Business Wire

Microvast and FPT Industrial Under the Hood of the New IVECO BUS Electric Crossway

Share

Microvast Holdings, Inc. (NASDAQ: MVST), a leading global provider of next-generation battery technologies for commercial and specialty vehicles, with its partner FPT Industrial, the global powertrain brand of Iveco Group (MI: IVG), will provide the complete battery system for the new Crossway Low Entry city and intercity bus produced by IVECO BUS, also a brand of Iveco Group and a leading manufacturer of buses and coaches.

The contract award was achieved based on the 2019 agreement that encompasses an industrial and commercial cooperation between Microvast and FPT Industrial, with the latter leading the development of mechanical and thermal integration and industrialisation of high-voltage battery packs for commercial vehicles. For the IVECO BUS Crossway Low Entry (LE) Electric, Microvast designed and FPT Industrial industrialised, validated, and certified a high energy density battery pack that ranges from 400 to 466 kWh, depending on operative mission requirements. This new generation battery pack will set an industry standard in terms of energy density and charging capacity and will provide the Crossway LE Electric with up to ten years of battery life.

This marks an important step forward in a shared “electrification journey.” The IVECO BUS Crossway LE Electric project complements that of the new IVECO e-Daily, which will be launched at the end of 2022. The new electric Daily will be equipped with a modular battery concept with 1 to 3 batteries ranging from 37 to 111 kWh, pioneering the cooperation between Microvast and FPT Industrial in this first application that aims to set the zero-emission standard in the cab-chassis segment.

“Our new generation battery pack design with high energy cells sets a new benchmark for energy density at pack level,” said Sascha Kelterborn, Chief Revenue Officer, Microvast Holdings, Inc. “Microvast closely collaborates with partners in the commercial vehicle industry and is dedicated to propelling the electrification of commercial vehicles with market-leading battery technologies. Our successful cooperation with FPT Industrial clearly shows that we are on the right track.”

“In this fast-evolving sector, FPT Industrial is committed to entering into targeted partnerships to deliver advanced alternatives to traditional fuels, so as to accelerate our journey towards a sustainable CO2-neutral tomorrow,” said Sylvain Blaise, President, Powertrain Business Unit of Iveco Group. “This collaboration with Microvast underlines our commitment to become a multi-power technological leader and provides us with competitive advantages in the market.”

Microvast will deliver battery cells and modules from its production plants across the globe based on the FPT Industrial project requirements. Subsequently, FPT Industrial will assemble the battery packs in its factory in Turin, Italy. The IVECO BUS Crossway LE Electric will be presented for tenders in 2022, with potential first deliveries starting from mid-2023.

Microvast Holdings, Inc. is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Founded in 2006 and headquartered in Houston, TX, Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a broad breadth of market applications. More information can be found on the corporate website: www.microvast.com.

Iveco Group N.V. is an On-Highway global organisation tasked with safeguarding, supporting, and bolstering eight unique, yet unified brands. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: IVECO, a pioneering commercial vehicles brand that designs, manufactures and commercialises heavy, medium and light-duty commercial vehicles; FPT Industrial, a global leader in providing its vast array of advanced powertrain technologies to customers in agriculture, construction, marine, power generation, and commercial vehicles alike; IVECO BUS and HEULIEZ, premium and mass-transit bus and coach brands; Iveco Defence Vehicles, for highly-specialised defence and civil protection equipment; ASTRA, a global expert in large-scale heavy-duty quarry and construction vehicles; Magirus, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all, serving as the cornerstone of Iveco Group’s new business models. Further information about Iveco Group is available on the company’s website www.ivecogroup.com

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 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, performance, achievements or the timing of events may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. All information set forth herein speaks only as of the date hereof in the case of information about Microvast or the date of such information in the case of information from persons other than Microvast, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Microvast Investor Relations
Sarah Alexander
IR@microvast.com
+1 (346) 309-2562

Microvast Public Relations
media@microvast.com

IVECO Media Relations
mediarelations@ivecogroup.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

NIKE, Inc. Board of Directors Announces Long-Time Nike Veteran Elliott Hill to Return as President and Chief Executive Officer John Donahoe to Retire from Nike19.9.2024 23:15:00 EEST | Press release

