Microvast To Invest $220M In Tennessee Manufacturing Facility

Electric vehicle battery manufacturer Microvast will create nearly 300 jobs at a new location in Clarksville, Montgomery County, TN.


https://businessfacilities.com/2021/02/microvast-to-invest-220m-in-tennessee-manufacturing-facility/
Electric vehicle battery manufacturer Microvast will create nearly 300 jobs at a new location in Clarksville, Montgomery County, TN.
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Microvast To Invest $220M In Tennessee Manufacturing Facility

The electric vehicle battery manufacturer will create nearly 300 jobs at a new location in Clarksville, TN.

Microvast To Invest $220M In Tennessee Manufacturing Facility

Microvast will invest $220 million to establish a manufacturing facility in Clarksville, TN. The electric vehicle battery manufacturer will create 287 jobs in Montgomery County.

“Microvast is excited to expand our U.S. footprint in Clarksville, Tennessee, where we have access to a talented workforce and a business friendly community,” said Microvast EVP Shane Smith. “We believe that expanding our operations in Tennessee will support our efforts to advance the electrification revolution.”

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 in Clarksville to manufacture battery cells, modules and packs.Microvast

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.

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 total value of over $1.5 billion.

Microvast plans to begin the recruitment process in the fourth quarter of 2021 and into 2022, with employment opportunities available as early as August 2021. Additionally, careers for Microvast will be posted at Clarksvilleishiring.com, a resource provided to community employers by the Aspire Foundation.

“Tennessee is at the forefront of electric vehicle and charging infrastructure development, and we’re proud that Microvast will continue this important work in Tennessee,” said Governor Bill Lee. “Clarksville’s highly-skilled workforce is well-equipped for these additional 287 jobs, and we appreciate this investment from Microvast.”

Over the last five years, Tennessee Department of Economic and Community Development (TNECD) has supported more than 170 economic development projects in Northern Middle Tennessee, resulting in approximately 34,000 job commitments and $5.6 billion in capital investment.

“The electric vehicle industry is thriving in Tennessee,” said TNECD Commissioner Bob Rolfe. “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.”

“We are ecstatic that Microvast has chosen Montgomery County for their site of operation,” said Montgomery County Mayor Jim Durrett. “Their commitment to our community is a multilevel win for us. Utilizing and adding on to an existing site that has been vacant, bringing employment opportunities to our citizens, and having cutting edge technology developed in this County will all provide a tremendous benefit for us. I am looking forward to working with them.”

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