Electric vehicle battery developer Microvast has announced plans to establish a new manufacturing lithium-ion facility in Tennessee, US.
The US-based firm plans to invest $220 million to renovate and expand a facility in Clarksville to manufacture battery cells, modules and packs.
The announcement comes two years after it entered into consultation with the U.S. Department of Energy (DOE) to establish a lithium-ion battery facility in the US.
On 2 February, Microvast signed a definitive merger agreement with Tuscan Holdings to allow it to become a publicly listed company. The merger is expected to provide up to $822 million in gross cash proceeds, to fund capacity expansion and to position the company to take advantage of signed contracts worth more than $1.5 billion.