Penny stock Microvast $MVST is in on a $200 million grant from the US Department of Energy.
Microvast and General Motors Selected by the U.S. Department of Energy for a $200 Million Grant
On November 2, 2022, the US Department of Energy selected a wholly-owned subsidiary of Microvast to receive a $200 million grant as part of the first set of projects funded by the Bipartisan Infrastructure Law. Over 200 companies competed for $3 billion in Department of Energy grant funding, and 20 companies were awarded grants.
“It is an honor to be recognized by the DOE and collaborate with General Motors on this important effort to strengthen and accelerate domestic battery supply chain and manufacturing initiatives in North America. This grant will enable Microvast to accelerate its plans to onshore critical battery component manufacturing processes, including mass production of our patented polyaramid separator technology,” said Dr. Wenjuan Mattis, Chief Technology Officer at Microvast. “We expect the safety advantages of our innovative, highly thermally stable polyaramid separators to transform high-energy lithium-ion battery development and drive significant value for the industry,” she continued.
“As a U.S. company with existing operations in Tennessee, Florida, Colorado and Texas, we are excited to enhance Microvast’s vertical integration strategy by expanding our domestic footprint and production capabilities to include battery components,” said Shane Smith, Microvast’s Chief Operating Officer. “We expect to source raw materials and equipment from the U.S. or our allies and create hundreds of attractive jobs in our local communities,” he continued.
A new separator manufacturing facility in the US is expected to be supported by a $200 million DOE grant and more than $300 million investment from the companies. The new separator facility will supply battery components to the existing battery cell manufacturing facility in Tennessee, as well as other customers across the commercial, specialty and passenger electric vehicle markets, energy storage systems and other applications.
A separator is a thin film that keeps a cathode and an anode apart and stops thermal runaway, but still lets ions move between them. The separator is an important part of lithium-ion batteries. It plays a big part in battery safety, abuse tolerance, and performance. Polyaramid is a type of polyamide that is used in firefighting garments and insulating papers. It is resistant to high temperatures and fire and helps prevent fires. Microvast has a patented wet-process technology to produce thin polyaramid base film. Unlike the current separators in lithium-ion batteries, which melt at 135°C and 165°C, Microvasts patented polyaramid separator can withstand temperatures of over 300°C. The overall safety, fast charging, and cycle-life of batteries in EV, as well as other applications, are improved by this high temperature resistance.
Microvast is working with General Motors to develop new separator technology that can help improve EV safety, charging and battery life. This technology is based on intellectual property contributions from both companies, including a coating technology developed in GMS Research & Development labs in Warren, Michigan.
“This collaboration with Microvast supports GM’s ongoing efforts to develop a North American-focused EV supply chain and help put everyone in an EV,” says Kent Helfrich, Chief Technology Officer and Vice President of Research & Development at General Motors. “It will also provide us with pioneering separator technology that can be used in our future Ultium batteries, and most importantly, supports our continuing commitment to safety.”
“This is truly a remarkable time for manufacturing in America, as President Biden’s Agenda and historic investments supercharge the private sector to ensure our clean energy future is American-made,” said U.S. Secretary of Energy Jennifer M. Granholm. “Producing advanced batteries and components here at home will accelerate the transition away from fossil fuels to meet the strong demand for electric vehicles, creating more good-paying jobs across the country.”
Microvast $MVST Stock Technical Analysis
Microvast $MVST stock is in a technical downtrend.
