Microvast

What Microvast does

Microvast Holdings, Inc. (NASDAQ: MVST) is a vertically integrated lithium-ion battery technology company founded in 2006 and headquartered in Stafford, Texas. The company designs and manufactures lithium-ion battery cells, modules, packs and complete energy storage systems, controlling the value chain from cathode, anode and electrolyte chemistry through finished packs. Its product portfolio spans four cell chemistries — LTO, LFP, NMC-1 and NMC-2 — and a proprietary All-Solid-State Battery (ASSB) platform using a polyaramid solid electrolyte separator and bipolar stacking architecture that enables single-cell voltages of 12V to 72V. Its BMS 5.0 incorporates digital twin technology, a Predict-Prevent-Protect safety framework and ISO 26262/ISO 21434 compliance, and is supported by a portfolio of more than 890 global patents.

The company serves commercial vehicle OEMs (notably Iveco Group, with a multi-generation partnership since 2017 and MV-I Gen 2 packs powering the full IVECO BUS and IVECO S-eWay Rigid platforms), specialty industrial equipment operators, school bus fleet customers through its integrated KAF™ powertrain, and emerging data center backup and grid-scale energy storage customers. Its go-to-market is a direct enterprise field-sales model organized by region (North America, EMEA, APAC), with OEM-embedded co-development as the primary route to commercial vehicle volume and dedicated service teams for after-sales support. Manufacturing operations are located in Clarksville, Tennessee; Ludwigsfelde, Germany; and Huzhou, China, with the Huzhou Phase 3.2 expansion adding up to 2 GWh of capacity targeted for 2026 serial production.

Microvast generates revenue primarily through hardware sales of batteries and integrated systems under multi-year enterprise contracts, with quote-based pricing tailored to chemistry, configuration and volume. The company reported FY2025 revenue of $427.5 million, a 12.6% year-over-year increase and a company record, but subsequent quarters deteriorated sharply: Q4 2025 revenue missed consensus and gross margin collapsed to approximately 1%, Q1 2026 revenue fell 48% year-over-year to $60.6 million, the company issued a going concern warning, the CFO departed, and multiple securities class action lawsuits and fiduciary-duty investigations were launched.

Name

Microvast

Legal name

Microvast Holdings, Inc.

Website

https://microvast.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Microvast (NASDAQ: MVST) is a vertically integrated lithium-ion battery manufacturer that designs and produces cells, modules, packs and energy storage systems across LTO, LFP, NMC and all-solid-state chemistries for commercial vehicle OEMs, industrial fleets, school buses and data center backup customers worldwide.

Ownership category

akta.pro rank

Product category

Lithium-ion Battery Technology

NAICS

Battery Manufacturing (33591)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Battery Cells (Li-ion, LFP, Sodium-ion, Lead-acid, NiMH) (IMAGAHAA)

akta.pro secondary industries

Battery Modules & Packs (Industrial/Commercial pack assembly) (IMAGAHAB), Battery Management Systems (BMS) & Pack Electronics Manufacturing (EUAFABAJ), Battery Pack Manufacturing & Module Assembly (EUAFABAI)

Keywords

• Lithium-ion battery solutions
• Commercial vehicle electrification
• Energy storage systems
• Battery management systems
• Vertically integrated batteries

Headquarters

HQ city

Stafford

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Battery Hardware Sales: Microvast generates revenue primarily through the sale of lithium-ion battery hardware, including individual battery cells, modules, packs, and fully integrated energy storage systems. The company is vertically integrated, manufacturing its own core battery chemistries (cathode, anode, electrolyte) as well as finished products. Revenue is project-based and tied to OEM platform lifecycles, with long sales cycles typical of commercial vehicle electrification programs.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Microvast designs, develops, and manufactures advanced lithium-ion battery solutions — including battery cells (LTO, LFP, NMC chemistries), modules, packs, energy storage systems, and the proprietary BMS 5.0 — primarily for commercial vehicle OEMs, fleet operators, and industrial equipment manufacturers. The company also develops next-generation all-solid-state battery technology and the KAF integrated electric powertrain for school buses, serving transportation, specialty equipment, energy storage, and data center backup applications.

Product overview

Microvast is a vertically integrated battery technology company offering a comprehensive portfolio spanning from raw battery cell components (LTO, LFP, NMC chemistries) through modules, packs, and complete energy storage systems. The product architecture follows a tiered approach: core battery chemistries feed into standardized modules and customized packs, which integrate into sector-specific solutions including the KAF™ electric school bus powertrain and commercial vehicle systems. The company also develops an all-solid-state battery (ASSB) platform for next-generation applications. All battery products are managed by the proprietary BMS 5.0 intelligent battery management system featuring digital twin and predictive analytics capabilities. The portfolio serves transportation (buses, trucks, marine), specialty equipment (mining, construction), energy storage, and data center backup applications.

Differentiator

Problem solved

Functional benefit

Brands

• KAF School Bus Solutions: Integrated electric powertrain system for school buses combining traction drivetrain and power system
• MV-I Gen 2
• True All-Solid-State Battery (ASSB)

Products and services

• LTO (Lithium Titanate Oxide) Battery Cells Ultra-fast charging battery chemistry with ultra-long cycle life and the safest lithium-ion battery chemistry profile, designed for demanding applications requiring rapid charging and extended durability.
• LFP (Lithium Ferrophosphate) Battery Cells Lowest cost lithium-ion chemistry with good cycle life, optimized for cost-sensitive applications requiring reliable performance and longevity.
• NMC (Nickel Manganese Cobalt Oxide) Battery Cells Highest energy density chemistry with fast charging capabilities and long cycle life, available in NMC-1 and NMC-2 variants for transportation and heavy equipment applications.
• Battery Modules Pre-engineered battery module assemblies that integrate multiple cells into standardized configurations for streamlined vehicle and equipment integration.
• Battery Packs & Trays Customized battery pack solutions including trays designed for specific vehicle and equipment applications, enabling seamless OEM integration across commercial transportation and specialty equipment.
• Energy Storage Systems (ESS) Large-scale battery energy storage solutions for grid stabilization, renewable energy integration (solar and wind), and commercial and industrial energy systems.
• KAF™ Integrated Electric School Bus Powertrain Integrated electric powertrain system combining LFP battery packs, onboard charging, thermal management, vehicle auxiliaries, and nitrogen inerting safety subsystem for school bus electrification, achieving full recharge in as little as 10 minutes.
• Battery Management System (BMS) 5.0 Proprietary intelligent battery management system featuring digital twin technology, state-of-health monitoring, predictive maintenance, and thermal management controls, designed to meet ISO 26262 and ISO 21434 standards.
• All-Solid-State Battery (ASSB) Next-generation all-solid-state battery technology using proprietary polyaramid solid electrolyte separator and bipolar stacking architecture achieving operational voltages of 12V to 72V, targeting data center backup, electric school buses, robotics, and electric vehicles.
• Data Center Battery Backup Systems Lithium-ion battery systems providing dependable backup power, uninterruptible power supply (UPS) solutions, and energy stability for mission-critical edge and hyperscale data center environments.
• MV-I Gen 2 Battery Pack Second-generation battery pack developed with Iveco Group, powering the full IVECO BUS vehicle platform and IVECO S-eWay Rigid heavy-duty truck platform, assembled at FPT ePowertrain facilities in Turin, Italy.

Quantifiable outcome

• Full recharge in as little as 10 minutes (KAF school bus platform)
• +3 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

Five partnerships are on record, tiered flagship, strategic and core.

