Monday, April 24, 2017

Microvast Raises $400M

Microvast Power Systems, a subsidiary of Microvast, a company jointly headquartered in Stafford, Texas, and Huzhou, China, has raised $400M in a funding round for its development of Lithium-ion battery systems. The company said the funding round was led by CITIC Securities, and also included CDH Investment, National Venture Capital, and others. The company says it is a vertically integrated developer and manufacturer of advanced Electric Vehicle Power System solutions, which it says powers more than 15,000 electric and hybrid-electric vehicles in over 140 cities. The company's Lithium battery systems are used in electric bus systems across China.