Bus was established in 1939 and, with annual production of over 5,000 buses, it is the number one alternative fuel bus producer in Asia.