Chief Financial Officer Craig Webster cited unfavourable market conditions, “including interest rates doubling in the last year”, as the motivating factor behind the decision.

The U.S. Department of Energy took the decision to cancel the deal with Microvast in late May without offering any specific reason - though the company has been the subject of allegations linking it to the Chinese government.

The new Clarksville manufacturing facility will make battery cells for the first time in the USA, as well as battery packs for Microvast's growing portfolio of CV customers in North America.

The 350,000-square-foot factory will be built on a 100-acre site in Commerce Park II in the city of Hopkinsville, representing a total investment of USD504m - of which USD200m will be provided by the U.S. Department of Energy.

Mafi & Trepel have selected the American company’s latest ‘MV-C Gen 4’ battery systems for commercial vehicles to power their electric product ranges.

According to the terms of the supply and purchase agreement between the two companies, Microvast will provide ‘MV-C Gen 4’ battery packs to REE for its CV platform for weight classes 1 to 6.

The grant, which Microvast received following a joint application with automotive corporation General Motors Company, was awarded from a USD2.8bn fund which came out of the U.S. government’s Bipartisan Infrastructure Law.

A modular approach from Microvast allows different and new battery cell chemistries to be installed into different battery packs to meet variations in operator applications and need.

Batteries from Houston, Texas-based developer Microvast Holdings Inc will be featured in the upcoming Crossway LE Electric low entry bus from Iveco Group, based in Turin, Italy.

Microvast will supply Gaussin with its MV series of battery packs to power its "skateboard" truck platforms.

The battery manufacturer received approximately USD822m in cash following the closure of the business combination.

Serial production of the prototype battery system, intended for eVersum's eShuttle range, is expected to take place at Microvast's European plant in Ludwigsfelde, Germany.