Microvast Holdings Inc Stock Price, News & Analysis

Microvast Holdings (NASDAQ: MVST) has secured a contract to supply a utility-scale battery energy storage system (BESS) for a 1.2GWh project located in the U.S. This project will utilize the BESS ME-4300 solution, featuring 4.3MWh energy density per container and over 10,000 cycles battery life. Shipments are expected to begin in 2023 with operations starting in 2024. The project aligns with the Inflation Reduction Act for domestic content, enhancing benefits for Microvast. The COO emphasized this achievement as a significant step in the growing energy storage market.

Microvast Holdings, Inc. (NASDAQ: MVST) reported its third quarter 2022 results, highlighting a 4.7% year-over-year revenue growth of $38.6 million despite market challenges. The company achieved a gross profit of $2.0 million, a significant turnaround from a gross loss of $35.9 million a year prior. Operating expenses were reduced to $39.6 million from $78.0 million. Net loss decreased to $36.5 million from $116.5 million. Looking ahead, Microvast anticipates 35% to 40% revenue growth for FY 2022 and has a backlog of $140.6 million.

Microvast Holdings, Inc. (NASDAQ: MVST) has extended its supply and purchase agreement with Kalmar until 2026. Kalmar, a leader in terminal automation, integrates Microvast's battery technologies into its platforms, enhancing performance and sustainability. The new Gen 4 MV-B and MV-C battery packs offer approximately 20% more energy and power compared to previous generations. This partnership supports Kalmar's electrification goals and Microvast's strategy for sustainable battery solutions.

Microvast Holdings, Inc. (NASDAQ: MVST) has been awarded a $200 million grant from the U.S. Department of Energy in partnership with General Motors. This funding, part of President Biden’s Bipartisan Infrastructure Law, aims to enhance domestic battery manufacturing. Microvast plans to develop a new separator manufacturing facility in the U.S. with an additional $300 million investment. The grant will accelerate onshoring of critical battery components, creating hundreds of jobs and focusing on the patented polyaramid separator technology for improved lithium-ion battery safety and efficiency.

Microvast Holdings, Inc. (NASDAQ: MVST) will announce its consolidated financial results for Q3 2022 on November 10, 2022, after market close. A subsequent earnings call is scheduled for 5:00 p.m. CT to discuss the results and future outlook. The event will be accessible via the investor relations website, where a replay will also be available. Microvast, established in 2006, specializes in lithium-ion battery solutions for various applications including commercial vehicles and energy storage.

Microvast Holdings, Inc. (NASDAQ: MVST) has launched its first battery energy storage system, the ME-4300-UL ESS Container. Designed for energy shifting, it features a 20 ft. liquid-cooled container with a leading energy density of 4.3MWh, outperforming competitors by up to 30%. With robust safety measures and advanced battery management systems, the ESS Container is expected to start manufacturing in 2023. Microvast aims to leverage its extensive experience in lithium-ion battery production to expand its energy storage solutions globally, with anticipated shipments in the second half of 2023.

Microvast Holdings, Inc. (NASDAQ: MVST) announced its participation in a mining industry electrification consortium led by Shell to enhance decarbonization efforts. The consortium aims to develop electrification solutions for off-road mining vehicles, reducing diesel reliance. Microvast will provide a high-powered, ultra-fast charging lithium titanium oxide (LTO) battery system, featuring over 20,000 cycles of operation and best-in-class energy density. With over a decade of experience in LTO technology, Microvast is set to support the consortium's goal of efficient and sustainable mining.

Microvast Holdings (NASDAQ: MVST) has launched its new energy division, Microvast Energy, focused on Battery Energy Storage Systems (BESS) co-located with solar solutions. Headquartered in Northern Colorado, the division will be led by industry veteran Zach Ward. The Clarksville, Tennessee facility, covering 650,000 sq. feet, aims to create 300 jobs and enhance the domestic lithium-ion battery supply chain. Microvast's BESS solutions utilize proven battery technology and aim to capitalize on the growing energy storage market, especially under the Inflation Reduction Act.

Microvast Holdings announced the successful results of its extreme fast charge (XFC) project, partially funded by the US Department of Energy. The project developed a lithium-ion automotive pouch cell that exceeds 500 cycles while charging in under 10 minutes, achieving > 180 Wh/kg after charging. Testing revealed the cell delivered over 1,700 cycles, exceeding the project’s goal by 3.4 times. Microvast's CTO expressed commitment to advancing battery technology for the automotive industry. The findings will inform production at their facility in Clarksville, Tennessee.