Microvast, GM Secure $200M Grant Funding From US Department Of Energy
Microvast Holdings Inc (NASDAQ: MVST) subsidiary was selected by the U.S. Department of Energy (DOE) in collaboration with General Motors Co (NYSE: GM) to receive a $200 million grant.
The grant is a part of the first set of projects funded by President Biden's Bipartisan Infrastructure Law.
Out of the 200 companies applied for $2.8 billion in DOE grant funding, 20 companies were awarded grants.
The grant will enable Microvast to accelerate its plans to onshore critical battery component manufacturing processes, including mass production of our patented polyaramid separator technology.
The $200 million DOE grant, and more than $300 million investment from the companies, is expected to support the construction of a new separator manufacturing facility in the U.S.
Microvast expects the new separator facility to supply battery components to its existing battery cell manufacturing facility in Clarksville, Tennessee, as well as other customers.
A separator is a thin, insulating film between a cathode and an anode, preventing thermal runaway while still allowing for ion transfer.
Microvast is collaborating with GM to develop new separator technology that can help improve EV safety, charging and battery life using intellectual property contributions from both companies.
Also Read: Lithium-Ion Battery Solutions Provider Microvast Launches New Energy Division
Price Action: MVST shares are trading higher by 3.75% at $2.49 on the last check Wednesday.
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