Business
Microvast, Governor Lee and Commissioner Rolfe Announce Company to Establish Manufacturing Facility in Clarksville Tennessee
Electric vehicle battery manufacturer expected to create nearly 300 jobs Project represents an expected investment of $220 million NASHVILLE, Tenn. &
About this update from Microvast Holdings, Inc.
[{"type":"text","content":"\n\nElectric vehicle battery manufacturer expected to create nearly 300 jobs\n\n\nProject represents an expected investment of $220 million\n\n\n NASHVILLE, Tenn. & HOUSTON--(BUSINESS WIRE)--\nMicrovast, Inc., a leading global provider of next-generation battery technologies for commercial and specialty vehicles (\"Microvast\" or the \"Company\"), Tennessee Gov. Bill Lee, and Department of Economic and Community Development Commissioner Bob Rolfe announced today that Microvast plans to establish a new manufacturing facility in Clarksville.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210218005367/en/\nMicrovast plans to invest $220 million and create 287 jobs in Montgomery County.\n\nIn 2019, in consultation with the U.S. Department of Energy (DOE), Microvast began planning the establishment of a Li-ion battery facility in the United States. As part of the project, Microvast plans to renovate and expand a facility located at 780 International Blvd. in Clarksville to manufacture battery cells, modules and packs.\n\nFounded 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.\n\nOn February 2, 2021 Microvast announced that it signed a definitive merger agreement to merge with Tuscan Holdings Corp. (Nasdaq: THCB) that will result in Microvast becoming a publicly listed company. The merger is expected to provide up to $822 million in gross cash proceeds to fund capacity expansion and to position Microvast to capitalize on its signed contracts with total value of over $1.5 billion.\n\nMicrovast 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.\n\nOver the last five years, TNECD has supported more than 170 economic development projects in Northern Middle Tennessee, resulting in approximately 34,000 job commitments and $5.6 billion...