• Iveco Group N.V.flagshipStrategic or Co-development Partner · 19 March 2026Microvast and Iveco Group have maintained a partnership since 2017 focused on developing electric battery solutions for commercial vehicles across Europe. The collaboration has progressed through multiple battery generations, with the MV-I Gen 2 now powering the full IVECO BUS vehicle platform and the IVECO S-eWay Rigid heavy-duty truck platform, assembled at FPT ePowertrain facilities in Turin, Italy. Both companies are committed to continued joint development of future battery generations to support Europe's transition to zero-emission transportation.
• U.S. Department of Energy and General MotorsstrategicStrategic or Co-development Partner · 11 September 2025The U.S. Department of Energy partnered with General Motors and Microvast to invest approximately $200 million in EV battery separator development, advancing domestic supply chain capabilities for electric vehicle battery manufacturing.
• EvoycoreStrategic or Co-development Partner · 3 December 2024Microvast partnered with Norwegian electric motor company Evoy to supply MV-I battery packs for leisure boats, expanding Microvast's presence in the marine electrification market.
• Oshkosh CorporationcoreStrategic or Co-development PartnerMicrovast operates its Clarksville, Tennessee manufacturing facility in connection with an Oshkosh joint venture. The facility is under pressure to deliver results by year-end and represents a key element of Microvast's U.S. localization strategy.
• FPT Industrial (CNH Industrial brand)coreTechnology or IntegrationFPT ePowertrain facilities in Turin, Italy serve as the assembly location for IVECO battery packs produced under the Microvast-Iveco partnership. This is part of the European production footprint for Microvast's MV-I battery systems.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• CATL (Contemporary Amperex Technology): World's largest lithium-ion battery manufacturer and Microvast's primary competitor across commercial vehicle, energy storage, and passenger EV applications. Both produce LFP and NMC cells at scale; CATL's broader portfolio and significantly larger scale set the cost benchmark Microvast aims to match.
• BYD: Vertically integrated Chinese battery and EV manufacturer with significant commercial vehicle (bus, truck) exposure. Comparable in vertical integration strategy and chemistries, though BYD's scale and captive vehicle demand make it a broader market reference point than a direct competitor.

Direct peers

• LG Energy Solution: Major Korean battery supplier with significant commercial vehicle and energy storage exposure. Directly comparable to Microvast in serving global automotive OEMs and energy storage developers; competes for similar Tier-1 OEM supply contracts.
• Samsung SDI: Korean battery maker supplying cells and packs to commercial vehicle OEMs and ESS integrators globally. Directly comparable in chemistries offered (NMC, LFP), OEM-embedded business model, and exposure to ESS and data center backup markets.
• SK On: Korean battery manufacturer focused on high-nickel NMC cells for global automotive OEMs. Directly comparable customer profile (commercial vehicle and passenger EV manufacturers) and similar chemistry platform; particularly relevant given Microvast's Korean market exposure.

Emerging players

• Our Next Energy (ONE): Michigan-based battery startup focused on LFP and dual-chemistry battery systems for commercial vehicles and energy storage. Comparable as an emerging US-based player pursuing OEM-embedded commercial vehicle battery programs with technology differentiation.
• FREYR Battery: Norwegian-American battery manufacturer building GWh-scale LFP cell capacity in the US for ESS and commercial mobility. Comparable as a publicly listed next-generation battery manufacturer targeting similar US/European customer bases for commercial vehicle and storage applications.
• QuantumScape: Solid-state battery developer focused on automotive applications with a proprietary ceramic separator. Comparable to Microvast's ASSB ambitions in targeting premium performance through novel electrolyte and separator technology, though QuantumScape is pre-commercial.
• Solid Power: Colorado-based all-solid-state battery developer with partnerships including BMW and Ford. Comparable to Microvast's ASSB platform in developing sulfide-based solid electrolytes for automotive and military applications, though at earlier commercialization stage.
• Eos Energy Enterprises: US-based battery maker focused on long-duration zinc-based energy storage for utility, commercial, and industrial applications. Comparable as a US-listed emerging player expanding Microvast's adjacent ESS market, particularly for grid-support applications.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/microvast
• LinkedInlinkedin.com/company/microvast-inc-
• Facebookfacebook.com/microvast

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds6 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Microvast