The Board of Directors of NIKE, Inc. (NYSE:NKE) announced today that Elliott Hill will become President and Chief Executive Officer of NIKE, Inc., effective October 14, 2024. Hill will also become a Director of the NIKE, Inc. Board of Directors and a member of the Executive Committee. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919388699/en/ Incoming NIKE, Inc. President & CEO Elliott Hill (Photo: Business Wire) “I am excited to welcome Elliott back to NIKE. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott’s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike’s next stage of growth,” said Mark Parker, Executive Chairman of NIKE, Inc. “Pers

Mary Kay Expands Into Kyrgyzstan, Further Elevating Beauty and Empowerment Around the World19.9.2024 20:03:00 EEST | Press release

Mary Kay Inc., a global leader in skin care and cosmetics, is proud to announce its expansion into Kyrgyzstan, marking a significant milestone in its ongoing international growth strategy. This exciting development underscores Mary Kay’s commitment to empowering women and providing innovative, high-quality skincare and beauty products across the globe. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919159057/en/ Mary Kay’s expansion into Kyrgyzstan marks another step forward in the company’s mission to enrich women’s lives around the world, offering top-tier beauty products and unparalleled business opportunities. (Photo: Mary Kay Inc.) The beauty and personal care market is experiencing robust growth internationally, with sales volume in these categories almost doubling over the past several years. The beauty market is expected to reach approximately $580 billion by 2027, growing by a projected 6 percent per year1 while

Xsolla Partners With AbleGamers for Charity Campaign at TwitchCon 202419.9.2024 20:00:00 EEST | Press release

Xsolla, a global video game commerce company, is excited to announce its collaboration with AbleGamers for an impactful charity campaign at TwitchCon 2024. This partnership aims to further AbleGamers' mission of improving accessibility in gaming for individuals with disabilities through an interactive and meaningful activation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919722398/en/ (Graphic: Xsolla) Attendees who visit the Xsolla booth (Booth 1515-SW) at TwitchCon will have the exclusive opportunity to claim one of two specially designed charity pins. By sharing a photo of their pin on their social channels on Instagram, Facebook, or Twitter using the hashtags #LightstreamAble and #XsollaAble, participants will help raise funds for AbleGamers. For every qualifying social post, Xsolla and its partners will donate $5 to AbleGamers, up to $10,000. To amplify awareness, include hashtags: #TwitchCon #BongoCat #Lightstrea

Sandvine Announces New Ownership and Capital Infusion19.9.2024 19:38:00 EEST | Press release

Sandvine (the “Company”), a market-leading provider of Over-the-Top (OTT) Application Classification and Quality of Experience (QoE) solutions, today announced that it has been acquired by a group of leading US investment firms that previously were, and continue to be, lenders to the Company. In connection with this change of control transaction, the lenders agreed to reduce the Company’s total outstanding debt significantly. Following the change of control transaction, on September 13, 2024, these investors also entered into a binding agreement to provide new capital to Sandvine. The financing is expected to close in September 2024 and will strengthen the Company’s balance sheet. These enhancements to Sandvine’s financial position accompany its recently announced reorientation of its business model to focus on serving customers in large democratic markets. Together, these developments enable the Company to continue serving as the technology partner of choice for scaled, sophisticated

Neuraptive Therapeutics Announces Presentation of Phase 2 Topline Interim Results for NTX-001 at the 2024 American Society for Surgery of the Hand (ASSH) Annual Meeting19.9.2024 19:31:00 EEST | Press release

Neuraptive Therapeutics Inc., a leading biopharmaceutical company focused on novel treatments for peripheral nerve injuries, today announced that interim topline results from its ongoing Phase 2 NEUROFUSE Study will be presented at the 2024 American Society for Surgery of the Hand (ASSH) Annual Meeting, held September 19-21 in Minneapolis, MN. The presentation, titled Safety and Efficacy of NTX-001 in the Treatment of Acute Single Transected Peripheral Nerve Injuries: A Phase 2 Randomized Controlled Trial, was awarded a Top 10 Best Paper designation and will be presented by Dr. David Brogan of Washington University during the scientific paper session on Thursday, September 19. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919597699/en/ David M. Brogan, MD, MSc, Assistant Professor, Orthopaedic Surgery, Division of Hand and Microsurgery, Washington University in St. Louis (Photo: Business Wire) The presentation will highl

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye