STAFFORD, Texas, June 04, 2024--(BUSINESS WIRE)--Microvast Holdings, Inc. (NASDAQ: MVST) ("Microvast" or the "Company"), a technology innovator that designs, develops, and manufactures lithium-ion battery solutions, has completed the initial $12 million draw of a $25 million secured debt facility provided by Yang Wu, its Founder, Chairman and Chief Executive Officer (the "Facility"). The draw will primarily provide working capital to continue the Company’s U.S. operations.

Since 2006, Microvast has had a mission to bring cleaner and more efficient ways to power the world. It is in our very name, that advancements in even small, "micro" battery components can have long-term, large-scale, "vast" positive impact to our environment. In this time, we’ve successfully grown our business in the APAC and EMEA regions with near-term visibility towards breakeven. We are an American company and intend to work towards building the same success here in the United States, where our technology leadership is needed to create sustainable solutions.

The past year has demanded tough decisions, and the global battery market is fiercely competitive. Recently, following a period of difficult choices, we have worked to streamline our operations to ensure long-term sustainability, including workforce reductions and consolidations within our U.S. battery division. However, we remain firmly committed to our U.S. presence and believe in the incredible potential of American innovation in this critical sector.

The proceeds of the Facility will be directed towards continuing U.S. operations. The Facility comes from the Company’s Founder, Chairman and Chief Executive Officer, Yang Wu, who is confident in, and committed to, the Company’s future and is helping lay the financial foundation to continue to deliver on our mission. Mr. Wu commented, "We would like to thank our customers who continue to support us through challenging times. We are firmly focused on the future and execution of our mission, and Microvast continues to demonstrate to our global client base and key partners that we are on a path to restore this great Company to industry leadership."

At Microvast, we recognize the importance of lithium-ion batteries in powering a sustainable future. By securing this Facility, we remain confident that we can be a leader in driving domestic battery innovation and creating high-skilled American jobs.

We believe the future of lithium-ion batteries is incredibly bright, particularly in the United States. Lithium-ion batteries are essential for powering electric vehicles, advancing renewable energy storage, powering data centers, and driving countless other innovations. Microvast has the technology and desire to make this happen. The Facility provided by Mr. Wu underscores the Company’s commitment to being a leader in this critical space and to playing a key role in building a more sustainable world.