REE Automotive Names Microvast as Battery Pack Supplier for Its Commercial EV Platforms
Microvast Holdings, Inc. (NASDAQ: MVST), a technology innovator that designs, develops, and manufactures lithium-ion battery solutions, and REE Automotive, Ltd. (NASDAQ: REE), an automotive technology company and provider of electric vehicle platforms and EVs, announced today the signing of a supply and purchase agreement.
Under the terms of the agreement, Microvast, through its wholly-owned subsidiary Microvast Gmbh, will offer MV-C Gen 4 HpCO high-energy lithium-ion battery packs which will contribute as energy storage system for "Powered by REE" EV platforms. Customers will benefit from this partnership by combining REE's zero-emission commercial vehicles with Microvast's cutting-edge battery technology that offers high energy density, high power performance, long cycle life, and fast charging capabilities (full charge in 30 min.).
With its vertical integration capabilities, Microvast is expected to provide proprietary battery technology and exceptional cell chemistry to fulfil REE's power, density, charging time, and cycle life requirements. Microvast batteries' outstanding safety characteristics sync perfectly with REE's goal of offering best-in-class safety for its EV platforms.
"Microvast's MV-C Gen 4 battery pack is a great fit for REE," explained Sascha Kelterborn, Chief Revenue Officer of Microvast Holdings, Inc. "It's specifically designed to address the requirements of commercial vehicle fleets." The newly developed MV-C Gen 4 battery pack contains Microvast's high-energy HpCO 53.5Ah pouch cells, delivering approximately 27% more energy and power when compared to Microvast's previous battery generation. It also features improved thermal management and safety controls, fulfilling the upcoming safety standards regarding thermal runaway. The Gen 4 battery packs are expected to be certified to meet cross-regional battery standards such as ECE R100.3, GB 38031, and UL2580.
"As we remain laser-focused on bringing to market commercial vehicles powered by REE's P7 platform, we are pleased to offer a turn-key solution with the flexible, high-tech, and industry-leading performance capabilities of Microvast's battery systems," said Daniel Barel, Co-Founder and CEO of REE. "Through this collaboration, customers such as fleet owners and delivery and logistics companies will benefit from REE's commercial EVs, which are expected to be tailored to their needs with long-lasting, fast-charging batteries."
REE's revolutionary, award-winning REEcorner technology incorporates vehicle drive components including steering, braking, suspension, powertrain, and control into a compact module between the chassis and the wheel, allowing the industry's flattest EV platform with seamless integration to any AD system.
The REE P7 platform will be powered by Microvast's MV-C Gen 4. The REE P7 is suitable for applications such as commercial trucks, school buses, walk-in vans, and delivery box trucks. REE's scalable and modular architecture allows any platform size from class 1-6. Microvast offers consistent modularity with its battery systems and can fulfill the requirements of all of REE's EV platform sizes.
"We are excited to partner with REE, a trailblazing automotive company," stated Kelterborn. "REE shares the same attitude and goals as Microvast—to revolutionize the future of transportation. Another binding element between our companies is the high safety goals we each set for our products."
Microvast Holdings | www.microvast.com
REE Automotive | www.ree.auto