It’s Only Common Sense: If You’re Not Differentiated, You’re Dead
Alpha Insights, Performance by Design: The Future of PCB Manufacturing in the Midwest
Happy’s Tech Talk #43: Engineering Statistics Training With Free Software
Tuscan Holdings Corp. Announces Intent to Combine With Microvast Inc.
November 15, 2020 | PR NewswireEstimated reading time: 1 minute
Tuscan Holdings Corp. confirmed that it has signed a letter of intent related to a business combination with Microvast Inc., a market leading provider of next-generation battery technologies for commercial and specialty use electric vehicles.
Founded by Yang Wu in 2006, Microvast is focused on driving mass adoption EVs and its battery technology boasts best-in-class charging speed, battery life, energy density and safety performance. The Company has been an innovative industry leader for over a decade and has clear visibility to future growth from its existing pipeline across commercial markets including e-buses, vans, trucks, passenger vehicles, automated guided vehicles, forklifts and mining trucks. Microvast is a vertically integrated battery technology company with R&D and production capabilities that span cell chemistries, materials, cells, modules and packs. In addition, Microvast has an industry leading manufacturing price point for batteries with ongoing further improvements in development.
Tuscan also announced that in connection with the intended transaction with Microvast, Ahmed Fattouh and Brian Pham of InterPrivate Capital are acting as Senior Advisors to Tuscan. Mr. Fattouh and Mr. Pham, who have prior experience in automotive technology as SPAC sponsors, will continue to advise the Tuscan team through the business combination.
"Microvast has a compelling financial profile, with significant historical revenues as well as projected growth and profitability. With its battery technology installed in over 28,000 vehicles worldwide, an impressive, growing list of global OEM customers, and a strategic partnership with Fiat Power Train Industrial, Microvast is a proven technology leader driving the mass adoption of EVs. We are excited to partner with Mr. Wu and his experienced team and believe the valuation negotiated provides long term intrinsic value to Tuscan shareholders. We look forward to supporting Microvast in its next phase of growth as a public company," said Stephen Vogel, Chairman and CEO of Tuscan.
Yang Wu, Microvast's founder, Chairman and CEO added: "Our potential transition into a public company will help continue to fuel our design and development of market-leading ultra-fast charging, long-life battery power systems. Microvast expects to generate over $100 million of revenue this financial year. With the automotive technology experience and capital this transaction with Tuscan is intended to provide, we are confident we can build upon our established success and accelerate our growth in the electric vehicle battery industry."
Share on:
Testimonial
"Advertising in PCB007 Magazine has been a great way to showcase our bare board testers to the right audience. The I-Connect007 team makes the process smooth and professional. We’re proud to be featured in such a trusted publication."
Klaus Koziol - atgSuggested Items
Technica USA Named Exclusive U.S. Distributor for DCT Cleaning Products
10/13/2025 | Technica USATechnica USA is pleased to announce a strategic partnership with DCT USA, LLC, becoming the exclusive master distributor of DCT cleaning products in the United States, effective November 1, 2025.
Is Glass Finally Coming of Age?
10/13/2025 | Nolan Johnson, I-Connect007Substrates, by definition, form the base of all electronic devices. Whether discussing silicon wafers for semiconductors, glass-and-epoxy materials in printed circuits, or the base of choice for interposers, all these materials function as substrates. While other substrates have come and gone, silicon and FR-4 have remained the de facto standards for the industry.
Amplifying Innovation: New Podcast Series Spotlights Electronics Industry Leaders
10/08/2025 | I-Connect007In the debut episode, “Building Reliability: KOKI’s Approach to Solder Joint Challenges,” host Marcy LaRont speaks with Shantanu Joshi, Head of Customer Solutions and Operational Excellence at KOKI Solder America. They explore how advanced materials, such as crack-free fluxes and zero-flux-residue solder pastes, are addressing issues like voiding, heat dissipation, and solder joint reliability in demanding applications, where failure can result in costly repairs or even catastrophic loss.
The Training Connection, LLC Welcomes Industry Veteran Jack Harris to Lead Training Partnerships
10/07/2025 | The Training Connection LLCThe Training Connection, LLC (TTC-LLC), a premier provider of test engineering and development training, is proud to announce that Jack Harris, one of the most recognized names in electronics manufacturing training and technical development, has joined the company as Relationship Lead, Training.
EDADOC Ushers in a New Era of Robotics Innovation
10/07/2025 | Edy Yu, Editor-in-Chief, ECIOOn Sept. 11, Shanghai Zhiyuan Technology Co., Ltd. (MScape) made a stunning debut at Shanghai’s 2025 Fourth North Bund Cybersecurity Forum and Cyber Intelligence Security Frontier Technology and Equipment Exhibition. The company presented the world’s first Dvorak super heterogeneous architecture and the Zhijing T-series-embodied intelligence (robotics) edge computing power platform. This has been a game-changer in the cybersecurity technology field, filling the gap in the domestic robotics core computing power platform.