07 Dec 2022
Microvast Holdings, Inc. (NASDAQ: MVST), a technology innovator that designs, develops, and manufactures lithium-ion battery solutions, announced that its energy division secured a contract to supply a utility-scale battery energy storage system (BESS) to a U.S. customer.
Microvast will supply its BESS ME-4300 container solution for a 1.2GWh battery energy storage project co-located with a solar facility in the United States. Microvast’s BESS ME-4300 container solution includes an industry-leading 4.3MWh of energy density per 20-foot container and an expected battery life of more than 10,000 cycles using Microvast’s 53.5Ah NMC cell technology. Container shipments are expected to begin arriving at the project site in 2023 and the commercial operation date is anticipated to be in 2024.
“The customer response to our recently launched ME-4300 solution has been extremely promising and we are excited to be selected as a key supplier for one of the largest energy storage projects in the United States,” said Zach Ward, President of Microvast Energy. “This project will help position Microvast as a leader in the utility-scale energy storage market while reducing carbon emissions and assisting the local utility in meeting its growing electricity needs.”
Battery cells manufactured in Microvast’s facility in Clarksville, Tennessee are also expected to qualify as domestic content under the Inflation Reduction Act (IRA), which can increase the anticipated benefits from the project for Microvast and its customer.
“Our energy division did an excellent job of winning this landmark project for Microvast,” said Shane Smith, Microvast’s Chief Operating Officer. “The anticipated volume from this project will utilize a significant amount of capacity at our battery cell manufacturing facility in Clarksville, Tennessee and it is expected to be one of the first projects in a robust pipeline of grid-scale energy storage projects to incorporate battery cells manufactured in America.”
Microvast | www.microvast.com