Microvast To Establish R&D Facility In Orlando

Electric vehicle battery manufacturer Microvast set to invest $25 million in new Florida R&D center; will create 100 jobs.


https://businessfacilities.com/2021/11/microvast-to-establish-rd-facility-in-orlando/
Electric vehicle battery manufacturer Microvast set to invest $25 million in new Florida R&D center; will create 100 jobs.
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Microvast To Establish R&D Facility In Orlando

Electric vehicle battery manufacturer Microvast set to invest $25 million in new Florida R&D center; will create 100 jobs.

Microvast To Establish R&D Facility In Orlando

Microvast, a growing manufacturer of electric vehicle (EV) battery power systems, will establish a new research and development (R&D) facility in Orlando, FL. The project, which will be funded by an investment of $25 million for building renovations, machinery, and equipment, will create more than 100 jobs in the area.

“Microvast’s industry-leading portfolio of battery technologies positions the company for incredible growth in the $30 billion market for commercial and specialty EV,” said Microvast CEO Yang Wu. “Orlando offered us the opportunity to continue our collaborations with research-driven institutions like University of Central Florida, and we look forward to continued innovation here.”

Microvast
Photo: Orlando.org

The new facility encompasses 75,000 square feet of space that will support a wide array of engineering and materials science work. The site is expected to house a full range of battery development operations, including work on cells, modules and packs.

“Today is an exciting day for Florida’s economic development and for the future of transportation innovation as Microvast has chosen to expand to the Orlando region,” said Governor Ron DeSantis. “Microvast’s sustained partnership with the University of Central Florida and the addition of its laboratory and research space in Lake Mary will continue to position Florida as key player in electric vehicle technology development.”

Microvast’s batteries are being used in almost 30,000 vehicles in 160 cities and 19 countries, for a total of more than 3.8 billion miles traveled. The company’s public launch and fast growth trajectory created demand for additional research and development to support the company’s expanded innovation capabilities.

“At Enterprise Florida, we’re proud to see more and more companies like Microvast choosing Florida as the next step for their future,” said Destin Wells, Senior Vice President of Business Development at Enterprise Florida, Inc. “The expansion of Microvast in Orlando will increase the region’s robust workforce and positively impact the area for years to come.”

Founded in 2006, Microvast benefitted from mentorship and collaboration with the University of Central Florida (UCF) Business Incubation Program, and will continue its research with the establishment of its new R&D facility. The company plans to continue to work closely with the Advanced Materials Processing and Analysis Center at UCF.

Microvast’s expansion comes on the heels of investments from other EV and autonomous vehicle (AV) companies in Orlando, including AV sensor tech company Luminar, autonomous mobility service provider Beep Inc., and electric vertical landing and takeoff (eVTOL) company Lilium. The region serves as a global hub, test bed and implementation proving grounds for electric and autonomous vehicle technology, with some of the nation’s friendliest legislation, competencies in simulation, aviation and defense, history in space exploration combined with specialized university programs, and testing assets like SunTrax and NASA Kennedy Space Center.

Microvast considered its headquarters location of Houston, TX, as well as the site of its manufacturing operations in Tennessee as options for its R&D site. The company chose Orlando due to its innovation ecosystem and specialized tech workforce, and was awarded a Jobs Growth Incentive (JGI) from Seminole County to compete with the other locations in consideration.

“Orlando has become a hub and test bed for driverless cars and electric vehicles,” said Microvast Chief Technology Officer Wenjuan Mattis. “We are excited to grow Microvast’s presence in the region.”

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