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Microvast ($MVST) and General Motors ($GM) Receive $200 Million Grant from U.S. Department of Energy to Develop Lithium-Ion Battery Separator Technology

03 November 2022

Microvast Holdings (NASDAQ: MVST) and General Motors (NYSE: GM) have announced receipt of a $200 million grant from the U.S. Department of Energy to support construction of a new separator manufacturing facility in the United States. The new facility will produce and supply polyaramid films for lithium-ion battery components across a range of applications, ranging from electric vehicles to energy storage systems.

Microvast’s patented polyaramid films create an insulated layer between the cathode and anode, which significantly reduces the risk of thermal runaway in lithium-ion batteries while still allowing for effective ion transfer. Both companies are collaborating to develop new separator technology that can further improve electric vehicle safety, charging and battery life using intellectual property contributions from both companies.

Dr. Wenjuan Mattis, CTO at Microvast stated: “It is an honor to be recognized by the DOE and collaborate with General Motors on this important effort to strengthen and accelerate domestic battery supply chain and manufacturing initiatives in North America. This grant will enable Microvast to accelerate its plans to onshore critical battery component manufacturing processes, including mass production of our patented polyaramid separator technology.“

Founded in Houston, Texas in 2006 as a research and technology driven company, Microvast has evolved into a global leader in the design, development and manufacture of battery solutions for mobile and stationary applications. The company provides a broad portfolio of fast-charging lithium-ion battery solutions,and is known for its cutting-edge cell technology and its vertical integration capabilities.

Shares of Microvast trade on the NASDAQ under the ticker symbol MVST.

 

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