Microvast, GM Secure $200M Grant Funding From US Department Of Energy

Microvast, GM Secure $200M Grant Funding From US Department Of Energy
  • Microvast Holdings Inc MVST subsidiary was selected by the U.S. Department of Energy (DOE) in collaboration with General Motors Co GM to receive a $200 million grant.
  • The grant is a part of the first set of projects funded by President Biden's Bipartisan Infrastructure Law. 
  • Out of the 200 companies applied for $2.8 billion in DOE grant funding, 20 companies were awarded grants.
  • The grant will enable Microvast to accelerate its plans to onshore critical battery component manufacturing processes, including mass production of our patented polyaramid separator technology.
  • The $200 million DOE grant, and more than $300 million investment from the companies, is expected to support the construction of a new separator manufacturing facility in the U.S.
  • Microvast expects the new separator facility to supply battery components to its existing battery cell manufacturing facility in Clarksville, Tennessee, as well as other customers.
  • A separator is a thin, insulating film between a cathode and an anode, preventing thermal runaway while still allowing for ion transfer.
  • Microvast is collaborating with GM to develop new separator technology that can help improve EV safety, charging and battery life using intellectual property contributions from both companies.
  • Also ReadLithium-Ion Battery Solutions Provider Microvast Launches New Energy Division
  • Price Action: MVST shares are trading higher by 3.75% at $2.49 on the last check Wednesday.

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