Microvast CEO: Proud to be a Growing American Company
June 20 2023 - 2:15PM
Business Wire
Microvast Holdings, Inc. (NASDAQ: MVST) (“Microvast” or the
“Company”), a technology innovator that designs, develops, and
manufactures lithium-ion battery solutions, issued the following
statement from founder, chairman, President and CEO, Mr. Yang Wu in
response to recent developments:
“I’m proud to be a Chinese American. My wife and I first came to
America in 1994 to pursue the American Dream. I wanted a better
life with freedom and opportunity, for myself and my family— I’ve
worked hard to build Microvast, a battery technology company I
founded in Texas in 2006. Microvast started with a vision to
promote electrification and accelerate the adoption of clean
energy.”
“Just like many American companies, we decided to develop and
manufacture our products in China first because of the early
adoption of electric vehicles there. Following the spur of
America’s electrification, we decided to bring our innovative
technology back to the United States. So far, Microvast has created
more than 140 American jobs across Florida, Texas, Colorado, and
Tennessee, with over 25% of our employees being military veterans
or their spouses, and we’re continuing to expand.”
“Every day, we hear pundits and politicians talk about the
importance of ‘Buy America’ and reshoring American jobs. That’s
exactly what Microvast was trying to do with our proprietary
separator technology—build a new manufacturing plant and hire over
500 American workers, including veterans. Microvast’s efforts are
in support of America’s commitment to reshore manufacturing in the
United States, safeguard innovative technology, and enhance
essential battery supply chains.”
“Although I’m disappointed, we didn’t receive the grant from the
Department of Energy, and despite the misleading rhetoric,
Microvast is an American company deeply committed to doing business
in America and continuing our efforts to secure battery
manufacturing in the U.S. In fact, we’re progressing with our $300
million+ investment in our Clarksville, Tennessee facility. This is
going to create more than 250 jobs, and many more will follow as we
expect our business to continue growing rapidly. Based on confirmed
customer orders, this facility is already close to being sold out
for its first year of operation, and to meet this huge demand, our
business priority is to bring this facility into production as soon
as possible. I invite Members of Congress and their staff to visit
our facilities in Tennessee, Florida, and Colorado. They should
take the time to meet our employees and see firsthand how we’re
creating new jobs in this critical sector. Our doors are always
open.”
“I’m proud to be a Chinese American, and an American citizen. I
love this country and the opportunities it gives everyone willing
to work hard—no matter where they are from. Microvast will continue
to invest in American technology, American jobs, and American
manufacturing.”
About Microvast
Microvast is a technology innovator that designs, develops, and
manufactures lithium-ion battery solutions. Microvast is renowned
for its cutting-edge cell technology and its vertical integration
capabilities which extend from core battery chemistry (cathode,
anode, electrolyte, and separator) to modules and packs. By
integrating the process from raw material to system assembly,
Microvast has developed a family of products covering a breadth of
market applications, including electric vehicles, energy storage,
and battery components. Microvast was founded in 2006 and is
headquartered in Stafford, Texas.
For more information, please visit www.microvast.com or follow
us on LinkedIn or Twitter (@microvast).
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as “will likely result,” “are expected to,” “will
continue,” “is anticipated,” “estimated,” “believe,” “intend,”
“plan,” “projection,” “outlook,” or words of similar meaning. These
forward-looking statements include, but are not limited to,
statements regarding Microvast’s industry and market sizes, future
opportunities for Microvast and the combined company, and
Microvast’s estimated future results. Such forward-looking
statements are based upon the current beliefs and expectations of
our management and are inherently subject to significant business,
economic, and competitive uncertainties and contingencies, many of
which are difficult to predict and generally beyond our control.
Actual results and the timing of events may differ materially from
the results anticipated in these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230620415558/en/
Media Contact Brooke Bentley Vice President, Marketing
& Communications brooke.bentley@microvast.com (970) 773-5806
Investor Relations ir@microvast.com (346) 309-2562 Monica
Gould monica@blueshirtgroup.com (212) 871-3927
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